NEW YORK--(BUSINESS WIRE)--Year-end revelers who are planning to celebrate New Year’s Eve in Times Square should prepare themselves for a big bill if they don’t have a hotel room yet. According to a new survey from NewYorkHotels.org, hotels rates are skyrocketing in Manhattan for the December 31st celebration.
Currently, about 30% of hotels in Manhattan are still offering rooms for December 31. On average, however, these hotels are elevating their rates by 187% compared to their regular rates in response to the New Year’s Eve demand. And some hotels are charging over 500% more than they usually do.
One such establishment is the Hilton Times Square, which is charging $1239 for a Queen Room on New Year’s Eve instead of its regular $199. Another example is the Hotel Pennsylvania. This budget hotel that is located across the street from Madison Square Garden is listing a rate of $619 for a Superior Room on December 31.That figure represent an almost 600% hike over the usual rate.
For the cheapest available double room in Manhattan (rated at least 3 stars), overnight New Year's Eve guests will currently have to spend around $400. If they stay three nights (December 31 through January 3), however, they can find rooms for less than $250 per night.
Compared to last year, overall hotel demand and rates are significantly higher. According to Danielle Carter from NewYorkHotels.org, this is most likely due to legal actions by New York City authorities toward Airbnb locations. Such sanctions have significantly reduced the number of offers on Airbnb, thereby driving up demand for hotels in the Big Apple.
For the full results of the survey, check http://www.newyorkhotels.org/press/new-years-eve15.html