London hotel rates soar but bookings still low

London hotel rates soar but bookings still low

Hotel prices across London have soared by an average of 65% over last year, according to data released three months ahead of the start of the Olympic Games.

Hotel market intelligence provider TravelClick says demand for accommodation and prices over the two-week games period of July 27-August 12 continues to creep upwards.

Demand for rooms is currently around two-and-a-half times more than hoteliers would expect during a traditional summer season.

But actual rooms reserved so far stands at only 55.4%.

On the night of the August 12 closing ceremony, average London rates are almost double what they were in 2011 but occupancy stands at just 43.3%.

The busiest day in the capital so far during the Olympics is the night of August 3, which sees a number swimming finals and is followed by a big day of athletics including the women’s 100m sprint final.

Even then, occupancy sold stands at 58.6%.

TravelClick called on hoteliers to manage their rates with “market awareness” and be careful to not overprice their rooms so they provide the most value.

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