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hotel signThe 2012 Summer Olympic Games are in full swing in London, and as is often the case during major events, prices for accommodations were sold at large premiums in the months leading up to the Games. But many hotels have seen less demand than they expected, prompting some to “discount” their inflated rates at the last minute in order to fill still-empty rooms.

According to the Press Association, some booking engines reported prices inflated as much as 300 percent over the past two months, but say rates have since fallen back to levels that are closer to the norm.

Over-inflated prices aren’t uncommon when major events come to town, such as Mardi Gras New Orleans or Venice‘s Carnevale, but when demand is lower than expected, prices do sometimes fall — leaving visitors who booked early feeling ripped off. So what’s a budget traveler to do to protect against price gouging when inflation is an issue?

1. Use sites like Tingo.com, which will credit your card accordingly if the price of your booked hotel room drops. (See Want a Hotel Refund? Yes. Please. to learn more about Tingo.)

2. Look into refundable rates, check cancellation policies and consider purchasing appropriate travel insurance in case you have buyer’s remorse after booking an expensive room. Whether you find a cheaper room elsewhere or just flat-out decide to forgo the entire trip, you’ll be more likely to get your money back.

3. Ditch the hotel. If hotels are out of your price range during certain special events, consider staying at a hostel, a bed and breakfast or someone’s home (also known as couch surfing). Vacation rentals are also another option, which can be less expensive and offer more homey comforts.

Have you ever overpaid for a hotel during a major world event? Leave your comments below.

– written by Ashley Kosciolek

Editor’s Note: IndependentTraveler.com is published by The Independent Traveler, Inc., a member of the TripAdvisor Media Network, which also owns Tingo.com.

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