After struggling to fill their rooms for the Summer Olympic Games, Beijing hotels have been forced to slash their rates.

The Times of London reports that, “hotels across the capital, which had been counting on an Olympic boom and had ramped up prices by triple or even more for the duration of the August 8-24 Games have to slash their rates. The city’s five-star hotels are reporting no difficulties since their rooms were booked out months, if not longer, in advance by Olympic officials, delegations and sponsors. However, four-star hotels say they are not even half-booked, compared with normal occupancy of 80 percent in August.”

Tighter restrictions on visas made it more difficult for business people to visit China during the Olympics, which hampers local businesses to attract foreign investors.

Beijing tourism officials say average rates for three-star hotels are down to $60 a night from $100 in previous months, but managers are hoping for a sudden windfall once the Olympics start. Four-star hotel room prices have slumped to about $117 a night from $220.

According to The Times, “municipal authorities say they expect 400,000 to 450,000 foreign visitors in August compared with 420,000 a year earlier – hardly a sign of a surge in numbers. Stricter enforcement of entry rules – an Olympic ticket does not guarantee a visa – and the impact of higher oil prices on plane tickets have also had an impact.”

To read the entire article from The Times, link here:

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