LONDON — Hotel prices for the 2012 London Olympics have fallen more than 24 per cent due to low demand, reports the UK’s Telegraph.
According to the paper, the average room rate fell from the equivalent of about $341 to $256 during the Olympics, which run from July 27 to Aug. 12.
Tourism experts confirmed the decline in prices followed the release of thousands of unwanted hotel rooms by game organizers, Locog. “As part of the bid to stage the 2012 Games, Locog had reached agreements with hotels to provide it with more than 40,000 rooms, representing more than 600,000 room nights during the period. Part of the deal was that the organizing committee promised to return any unwanted rooms back to the hotels so they could sell them in time for games,” reads the Telegraph report.
Now, as the Games draw closer and rooms at “premium rates” aren’t selling, prices are dropping.
For the complete story on the falling hotel room rates in relation to the 2012 London Olympics, visit Telegraph.com.