The Crowning of Charles III in London: A Travel Bonanza?

No royal heir in British history has waited longer than Charles III, the king formerly known as Prince of Wales, to ascend the throne. When he is officially crowned on May 6, Charles will be 74 years old, 47 years older than his mother, Elizabeth II, was when she was crowned in the mid-20th century.

However, the coronation is going to take place and the British capital is preparing for the grand event, which obviously includes the arrival of thousands of tourists who want to witness the moment and be part of the festivities.

Those responsible for the tourism sector believe that the coronation will provide an economic boost of more than 1 billion pounds sterling (just over 1.24 billion dollars), thanks to the huge influx of foreign visitors, especially from the United States.

The Queen's Platinum Jubilee celebrations were estimated to be a £1.2 billion economic boost, and the coronation of King Charles III is expected to have a similar effect.

London's Westminster Abbey has announced that this summer visitors will have the opportunity to follow in the footsteps of King Charles, gaining access for the first time to an area that has always been closed to the public.

As part of special tours in the weeks ahead, visitors to the Abbey will be able to walk - barefoot - through the "Cosmati Pavement" near the High Altar, where the Coronation Chair will be placed for the service.

London hotels are also moving to cash in on the royal celebrations, charging a "coronation price premium" of up to 171%. Many hotels in the center of the capital have been sold out since the night before the big event on May 6.

So those looking for a hotel room in London will have to be prepared to make a significant outlay.

Those willing to blow their budget could pay up to £4,350 for an executive suite at the Ritz the night before the coronation, which is about £1,651 - or 61% - more than for the same room the following Friday.

The Park Plaza at Westminster Bridge costs £559 on the Friday of Coronation weekend, some £309 (81%) more than the following Friday.