Hotels in London have begun raising their room prices for next year's Olympic Games, with one establishment hiking up their tariffs fivefold, the Financial Times reported Monday.
One four-star hotel quoted an unnamed wholesale trip operator 1,100 pounds (1,1750 dollars, 1,150 euros) for a room which would normally be charged at 200 pounds, the paper claimed.
On top of the rate increase, many hotels are implementing harsh conditions on room reservations, including in one instance a 100 percent cancellation fee over the period of the Games, according to the FT.
"Hotels appear to be gripped by a frenzy of greed," said Mario Bodini, general secretary of tour business trade body, UKinbound.
The 2012 Olympics will run from July 27 till August 12, with the Paralympics to follow.