The organising committee for the London 2012 Games, Locog, revealed yesterday that it had over-estimated by a quarter the number of rooms needed by officials, media and sponsors. It has now handed back 120,000 of the total 600,000 nights booked for the sporting event.
(These needless reservations could be a key factor in a tourism slump set to cost Britain billions over the Olympics. Analysis for The Independent suggests up to one million beds will now go unsold over the Olympic period. One trade association estimated income could slump by up to £3.5bn during July and August! So much for Olympic gold.)
Source: The Independent