Prices for hotels drop during London Olympics

Generally, we all know that hotels jack up their prices leading up to major sporting events held annually. The Tennis Grand Slam events, the Monaco Grand Prix, the Asian Games, are just examples of events where hotel prices sky rocket.

This is understandable when hotels rely heavily on seasonlity when they can also enjoy handsome profits and when the law of supply and demand is going for them.

The Olympic Games is definitely one of those events when everyone, from the host city, to the country, its citizens, and you guessed right, the hotels, benefit from such a major sporting event.

However, one would be surprised that in London the average price has actually gone down by almost $20 a night. The reduced rate apparently is due to the number of rooms still available practically 2 months before the Olympics.

Those expecting to travel to London for the Olympics and have not managed to book rooms yet can expect to see an average rate of just over $300. But this of course varies depending on where you are in the city and how close to the venue you are. A three-star hotel in central London away from the venue could cost you just under $200.

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