Olympics Greed - Greedy Hoteliers Get Their Fingers Burned

In August last year I wrote the following:

"How "refreshing" to read that, despite the ever worsening global financial situation, the hoteliers of London intend to screw every last penny from visitors to London next year during the Olympics.

The Telegraph reports that London hotels intend to treat tourist as prostrate milch cows eg:

- A double room at the Sheraton Park Tower, in Knightsbridge, this month costs £209 a night. The price quoted for a stay in August next year is £605.

- A night at the West London, in Leicester Square, costs around £290 this August. The same room during the Games will cost just under £540.

- The Berjaya Hotel in Kensington, goes for broke and intends to increase some of its room rates by a factor of 10. Rates typically range from £89 to £199. For every day of the Olympics, the price is £999 a night.

As noted many time before on this site, the Olympics are not about sport but are in fact about money.

Given the ongoing financial turmoil, it is to be hoped that these greedy hoteliers get their fingers well and truly burned for their naked opportunism."

I am therefore very amused to see that those hotel operators who thought that they would make a quick buck out of the London Olympics have had their fingers well and truly burned.

Locog have had to publicly humiliate themselves (not for the first time) by admitting that they had overestimated the number of rooms needed by officials, media, sponsors and assorted freeloaders for the coming games.

By how much did they overestimate the demand?

By a staggering 20%!

Locog have had to hand back 120,000 of the total 600,000 nights booked for the Olympics.

Needless to say this 20% reduction in bookings has given the greedy hotel industry a well deserved kick in the goolies.


Tour operators are now panicking and have warned that the newly available rooms will not boost visitor numbers.

For why?

- the vacancies have come too late
- tourists have been put off by the naked greed of the hotel operators
- tourists have been put off by the transport/travel chaos expected in London during the games

It is estimated that up to one million beds will go unsold over the Olympic period, costing the tourism industry around £3.5BN.

Now who was it who said that the Olympics would be a boon to tourism?

Oh yes, Locog!

My advice to any tourist brave enough to endure the chaos of London during the Olympics is to negotiate hard with the hotels (who are desperate for business), don't let the greedy bastards get away with overcharging you for a shoddy room and lousy service!


Olympic Medals won during the Beijing 2008 Olympics

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