London Hotels Prices Almost Double During 2012 Olympics

London hotels have reported an increase in room rates of around 87 percent during the 2012 Olympic games, for the period between July 27 and August 5.

STR Global, a company that provides research findings for the hotel industry, has reported that hotels across London have charged an average daily rate (ADR) of GBP216.42 from July 27 to August 5, 2012. This period has also seen a rise in occupancy of 3.2 percent, to 87.7 percent when compared to the same period last year.

Elizabeth Randall Winkle, the managing director of STR Global, said, ‘Hotels across London continue to report increasing occupancy levels and average room rates during the Olympic period when compared to last year.

We are also seeing improvement from weaker occupancy performances in June and early July so it is good to see that performance has been picking up during the Olympics.

However, Heathrow and Gatwick, in the west and south of London and therefore less convenient for Olympic venues, have reported occupancy declines for the Olympic period.’

While occupancy at central London hotels has seen a maximum of 87 percent, the hotels around London Heathrow Airport have reported occupancy of 79.6 percent for the period, for an ADR of GBP85.05, and those around Gatwick have registered an occupancy of 75.9 percent for the period, with an ADR of GBP66.04.

The Olympic football tournament has been held in six venues, London, Cardiff, Coventry, Glasgow, Manchester and Newcastle. Hotels in Cardiff and Coventry have reported around 90 percent occupancy for the nights when matches were played.