Going For Gold: How The Olympics Are Affecting The London Hotel Trade
LOCOG Chairman, Sebastian Coe has expressed dismay and concern over is the banks of unoccupied seats that have appeared at various events..So, what does this mean for other businesses relying on the Olympics to boost their trade?
Online, August 9, 2012 (Newswire.com) - Now that the 2012 Olympics are finally underway, things are going well. Team GB is securing the first of, hopefully many medals, while crucial backstage logistics, such as transport and security seem, so far, to be working according to plan. However, one issue that LOCOG Chairman, Sebastian Coe has expressed dismay and concern over is the banks of unoccupied seats that have appeared at various events; some right in full view of the world's camera crews.
These troublesome unfilled spaces have emerged despite numerous announcements about sell-out events and media stories of athletes desperately trying to secure seats for their families. Coe largely blames Olympic sponsors for this: corporate allocations going unused; companies not managing to find enough takers for their share of ring-fenced places. Soldiers, teachers, children and now international federations have been invited, nay pleaded with, to fill up the embarrassing spaces at the last minute.
So, what does this mean for other businesses relying on the Olympics to boost their trade? Are they seeing unexpectedly disappointing results too? Have, for example, hotels, guesthouses and B&Bs reported guests failing to showing up, or rooms being booked for no reason? And does this support the notion that hotels and other tourist services have charged too much for rooms etc. during the Olympic and Paralympic periods?
Not as far as we can see. Lord Coe's seats may be empty, but there is no evidence to suggest that people are avoiding hotels in and around East London due to over-inflated prices. While some of the enormous rises in business that were initially predicted have not come to pass, hotels are reporting, at worst, no change to seasonal trends and at best a definite rise in bookings and interest. Prices, it seems, are not putting people off booking hotel rooms.
Sports fans are known to be generous with their budget when it comes to showing their support. Ever-rising football season tickets do not deter di-hard fans. Sales of 'official merchandise' and branded clothing remain high, even in times of austerity. These same people are savvy with their hard-earned cash. They won't throw money away on over-expensive hotel rooms when there is the latest team strip to be purchased. The fact that Olympic fans are booking - and turning up to stay in - hotel rooms in order to go to the Games speaks volumes to the fact that hotel rooms prices are being accepted by Olympic visitors and therefore are not considered to be unattainable by the masses.
Another reason why hotel room rates for the summer of 2012 should not be thought of as over-inflated is that London is riding high from its recent and on-going global exposure. From last year's Royal Wedding to the Diamond Jubilee celebrations in June, the London Olympics and Paralympics are in many ways just the next in a whole line of globally recognized, exciting events hosted by London over the past 18 months. They have all served to place our capital city firmly on the map.
Given this renewed importance in the eyes of the world, it is hardly surprising that more and more visitors are flocking to London. And they all need somewhere to stay. Hotel guests will require greater levels of care, from laundry and room service supplies to meals, housekeeping and front of house assistance.
There is also the simple component of supply and demand: greater numbers of people looking for hotel rooms will push up demand, not to mention expectations of standards and professionalism: if some prices are higher than usual, it is probably due largely to the need - and desire - for hotels to push the boat out, and go that extra mile to service their guests during this crucial time for London, the Olympic Games and the spirit of sporting co-operation and global unity. Isn't that a small price to pay?
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The Rathbone is a comfortable, intimate, boutique style hotel, located within the heart of London's West End, within easy walking distance of Oxford Street, Bond Street, Regent Street, Soho, the Theatre District, Museums, Art Galleries and a wide choice of some of the best restaurants that London has to offer. With its 72 en suite, air cooled bedrooms and suites, the Rathbone provides the perfect base for the business and leisure visitor to London and provides a convenient, comfortable and tranquil haven amidst the pace of London's bustling environment.
For Olympic and Paralympics special offers visit http://www.rathbonehotel.com/hotel_offers_soho.html
