London hotels hike prices by 60% as they exploit King Charles’ Coronation
Britons hoping to visit London for the Coronation can still get a hotel on Friday night for anywhere between £66 and £3,000 – as some put up their prices by 60 per cent.
Royal fans making a late-notice dash to the capital could opt for the cheapest option of the 2.5-star easyHotel London Croydon, ten miles south of Buckingham Palace.
Other very cheap options include the Eurotraveller Hotel-Premier Harrow for £70, Wembley International Hotel for £72 and Grand Sapphire Hotel Croydon for £72.
But those with unlimited budgets might desire to look at the five-star Ham Yard Hotel Soho where they could get a one-bedroom suite for a whopping £3,022.
This is by far the most expensive hotel in London for Friday night on Expedia at more than double the price of the next three – The Wellesley Knightsbridge at £1,402, Bulgari Hotel in Knightsbridge at £1,380 and Mandarin Oriental Hyde Park at £1,350.
While the Ham Yard Hotel and Wellesley are both the same price next Friday, May 12, the Bulgari drops to £1,110 while the cheapest room at the Mandarin is £1,050.
Experts from AI hotel booking platform Allora said they had heard of price hikes of ’60 per cent or more’ from some hotels, and the average daily room rate for the weekend at four or five star hotels was 28 per cent higher than last year.
The company added that Americans are set to outspend British guests at top-end London hotels this weekend with US visitors accounting for 32 per cent of all booking revenue and the UK 31 cents.
It added that typically US guests account for just 24 per cent of booking spend and domestic ones 34 per cent.
Visitors from Canada will make up 5 per cent of visitors for this weekend and those from Australia 4 per cent.
Michael De Jongh, chief commercial officer at Allora, said: ‘The King’s Coronation is giving a much-needed boost to the London four and five-star hospitality sector, which is really suffering because of Covid.
‘The fact that the Coronation has really caught the imagination of visitors from the US is a real added bonus for London hoteliers, as they are far more likely to make use of the hotel’s facilities, such as the restaurant or spa. In short, US guests spend a good deal more than domestic ones.’
He added: ‘It makes a complete sense that the increased pressure on rooms has led to a rise in the daily room rate.’
The firm added that lead times for bookings – the period between when a guest makes the reservation and actually stays – over the Coronation weekend has increased 47 per cent. Most people are said to have secured their stay at least three months in advance.
Booking platform Hotel Planner expects occupancy at four and five-star hotels in London to be at 90 to 95 per cent – which is up 15 to 20 per cent at typical levels for the time of year.
London’s exclusive Dorchester hotel is adorned in decorations celebrating the Coronation
It comes after Premier Inn said last month that its hotels in Westminster sold out within 15 minutes of the Coronation date being announced last October.
Expedia saw a 4,285 per cent rise in searches for London hotels after the announcement. It said there was huge demand from the US, Canada, France and Australia.
Hotels are seeing strong bookings particularly in London around the Coronation weekend as well as in other parts of the country as tourists head for places with royal connections such as Windsor, Balmoral, Sandringham, Edinburgh and Cardiff.
The Goring in Belgravia, which was famously the Queen’s favorite hotel, has no rooms available on Friday night.
Experts predict the Coronation will help deliver a £1 billion boost to struggling parts of the economy – with the hotel industry expected to be among the biggest beneficiaries.
An influx of tourists combined with community gatherings for the royal spectacular on Saturday are expected to set tills ringing in pubs and shops.
The UK Hospitality trade body believes the sector could be in for a £1billion boost this month thanks to the Coronation, two other bank holidays and Eurovision in Liverpool.
Philip Hamond, designer florist at the Dorchester Hotel, works alongside a display showing a Coronation themed cake and floral arrangements at the hotel in London last month
The British Beer and Pub Association expects pubs alone to enjoy a £120million windfall this coming weekend, with 62million pints sunk during extended opening hours.
Retailers will cash in on sales of flags and bunting as well as food and drink bought for street parties and private celebrations.
‘We’ve had a very torrid start to the year,’ said Kate Nicholls of UK Hospitality. ‘You’ve had soaring food price inflation, soaring energy costs, increasing the interest rates that are hitting loans and businesses hard as well.
‘So we’re really hopeful that with a good springboard from May, some better weather, and some more positive news on the economy – where we appear to be slowly turning a corner – this can start off the reign of King Charles on a really positive note.’
Figures from UK Hospitality suggest the Coronation weekend will add £350million to spending while the two other May bank holidays will add £300million each. Another £50million could be delivered by Liverpool hosting the Eurovision song contest.