NYC hotel rates soar over New Year holiday

Hotel News - 29/12/2011

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A recent survey by online New York City travel specialist NewYorkHotels has revealed that those looking to book last minute rooms for 31 December and the surrounding days can indeed find available accommodation, albeit at mark ups of up to 700 per cent or more above usual rates.

Rooms on Manhattan Island will come at the highest premium; about 50 hotels in the centre of New York are still advertising remaining inventory, although prices are on average about three times their normal rates.

Properties in the Financial District and around Central Park are in the highest demand, experts say. For example, the four-star Eurostars Wall Street, normally a $129 (£83) per night hotel, is now offing its rooms for $549 on New Year’s Eve, marking an increase of 325 per cent. And the three-star Excelsior Hotel offers an even larger mark-up, as its rooms are available for $1,332 (£863) - a full 570 per cent increase on its usual rate of $199 (£129) per night.

The largest mark-up of all however can be found in a trendy neighbourhood in nearby Brooklyn, where the Red Carpet Inn, normally a $129 (£83) per night property, is asking $1000 (£648) per room on 31 December, marking a hefty increase of 740 per cent.

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