JacTravel, the U.K.-based wholesaler best known for its extensive range of hotels online and inbound travel services, said it is observing a substantial decline in London hotel rates this summer, as the Olympic Games deter visitors. Rates during the Games have recently been falling from very inflated levels and are now around 40 percent higher than normal.

Rates after the Games are currently 15 to 20 percent down on the same period last year. JacTravel, which books over half a million bed-nights a year in London, reports that the majority of its hotel partners have opened up availability and reduced rates significantly in the past couple of weeks. For example, four-star hotels quoting wholesale rates of £300 to £400 have dropped them by around 50 percent to £160 ($248) to £165 ($256). Declines in the lower categories have been even more substantial, with some two-star properties cutting trade prices 75 percent from £200 ($310) to £50 ($78).

            “I welcome all efforts by hoteliers to attract visitors during the Games and would even encourage further action,” said JacTravel Director Angela Skelly. “Hotel prices during the Olympics are now at the kind of levels we expect during events such as Wimbledon or the Chelsea Flower Show. Leisure tourists who are not interested in watching sport could wait until mid to late August, when there are some excellent bargains to be had.”

JacTravel is an independent, privately owned company specializing in the provision of hotels online and inbound services to the travel trade. Its inventory includes over 7,000 properties in more than 550 cities. Its booking systems allow JacTravel to display best rates and real time availability for every hotel in its portfolio. Last year, JacTravel handled operations for in excess of 3,000 groups and 1.5 million FIT passengers on behalf of its trade partners.