Olympic Hotel Prices Drop In London, Still Higher Than Beijing's In '08

The cost of a London hotel room during the Olympic Games has dropped sharply, "as an expected surge in bookings has failed to materialise," according to Patrick Sawer of the London TELEGRAPH. Tourism chiefs confirmed the fall in prices, which comes after LOCOG "released thousands of unwanted hotel rooms" in London, and hoteliers began to abandon minimum stay rules. The average rate for rooms in London during the main Olympic period of July 27-Aug. 12 has fallen from £213 ($332) to £160 ($249), a drop of 24%. The new figures will be revealed next week. However, the new prices are still a 75% increase in prices on last year’s rates (TELEGRAPH, 6/24).