Hotels 'Hiking Up Rates' During The Olympics
Hotels are charging premiums of up to 300% to families staying in London during the Olympics, according to research.
Those in the centre of the capital were £2,891 a week or 139% more expensive on average over the period when the sporting event is taking place than after the Games, according to a study for Santander.
Researchers also looked at prices near the Olympic Park in east London, which is hosting up to 180,000 spectators a day, and found that while most hotels were booked up, one of the few with vacancies was charging an extra £5,054.
This was the equivalent of a 301% increase on its rates after the Games.
The study compared the cost of a week-long stay for a family of four in two rooms starting on the day of the Olympics opening ceremony next Friday with prices in late August, after the event has finished.
Four star hotels in central London were found to be particularly likely to apply big rate hikes, with one venue increasing its prices by 245% over the period, an uplift of £5,666. A Santander spokesman said: "This research highlights just how enormous the demand to stay in London during this summer's biggest sporting event is. "The fact that the few limited rooms available near the Stratford Olympic Park can charge such expensive rates demonstrates how holidaymakers are willing to pay the extra costs."
The increases were found to be bigger than a typical London hotel price hike of 54% over the bank holiday weekend marking the Queen's Diamond Jubilee, which was recorded in a previous study.
what do you think?
yes and this was reported on the news 2 MONTHS AGO! ALong with the fact that because no-one is booking the rooms they've nearly all been dropped down to their usual prices. What breaking news next - the Tinanic has sunk?
I'm pretty sure holidaymakers aren't "willing" to pay prices that have been greedily hiked 254% by profiteering hotels more a case of got no choice.
Windows Live User
And this is news how? Why do the organisers think that most of British families, with a couple of children, avoided buying tickets for the Olympics when it involved staying in Rip - Off London? The fact that prices of beds and food in London would go through the roof was well forseen long before this day It has to be The Most Expensive Show On Earth. Perhaps this is where Cameron thinks £13bn will earned? By the taxes gained from a bed for the night?
These Games are nothing but a big greedy grab for a quick buck. What with all the transport workers wanting and getting large sums of cash for doing their normal job, and now hotel costs. What about Mr and Mrs Joe Public, they are not getting any extra pay, it is just one big rip off as usual. Will be glad when it is all over and things can get back to normal.
Is this a case of rip off Britain or of making hay whilst the sun shines?
Supply and demand every thing has a market price
So much for the Olympian ideals of international friendship. . . Capitalism in action
When there was an story a few months ago about Ukrainian hotels bumping up their prices for England fans there was outrage on this site with dozens of people leaving very xenophobic remarks about them. Now that it's Brits that are cashing in most of you don't even think it's news worthy
Surprise surprise. That is why thousands of tourists NOT interested in the Olympics are staying away from the UK. Lets hope these greedy hotels get their fingers burned much the same as many in the South West in 1999 when the Total Eclipse was the catalist for stupid prices.
The answer is simple...these hotels need to be named, shamed and then boycotted. The ONLY way you can hurt greed of this nature is by boycotting them. Stop giving them your money.
Moan Moan moan, have some purse your country is holding the moat prestigious event in the world, get behind it and cheer up. Keep acting like moaners and you can be sure you will never get the world cup.
Purse was meant to be pride:) I guess purse was more apt as they will be empty after the Olympics
baba you ask the people of the country and they will tell you we are not bothered about olympic shames or the fools cup we want the money spent on things that matter the vast majority of people cant afford these things
Business works on supply and demand, what's so shocking about hotels being more expensive. High demand and low supply equals higher prices.
We have not earned the Title of "rip off Britain" for nothing. What did you people expect, please lend me your rose glasses so that I may see and live in a roses environment and country
As much as we may dislike this phenomenon, isn't it just a case of supply and demand?......just the same as the holiday companies charging more for holidays when the kids are off school, people renting out their houses in Wimbledon for thousands of pounds per week during the Championships...etc., etc..the list is endless. Always been the case....always will be!
The usual double standards here. Industrial action to protest at unfair pay and conditions = greedy good for nothing workers. Cynically inflated hotel,food and services charges = poshboy market forces.
Double standards Nah. Bus & Tube train drivers demanding a bonus just for doing their job are as greedy & opportunistic as the food & hotel suppliers. There is no difference between them whatsoever
well lets face it it will only be the idiotic rich who can afford to pay. people who have more money than sense so who cares
And the problem is? Basic business principle, supply and demand.
no peter the basic problem is greed and people with more money than sense. how many working class people do you think will be able to afford the tickets never nind the exorbitant hotel prices are you going then
Michael I think you are right pure Greed. But it applies across the board and not just to hotel & food suppliers
and the problem is ?
When did any of you on this site last book a hotel, plane ticket train etc. etc. Most do not have a fixed price for rooms / flights etc. they all vary depending on demand You may get a £29.00 room in the back of an industrial estate in Leeds on a Sunday night but most will pay the going rate near any attraction or popular area. The Olympics is no different. My understanding is that businesses are avoiding London and other venues for the duration hence the lack of bookings.