Beijing Hotels Slash Prices for Summer Olympics

Earlier this year, as Beijing ramped up to host Summer Olympics 2008. The capital reported that hotel room availability was super tight— especially at the top end of the market. There are close to 40 five-star hotels in Beijing, and the city predicted that 4,000 high-end hotel rooms would come on line by the time the Summer Olympics opened on August 8.

Today, Reuters is reporting that hotels in Beijing are slashing room prices for the Olympics by as much as half because reservations have fallen well short of expectations. Hoteliers have been disappointed by the low visitor numbers, as prospective visitors have been put off by worries about pollution, threats of terrorist attacks and the sheer difficulty of obtaining visas. Four- and three-star hotels are saying they have plenty of availability and are willing to give big discounts. At the top end of the market, hotels looked to be in better shape for the Olympics, and tourism officials are predicting domestic visitors will stream into the city to fill hotels at the lower end of the market.

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