Hotel rooms in London are falling sharply during the Olympic games.
July 29, 2012– During the 2012 London Olympics, which is from July 27 to August 12, the prices of hotel rooms fell by 17% in the last three weeks. The average price three weeks ago was $350 dollars and that has fallen by over $60 dollars per night. What this suggests is that hotels are not 100% occupied for the Games.
The ability to find hotels with rooms available has dropped in the past ten days by 6%, which suggests people are waiting until the last minute to make hotel reservations. Currently experts say there are over 30% of the rooms in the city available. While the price of staying in a hotel increases during the Games to over $290 per night, both before and after the Games average price drop down to $209 per night, almost 35% cheaper. Immediately following the end of the opening ceremonies, prices for hotels drop buy close to $145 per night.
For the first week following the Olympics, search’s on line for hotel rooms were up over 30%. Many visitors may have shied away from the expensive hotel rates that are 9% higher than the same time a year ago.
There are still 55% of the rooms available the week after the Olympics.