Investors are racing against the clock to invest in London's booming hotel market
ahead of the 2012 Olympic Games, it has been claimed.
TRI Hospitality Consulting has reported that the sector is currently outperforming cities such as Paris, Madrid, Rome, Berlin and Amsterdam ahead of the global sporting event, with demand and building work rising.
Indeed, over 500,000 visitors are expected to descend on the capital city for the games, with current hotel accommodation levels
unable to meet this demand. As a result, leading hotel brands, such as Intercontinental Hotels Group (IHG), are actively expanding their London portfolios.
Steven Worboys, managing director of Experience International, commented: "IHG, owners of the Holiday Inn brand, are confident of high occupancy levels. Construction has already commenced at the Docklands site with completion due Q1 2012, months before the start of the Games."
Meanwhile, Pricewaterhouse Coppers has predicted a 27 per cent increase in luxury hotel rooms between now and the Olympic Games.
- Thursday 24 February 2011