Coronation cash-in! London hotels exploit King Charles’ big weekend with price hikes of up to 171%
Coronation cash-in! London hotels take advantage of King Charles’s big weekend with price hikes of up to 171%
- Those still looking for rooms will need deep pockets as hotels raise their prices
- Tourist bosses believe Coronation will provide a spending boost of more than £1bn
- Hotels have increased prices by a whopping 171 per cent – with Ritz suites up to £1,651
Hotels are trying to cash in on the country’s royal celebrations by charging a ‘Coronation Price Premium’ of up to 171 percent.
Many hotels in the center of the capital are fully booked the night before the big event on May 6.
But those still looking for a room in London will need deep pockets as hotels raise prices in response to demand.
Those willing to blow their budget can pay up to £4,350 for an executive suite at The Ritz on the night before the coronation, which is about £1,651 – or 61 per cent – more than the same room the following Friday.
The Park Plaza at Westminster Bridge will cost £559 over coronation weekend on Friday, some £309 – or 81 per cent – more than the following Friday.
Those willing to blow their budget can pay up to £4,350 for an executive suite at The Ritz on the night before the coronation, which is about £1,651 – or 61 per cent – more than the same room the following Friday
The Royal Horseguards Hotel on Whitehall Court, Westminster is marked in half
The coronation premium is 67 per cent at the Strand Palace Hotel in luxurious Covent Garden
Tourism industry bosses believe the coronation will give the economy a spending boost of more than £1 billion, aided by a huge influx of foreign visitors, particularly from the US.
The celebration of the Queen’s Platinum Jubilee is estimated to have given a £1.2 billion boost to the economy, and the coronation of King Charles III is expected to have a similar effect.
Flight bookings to the UK from America are about 10 percent higher for May than before the 2019 pandemic.
Travel site Trivago said Americans top the list of searches to visit the UK in the first week of May, ahead of the Dutch, French, Italians and Germans. And the US is the UK’s largest and most valuable market for inbound visitors, peaking at 4.5 million in 2019 and spending £4.2 billion.
Meanwhile, the coronation premium is 67 per cent at the Strand Palace, Covent Garden, 63 per cent at the Hyatt Regency and about 50 per cent at the Park Lane Hilton and the Royal Horseguards Hotel.
Looking at budget options, room rates vary wildly every day based on website views and bookings. A snapshot by the Mail showed that the cheapest room in a Travelodge in Southwark has a 171 per cent crown price premium. The price is £289.99 on the Friday night before the coronation versus £106.99 the following week. And the in-house storage in Waterloo is 114 per cent at £239.99 versus £111.99, while in Vauxhall the premium is 102 per cent at £239.99 versus £118.99.
Similarly, a Premier Inn at Southwark Station is 70 percent more expensive at £246.50, while another near the Tate Modern is 55 percent more expensive at £170 for the night.
The editor of Which? Travel, Rory Boland, said: ‘Some accommodation providers seem to be using big events to charge for everything they get away with.’ But VisitBritain and VisitEngland CEO Patricia Yates said the coronation weekend and additional spring holiday will help the hospitality industry recover. She explained: ‘We know that holidays give an economic boost to the tourism industry, with the money generated going to local businesses and economies and supporting jobs.
The Park Plaza at Westminster Bridge will cost £559 over coronation weekend on Friday, some £309 – or 81 per cent – more than the following Friday
The Park Lane Hilton is marked at about 50 percent
Similarly, a Premier Inn at Southwark Station is 70 per cent more expensive at £246.50, while another near the Tate Modern is 55 per cent more expensive at £170 for the night
“The extra spring holiday before the coronation will also help kick-start the season, providing tourism businesses and destinations with much-needed cash flow after the lean winter months.”
Spending in the hospitality sector alone could be increased by £350 million due to the coronation weekend celebrations. UKHospitality chief executive Kate Nicholls said: ‘The coronation of the King will be a historic moment for the country, bringing communities together to celebrate and I am delighted that hospitality will be at the heart of events across the country.
“The coronation weekend and extended licensing hours will allow consumers to make the most of their local locations and support businesses that really need their custom.”