Travellers are trading down to lower grade hotels in an effort to save money as rates were hiked ahead of the London Olympics.
Prices across the board increased by approximately 30% in comparison with the same period last year and are up by 6.45% over June, according to Hotel.info.
But the company said rates are now being slashed as many room allocations for the Olympics have not been taken up.
The company identified a “marked rise” in the number of bookings made in 2 and 3 star hotels while reservations in higher grade properties were down.
Although hotel rooms in the 4 star category appear to be less sought after during the Olympics compared with the same period last year, the average overnight cost still increased.
According to current booking figures, 4 star prices jumped by 20% from £162.50 to £197.34 per room per night.
Rooms in the 3 star range were almost 40% more expensive, averaging £142.83 per night during the games.
Costs for stays in 2 star hotels rose on average by 52.59% from £63.38 to £96.72.And London 2012 has put off short break visitors to the capital. Rooms were booked for an average of 2.8 nights this time last year while the average stay during the games is 6.5 nights, according to the research.
Hotel.info UK country manager Andreas Klug said: “There are still rooms available, even for the remaining Olympic weekends, many of which are at considerably lower prices than the average rates.
“There are also 3 and 4 star hotels that have considerably reduced their rates as many of the room allocations have not been taken up yet.
“All in all, there is still hope for a last minute traveller to be able to make an affordable trip to the capital over the next 10 days.”
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