London hotel rates quintuple amid supersonic Oasis demand
London hotel rates have soared as Oasis fans pour into the capital for a string of shows at Wembley.
The average cost of room rates in Wembley jumped to £560 for Friday, 25 July, compared to £114.83 for the following week, according to consulting firm RSM UK.
“The impact of this iconic band reforming brings ’90s nostalgia to today’s audiences and London’s hotel sector is reaping the benefits with a spike in demand this weekend,” Chris Tate, head of hotels and accommodation at RSM UK, said.
“Hotels are contending with a number of headwinds with increased employment costs, flat room rates and a dip in occupancy in May, so a demand uplift couldn’t come at a better time,” Tate added.
Oasis boost for host cities
About 630,000 people are set to attend Oasis’ concerts at Wembley, bringing an expected financial boost of nearly £500m.
“Big ticket events such as this not only boost hotels but the knock-on effect of increased footfall is huge; and will be a welcome boost to retail and hospitality across the city”, Tate added.
“As seen in Manchester last week, the sun is expected to shine bright at Wembley this weekend, setting the scene for what is likely to be an electric atmosphere for Oasis fans.”
Oasis’ kick-off shows in Cardiff generated more than £4m for city centre venues, with more than 811,000 pints of draught beer and cider sold at city centre hospitality venues, according to UK Hospitality.
Kate Nicholls, chair of UKHospitality, said: “This summer’s Oasis reunion tour has been highly anticipated not just by fans, but some might say also for hospitality businesses.
“Landmark events like this deliver a huge boost to hospitality through the trading opportunities they present, and we hope to see this continue throughout the remaining Oasis shows over the next few weeks.”