Olympic Rents

We saw it coming when Ascott serviced apartments placed an Olympic themed full-page advert on the back page of a magazine two weeks ago. Not wanting to seem glib, but we predicted this back in August 2007. Asking rents at 3-5 times the norm at many hotels and serviced apartments were ridiculous. Yesterday’s article on Bloomberg shed more light on the market. With corporate clients having booked well in advance, the money’s in the bank at the city’s premier hotels. For others, getting premium rents may be a struggle. We know of one high-end serviced apartment in the city that’s officially maintaining the premium Olympic rate but at the same time is discretely offering standard rates to some clients.

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