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July 21, 2012

London hotels prices being hiked by up to 300 pct during Olympics

     London: Hotels in London are charging premiums of up to 300 percent from people staying in the city during the Olympics, according to a report. According to a study for banking group Santander, hotels in the centre of London were 2,891 pounds a week or 139 percent more expensive on average over the period when the sporting event is taking place than after the Games. Researchers also looked at prices near the Olympic Park in east London , which is hosting up to 180,000 spectators a day. According to The Daily Express, researchers found that while most hotels were booked up, one of the few with vacancies was charging an extra 5,054 pounds. This was the equivalent of a 301 percent increase on its rates after the Games, the report said. The report quoted a Santander spokesman, as saying that 'the research highlights just how enormous the demand to stay in London during the upcoming 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," he added.
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