The guarantee comes following a partnership between the Madrid 2020 Foundation, the Madrid 2020 Corporation and the Madrid Hotel Industry Association (AEHM) that aims to ensure visitors experience the vibrancy of an Olympic and Paralympic host city, with a cap on room rates to ensure prices are not too expensive.

Madrid 2020 bid President Alejandro Blanco (pictured top, right), who made the announcement alongside AEHM President Carlos Diaz (pictured top, left) and the Mayor of Madrid Ana Botella (pictured top, centre) claimed the collaboration was a huge boost for the bid.

"The Games are not just a sporting event but an opportunity to promote Spain by celebrating its history, experiencing the present and looking forward to the future, particularly the positive impact that an Olympic Games will have on Madrid and the Spanish people," said Blanco, who is also the Spanish Olympic Committee (COE) President.

"Support is growing daily and over 80 per cent of the country is already expressing their support for our bid."

The luxurious Palace Hotel in Madrid will be one of the most sought after venues in the Spanish capital if it wins the right to stage the 2020 Games

Blanco also said that the Games could help boost Spain's economy, highlighting the fact that the occupancy rate for London's hotels during the 2012 Games this summer was 94 per cent and that the United Kingdom economy's one per cent growth between July and September had been attributed mainly to the Olympics and Paralympics.

"Winning the Games will be the catalyst for regenerating the country's economy," he said.

"I'm not going to claim that Madrid 2020 will be the best Games of all time, but I will say that they will be our Games.

"They will belong to each and every one of us and we will work diligently to ensure sustainability."

Botella was equally buoyant in mood, thanking the hotel industry for its efforts to increase the number of beds available.

"We are very excited by the commitment shown by the hotel owners who have signed up to this partnership," she said.

"This demonstration of support by the businesses and people of Madrid is very encouraging and urges us on as we work towards fulfilling our dream."

Madrid is bidding against Istanbul and Tokyo for the right to stage the event and next March will prove pivotal as it will be the month when the International Olympic Committee (IOC) Coordination Commission visits all three cities.

The IOC requires the three cities in the 2020 bid race to make 40,000 rooms available for the event, with Madrid set to top that figure comfortably.

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