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Hope for 'late market' buying as LOCOG releases more rooms

24/04/2012

LOCOG is expected to release more hotel room nights back for sale over the Olympic period as those associated with the Games hope for a late uptake in tickets, hospitality and accommodation booking.

More than 8,000 rooms were surrendered by LOCOG in January, prompting a 25 per cent fall in average rates, and a further 12,000 are expected to go back on the market in May.

Andy Washington, Expedia UK’s managing director, said the average price of a room in London during the two-week Olympic period is currently £208 per night, down from £280 at the start of the year. "We have seen this rate drop by six per cent in the last two weeks alone," he said.

At Summer Eventia, held at Kings Place, London, Sportsworld’s Chad Lion-Cachet added: “The UK is a very sophisticated market. Prices have remained relatively stable but we have started to see some prices come down. There is a slight Olympic premium but it’s not exceptional – people are savvy buyers and are potentially waiting a bit later. That market will probably kick in middle to end of May (he says hopefully).”

There was still accommodation availability, he said and there were still “credible and good venues” for events planned in London despite the number of NOC Houses planned.

Lion-Cachet added corporates “not in the Olympic family” may well be attending the Games in some form but holding their funds for major events to deploy these after the Games and capitalise on the event’s legacy.


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