June 20 2013 Latest news:
Saturday, July 21, 2012
Visitors to London during the Olympic Games are paying up to 300 per cent extra for hotels, a study has found.
Four star hotels were found most likely to be ramming up prices for rooms, with the Games just six days away.
Upmarket hotels were charging an average premium of £5,666 to tourists willing to pay the premium.
Elsewhere in central London, prices for hotel rooms have shot up 139 per cent – or £2,891 a week.
But close to the heart of the Games in deprived Newham is where prices have rocketed highest.
Most hotels in the borough are fully booked, but one vacancy is on the market for an extra £5,054 – a 301 per cent increase.
The survey was carried out by bank Santander.
“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.”