hotel rates have seen a significant drop during the Olympic fortnight as hoteliers
priced themselves out of the market, according to hotel portal HRS. It found that since the end of June, prices
have decreased by an average of 32 per cent, with the average room price down
from £164 to £112.
Earlier this month, online booking
site Hotels.com had reported that rates had fallen around 25 per cent, with some bargain rates as low as £59 available.
Jon West, managing director HRS UK & Ireland, said: “After the predictions of
astronomical hotel prices, hotels realised that they had priced visitors wanting
to come to London
for the Olympics out of the market."
Tripadvisor’s latest survey of hoteliers – of which 2,500 respondents
were from the UK
– found that more than half (58 per cent) of those who replied said the Olympics
would have no lasting effect on their business. One hotelier cited “the negative impact of the Olympic
games” as this year’s worst surprise for business, while another said that the
“Olympics has been a non event for occupancy”.