Coronation cash-in! London hotels exploit King Charles’ big weekend with price hikes of up to 171% – as tourism bosses say celebrations will bring more than £1billion to the economy
- Those still looking for rooms will need deep pockets as hotels hike their prices
- Tourism bosses think Coronation will give spending boost of more than £1billion
- Hotels have raised prices by as much as 171 per cent – with Ritz suites up £1,651
Hotels are moving to cash in on the nation’s royal celebrations by charging a ‘Coronation Price Premium’ of up to 171 per cent.
Many hotels in the centre of the capital are fully booked on the night before the big event on May 6.
But those still looking for a room in London will need deep pockets as hotels hike prices in response to the demand.
Those willing to blow their budget could pay up to £4,350 for an executive suite at The Ritz on the night before the Coronation, which is some £1,651 – or 61 per cent – more than the same room the following Friday.
The Park Plaza at Westminster Bridge is £559 on the Coronation weekend Friday, some £309 – or 81 per cent – more than the following Friday.
Those willing to blow their budget could pay up to £4,350 for an executive suite at The Ritz on the night before the Coronation, which is some £1,651 – or 61 per cent – more than the same room the following Friday
The Royal Horseguards Hotel at Whitehall Court, Westminster, is marked up by half
The Coronation premium is 67 per cent at the Strand Palace Hotel in plush Covent Garden
Tourism industry bosses believe the Coronation will deliver a spending boost of more than £1billion to the economy, helped by a huge influx of foreign visitors, particularly from the US.
The Queen’s Platinum Jubilee celebrations were estimated to have given a £1.2billion boost to the economy, and the crowning of King Charles III is expected to have a similar effect.
Flight bookings to the UK from America for May are some 10 per cent higher than before the pandemic in 2019.
Travel site Trivago said Americans top the list of searches for a visit to 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 inbound visitor market with numbers peaking at 4.5million in 2019 and spending at £4.2billion.
Meanwhile, the Coronation premium is 67 per cent at the Strand Palace, Covent Garden, 63 per cent at the Hyatt Regency and around 50 per cent at the Park Lane Hilton and Royal Horseguards Hotel.
Looking at budget options, room rates vary wildly each day based on website views and bookings. A snapshot survey by the Mail found the cheapest room at a Travelodge in Southwark carries a Coronation price premium of 171 per cent. The price is £289.99 on the Friday night before the Coronation versus £106.99 the following week. And the mark-up at its Waterloo hotel 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 per cent more at £246.50 while another near the Tate Modern is 55 per cent more expensive at £170 for the night.
The editor of Which? Travel, Rory Boland, said: ‘Some accommodation providers seem to use big events to charge whatever they can get away with.’ But the chief executive of VisitBritain and VisitEngland, Patricia Yates, said the Coronation weekend and extra spring bank holiday will help the hospitality industry recover. She explained: ‘We know bank holidays bring an economic boost to the tourism industry, with the money generated going into local businesses and economies, supporting jobs.
The Park Plaza at Westminster Bridge is £559 on the Coronation weekend Friday, some £309 – or 81 per cent – more than the following Friday
The Park Lane Hilton is marked up by around 50 per cent
Similarly, a Premier Inn at Southwark Station is 70 per cent more at £246.50 while another near the Tate Modern is 55 per cent more expensive at £170 for the night
‘The additional spring bank holiday for the Coronation will also help to 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 boosted by £350million due to the Coronation weekend celebrations. Chief executive of UKHospitality Kate Nicholls said: ‘The King’s Coronation will be a historic moment for the country, bringing communities together in celebration and I’m delighted that hospitality will be at the heart of events across the country.
‘The Coronation bank holiday weekend and extended licensing hours mean consumers will be able to make the most of their local venues and support businesses in real need of their custom.’