A number of research bodies have been quick to release their beliefs on the topic, with both reviews and predictions appearing mixed.
According to TravelClick analysis, demand for hotel rooms in London rose considerably after the closing ceremony. Occupancy went up by more than 24 per cent compared to the corresponding period in 2011.
From July 27 to August 5, 2012, hoteliers across London reported 87.7 per cent occupancy and £216.42 average room rate (ADR), according to STR Global.
This represents an increase of 3.2 per cent and 87.1 per cent respectively compared to the same days the year prior.
"Hotels across London continue to report increasing occupancy levels and average room rates during the Olympic period when compared to last year," Elizabeth Randall Winkle, managing director of STR Global, said.
"We are also seeing improvement from weaker occupancy performances in June and early July so it is good to see that performance has been picking up during the Olympics."
Successful accommodation management often hinges on an accurate understanding of the unfolding industry landscape, meaning reports such as this will be music to the ears of business owners and operators in London.
However, it must be noted the news has not necessarily been positive for all surrounding areas.
"Heathrow and Gatwick, in the west and south of London and therefore less convenient for Olympic venues, have reported occupancy declines for the Olympic period," Winkle said.
In terms of the much-hyped period leading in the Games itself, weekly trends data for July from PricewaterhouseCoopers (PwC) shows continuing declines in key metrics, although there were signs of a welcome uptick in the last week of the month.
"There are a number of possible reasons for the recent drop in hotel performance: the deteriorating economic situation, extensive new supply in the capital, the Jubilee holiday which saw corporate travel disrupted by the two bank holidays, a pre-London Games dip, and difficult occupancy comparables have all taken their toll," Liz Hall, head of hospitality and leisure research at PwC, said.
"The earlier start to Ramadan compared to 2011 may also be a factor."
Overall, increased occupancy was always expected during and immediately following the Games – and any other result would have been hugely disappointing for the hotel sector.
But what does the medium and long-term future hold?
During the final week of the Olympics, Hall asserted: "Just how the second half of 2012 turns out will depend on how London fares during the Games and of course the economic outlook.
"We can only hope there will be some pent up demand post Games as the many business travellers and visitors who had avoided the city return.
"PwC has consistently warned against the inflated expectations of some hoteliers for a London Games bonanza, but the dawning reality after this first week's events is that London has been much quieter than even we expected."
Hall added expectations of occupancy growth are still likely to be realised.
"While we still expect to see some occupancy growth, overall performance in the third quarter will be dictated by the extent to which hoteliers are able to hold on to their planned rate increases during the Games," she said.
With London consistently ranking as one of the top two cities in the world, a strong tourism legacy from the London Games is likely to felt – especially given the high quality visitor accommodation that now exists.
The true return on investment for London's accommodation venues will be revealed in the next few years.