London bid for the 2012 Summer Olympics being selected by the International Olympic Committee (IOC) when put up against other world cities in a competitive bidding process. On 6 July 2005 at its 117th Session in Singapore, the IOC awarded London the right to host the Games of the XXX Olympiad. The city beat the favourite Paris 54 to 50 on the fourth and final ballot. London is the first city to host the Games three times. At the time of the bid, the budget projection was around £2 billion, but it was later estimated that the true cost would be around £9 billion. The project involved
123rd IOC Session 123rd IOC Session The 123rd International Olympic Committee Session (or the 2011 International Olympic Committee Session, the 123rd IOC Session or the 2011 IOC Session) was held in July 2011 at the Inkosi Albert Luthuli International Convention Centre in Durban, South Africa. At the session, Pyeongchang, South Korea was announced as the host city of the 2018 Olympic Winter Games and Paralympic Winter Games. The International Olympic Committee officially announced Durban as the host city of the 123rd IOC Session at the 120th IOC Session in Beijing, People's Republic of China on 7 August 2008, before the 2008 Summer Olympics.