Thursday, 2 February 2012

LOCOG returns 120,000 hotel nights for Olympic period

The London Organising Committee of the Olympic and Paralympic Games (LOCOG) have realeased 20% of their allocation of rooms back to hoteliers who are now able to sell them on the open market.

LOCOG originally reserved 600,000 room nights in 40,000 rooms across 200 hotels to provide accommodation for media, global sport federations, sponsors, workers and the International Olympic Committee. Part of the deal was that LOCOG would return the rooms to hoteliers in sufficient time for the rooms to be re-sold.

Sandie Dawe, the chief executive of the Visit Britain thinks that this is great news for people wishing to experience the games: "The fact that such a wide spread of rooms in London will now be made available to the public is great news for overseas visitors wishing to come to the UK to experience the Olympics and all the other wonderful festivities that are taking place."

What happens next will be an intriguing example of free market economics as hoteliers either decide to take a bird in hand worth two in the bush or to hold out for big prices amidst gloomy times. I'd take the bird!