Prestige spends £7.5m on temporary venue for Olympic hospitality

Prestige Ticketing has invested £7.5m in building a temporary venue next to the Olympic Stadium to entertain corporate guests that have bought hospitality packages for the London 2012 Olympic and Paralympic Games.

The company, an official hospitality supplier for the events, said that the 'Prestige Pavilion' would be three-storeys high, incorporate six restaurants and a huge glass atrium featuring an Olympic-themed statue. It will have an overall capacity for up to 3,000 people.

"In my knowledge, I don’t know of any company that has spent £7.5m on a temporary venue that will be used for 29 days, but we have," said Tony Barnard, marketing and communications director at Prestige Ticketing.

He added that on top of the £7.5m spent on the Olympic Park structure, the company is investing a substantial amount in building temporary venues at three other Olympic sites: Greenwich Park for the Equestrian events, Horse Guards Parade, where the beach volleyball will take place, and Eton Dorney for the rowing.

The company revealed yesterday that it has sold 30-40% of corporate packages available for the London 2012 Games, which include top category tickets for events.

Packages range from £325 for some Paralympic events through to £4,500 for the Olympic opening and closing ceremonies and athletics finals.

It also predicted that companies investing in hospitality at the events would earn an ROI exceeding 12% - valued at around £1.6bn.

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