How are the 2012 Olympics affecting London hotels?
Last Wednesday marked the official 100 days to go Olympic celebrations and so, with the games swiftly approaching, we decided to have a look at the latest availability and pricing for London hotels. With an estimated 5.3 million planning to visit the city this summer, room availability is rapidly dwindling as more and more people book their accommodation. It’s inevitable that with such high demand hotels are going to push their prices up, but just how far are these prices being pushed? We’ve taken a look at a few examples of how the event is affecting London hotels.
A standard search for a weekend in London in July (before the opening ceremony) on the Travel Republic website will give you a choice of around 539 hotels with a range of both central and Greater London locations. If you were to do a search for the weekend of the Olympics opening ceremony (27th -29th July) you would find only 185 hotels available, a drop of 354 from the week before. Obviously the demand for London hotels is understandable but it’s interesting to see how this demand is affecting prices.
A 4* hotel located in central London near Oxford Street will set you back £399 for 2 people to stay in a standard room for 2 nights (£199 per person) on the weekend of the 20th July before the Olympics kick off. To stay at the same hotel the next weekend when the games begin for the same room and for the same duration will cost £901 (£451 per person). That’s a massive increase of £502, or 127%. And it’s not just the high end hotels that are pushing up their prices as a stay at a 3* Hotel in Barbican will set you back £1,011 for the same weekend in a twin standard room with breakfast. For the same amount of money you could stay a week in Majorca in a 4* hotel, all inclusive including flights.
And that’s exactly what many are doing. With a predicted 4 million leaving the UK in the 5 days before the Olympics begin it seems that many feel the need to escape, particularly Londoners. The hotel price increases aren’t encouraging but there are other options for those planning on visiting the games. Hotels in Greater London and on the outskirts provide easy links to the city centre and don’t bear the high cost of some central hotels. Areas such as Twickenham, Clapham and Wembley offer affordable accommodation and all have great links to all London routes.
What do you think about the soaring costs of London hotels, is this justified?
*Hotels prices were correct at time of publishing