With just one day to go before the London 2012 Olympics opening ceremony, hotels in London have slashed their prices by 17 per cent in the past three weeks in a bid to fill any remaining rooms.
According to online metasearch service Trivago , hotel prices in London during the 17-day Olympic period are down from an average of £242 a night to £201. Hotel availability in London has dropped by 6 per cent in the last ten days, showing that visitors are still on the lookout for last-minute deals.
The news follows yesterday’s report from TravelClick, which showed that occupancy rates now stand at 80.4 per cent during the Games.
The Trivago study of 2,568 hotels in the capital shows that, while the average hotel price for one night in London during the Olympics is £201, the average for the weeks before and after the Games is just £130 – 35 per cent cheaper. Following the Closing Ceremony, hotel prices drop overnight by an average of £71.
In addition to this, London hotel searches are up 30 per cent in the week following the Olympics, which still has 55 per cent room availability. This shows that more people are actually now looking for accommodation after the Games.
It is likely that visitors are keen to absorb the Olympic atmosphere without the inflated hotel prices – even with the last-minute decreases; prices are still 9 per cent more than this time last year, when the average was £185.
BigHospitality also yesterday reported the findings of two reports which have shown that the majority of hotels and conference venues across the capital believe that the London 2012 Olympics will leave a positive legacy for the sector.
The findings of these reports is already tangible, with many London hotels reporting strong business immediately after the 2012 Olympics, dispelling fears the hospitality industry could suffer a post-Games slump.
Jan Tissera, international president of TravelClick, said: “Our research after the 2010 Vancouver Winter Olympics showed critical insight into the demand trends for hotels when they over-price rooms for special events, since it has the tendency to result in an immediate drop-off in business after the spike associated with the London 2012 Olympics.
“So far it appears London hoteliers are not falling into that trap.”