It looks like no one is coming to the games.The summer Olympics, once thought to be a foolproof, unmissable boon to the British economy is hitting a rut in terms of travel reservations.
Due to sky-high hotel room prices (sometimes double the normal rate), travellers are balking at the idea of staying in London during the games, reports Reuters.
Currently, reservations at London hotels are down nearly a third from where they were at this point in time last summer. If prices aren’t lowered, experts warn, the downward visitation numbers will only continue.
“There’s plenty of availability in London, more than enough hotel rooms, but rates have to be commercially viable … Hotels and tour operators have to work together better to maximise the opportunity and fill those beds,” Mary Rance, chief executive of trade association UK Inbound told Reuters.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.