Orbit Tower to be a huge attraction for London and Olympics

The 115-metre high tower “Orbit” that will stand close to the Olympic stadium is estimated to contribute around £5 million to the budget of the London 2012 Olympic Games.

London organisers will be able to benefit at Games time from ticket sales to the public wanting to travel to the top of the spectacular red sculptural landmark designed by Anish Kapoor and Cecil Balmond, and also from selling corporate hospitality packages to existing Olympic Games sponsors using the restaurant level.

Architects say the structure, due to be finished by May 2012, will be able to cope with some 700 people an hour. Organisers expect sponsors will be keen to secure the hospitality areas because of its views across the park and proximity to both athletics and swimming events.

ArcelorMittal contributed £10 million in cash and £6 million worth of steel for the structure and London organisers confirmed that the steel company is an official tier two sponsor.

London Development Agency will contribute the remaining £3 million of costs.

If you’re looking for somewhere to say in London then look no further than umi’s Budget London Hotel in Bayswater.