Firms to spend $5 billion on Olympic hospitality
The company responsible for selling corporate packages to next year's London Olympics expects firms to spend more than $4.6 billion on hospitality at the games.
Analysis commissioned by Prestige Ticketing Limited also says companies investing in corporate hospitality are likely to earn a 12 percent return on their investment.
Andrew Burton, chief executive of Prestige Ticketing, says ''gone are the days when hospitality was seen as a marketing luxury.''
Alan Gilpen, chief operating officer of Prestige Ticketing, said Wednesday that his company has sold 40 percent of its 100,000 hospitality packages, available at venues including the Olympic Park, Horse Guards Parade and Wimbledon.