Olympic boom fails to happen

Updated
Olympic boom fails to happen
Olympic boom fails to happen

PA


The 2012 Olympics was expected to give the economy a major boost, but it's starting to look as if that might not be the case.

The Independent reports that thousands of tickets remain unsold, hotel prices have been slashed and many Olympic package holidays are being sold at half price.

Prestige Ticketing, the company appointed to sell London 2012's hospitality packages, has taken out adverts to sell the remaining corporate tickets to the public. In addition, Thomas Cook has launched a sale of its Olympic package holidays, with some prices cut by up to 50 per cent.

London hotels are reporting hundreds of empty rooms in July and August and the bookings website Hotels.com says that prices have dropped by a quarter in the last fortnight, with the average room rate £160 per night.

Tom Jenkins of the European Tour Operators Association said that the Olympics could actually be scaring people away.

He said: "It's too early for a post-mortem, but it looks like the opposite of a boom."

People who planned to rent out their homes during the games are also disappointed.

Eric Walter of the lettings agent Bushells told The Independent: "Landlords jumped on the bandwagon, but people seem to be staying with friends or relatives."

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