Hotels in London have begun raising their room prices for next year’s Olympic Games, with one establishment hiking up their tariffs fivefold.

One four-star hotel quoted an unnamed wholesale trip operator 1,100 pounds (1,1750 dollars) for a room which would normally be charged at 200 pounds.

On top of the rate increase, many hotels are implementing harsh conditions on room reservations, including in one instance a 100 percent cancellation fee over the period of the Games, the Financial Times reported Monday.

“Hotels appear to be gripped by a frenzy of greed,” said Mario Bodini, general secretary of tour business trade body, UKinbound.

The 2012 Olympics will run from July 27 till August 12, with the Paralympics to follow.