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Resource Center
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London Hotels Incurring Losses Due To Olympics
June 07, 2012

London Hotels Incurring Losses Due To Olympics

http://www.hospitalitybizindia.com/detailNews.aspx?aid=13779&sid=1
 
07 June 2012

Mumbai: London's hospitality industry is facing a loss as one third of the city’s rooms are found to be unsold over the summer, after tourists have been put off by the Olympics, a survey has found. The economic boom, which the UK government hoped the games would bring to the capital, appears to become a bust with thousands of tourists spurning the hiked prices, congestion and heightened security.

The hotel bookings for July and August in Britain are already down by 35 per cent as compared to last year, while other European capitals appear to be prospering from London's gloom.

Part of this problem has been caused by the London Organising Committee for the Olympic Games (LOCOG), who booked 40,000 rooms over the period, for officials and their families, reported The Telegraph. Hotels then increased prices for remaining rooms only for LOCOG to return a fifth of the rooms, earlier this year.

Terry Williamson, COO of JacTravel, whose customers include travel agents and hotel websites, claimed that this has distorted the market place. "If you lose a third of your availability and believe that that's sold for you in the market place then that's probably going to change your approach on how you price your remaining stock. The fact is that that stock did not sell when you look at our data with seven weeks left to go in market," Williamson said.

Williamson added that normal tourism in other Olympic capitals such as Sydney, Beijing and Barcelona had dropped significantly during the games and took some time to recover.