However the research, by hotel-industry.co.uk, hotcatUK and IndiCater, also revealed that only 40 per cent claimed to have a robust strategy or plan in place to effectively capitalise on the period of high demand.

And one in five feel they need to concentrate more closely on developing their current revenue management strategy – a key factor in optimising revenue during London 2012.

With 350,000 foreign visitors expected per day and 18 million meals due to be served, the 2012 Olympic Games is expected to present the opportunity of a lifetime to the UK's hospitality professionals.

"Planning for 2012 should already be under way," said Paul van Meerendonk, senior consultant at IDeaS Advantage in a recent interview with hotel-industry.co.uk

"It should have started the moment the event was confirmed for London.

"Contracts have been or are being signed for that period already and if mistakes are made at this crucial early stage, hoteliers could find themselves without room to manoeuvre and limiting their ability to optimise rates and inventory for 2012."

However, the industry is confident of RevPAR and occupancy growth during the Games, despite recent concerns raised by the European Tour Operators Association (ETOA).

More than 40 per cent were confident they would see a rise in occupancy during the period and 45 per cent were confident of RevPAR growth.

"When we consider that the Olympics will coincide with the peak summer season and the Farnborough Air Show, significant RevPAR growth is highly achievable," added Meerendonk.

"Overall, I think hoteliers can expect at least double digit RevPAR growth year-on-year."