Pricey hotels in London have begun increasing their room rates and other services for the upcoming 2012 London Olympics.

Citing a report by the Financial Times, the Agence France Presse noted that the price of one of the hotels have skyrocketed five times its original price.

AFP said that a four-star hotel had reportedly quoted an unnamed wholesale trip operator 1,100 pounds for a room that used to be charged at 200 pounds a night.

This means that anyone interested to see live the major events in the 2012 London Olympics must prepare 1,1750 USD or 1,150 euros for the accommodations alone.

Another notable trends that can be seen from these London hotels, added the Financial Times are the ‘harsh conditions on room reservations’ now bravely implemented by hotel managers. An example provided by the FT report is the 100-percent cancellation fee over the period of the games.

"Hotels appear to be gripped by a frenzy of greed," the general secretary of tour business trade body, Mario Bodini was quoted telling FT by the AFP.

The 2012 Olympics is scheduled from July 27 to August 12, followed by Paralympics.