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London Hotel Owners Happy as Clams – Until 2013

LONDON-Friday kicks off the 2013 Summer Olympics here, with more than 300,000 foreign visitors expected, and up to 70% higher room rates than usual, says JLL. Overbuilding may be an issue next year, however.

By Robert Carr | Updated on July 25, 2012

LONDON-As the 2012 Summer Olympics begins here Friday, the city has seen a massive build-up of hotel rooms, and of rental rates, with some questions how the increase will be sustained once the games end this fall.

The city has about 112,000 hospitality units, including hotel rooms, guesthouses and serviced apartments. In the past five months, London added about 2,000 rooms, and another 5,000 rooms are due to open by year end.

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