A report by Hotel.com, an online travel company, suggested that average room rates have fallen by 25% in London in the last two weeks, as demand for accommodation fails to materialise.
With less than a month to go for the commencement of the London 2012 Olympics Games, the average cost of a hotel room for the Games period stands at £160, compared to £202 reported two weeks ago. Although the prices are still 75% up on those compared to the same time last year, falling prices are indeed hinting at excess capacity, as more rooms are becoming available every day.
Seamus MacCormaic, the company spokesperson, said, ‘Falling prices are an encouraging move for consumers and there is good availability across London in all classes of hotel.
We are seeing promotional prices start to come through and we do expect this trend to continue. So people should not be put off travelling to London even if they don’t have a ticket. There is still plenty to see and do away from the Olympic Park to soak up the atmosphere and enjoy the spirit of the Games.’
The hotel prices have been falling over the last few weeks, which many feel were overpriced for the 2012 Olympics Games in the first place.
Earlier, Alison Couper, the company’s global expert in online travel, said, ‘This is a once-in-a-lifetime opportunity to be part of this celebrated showcase of talent and there are some great deals and good availability to be had, particularly in west London. But falling prices and rising interest mean that the best rooms will be selling fast so don’t run the risk of waiting for bargain rates or you could miss out altogether.’
