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Olympic hotel booking slump

With just fifty days to go to the Olympics, there are fear that far from the expected bonanza for hoteliers, there could be a slump in bookings.

JacTravel, a UK-based wholesaler of hotel rooms, is forecasting occupancy will be down a third on last summer.

Currently, July is more than 35% down on 2011 and August is almost 30% down. By comparison, major European cities are very substantially up, some by more than 100%.

Some of the availability may be people waiting to book in the hope that hotel prices will fall nearer to the games, but JacTravel say they believe the Olympics is having a negative effect.