New Year's Eve 2013: New York City Hotel Rates Up by 788% for Times Square Ball Drop

New Year's Eve in Times Square in New York City is unlike any other celebration to ring in the New Year. About a million people head to Times Square to watch the ball drop each year. Many hotels in the area are full as New Year's Eve is less than a week away, but there are still some vacancies. However last minute Times Square hotels for New Year's Eve aren't cheap as rates are up by up to 788 percent.

About 30 hotels still have vacancies for New Year's Eve in New York, but guests will have to pay up to stay book one at this point. Many hotels are requiring guests to stay for at least two night and rates have increased by 189 percent on average, according to NewYorkHotels.org.

Some hotels have raised rates by up to 788 percent.  For instance, Hotel 91 which is on the Lower East Side usually charges $105 for a standard room but rooms have shot up to $933 for the New Year's Eve night, which is a 788 percent hike. The Milford hotel is just one block away from Times Square, so guests can expect to pay $659 for the night as opposed to the usual $114 a night rate. This is an increase of 478 percent.

One of the priciest rooms is at the Marriott Marquis. A Deluxe room is usually $279 per night but guests can expect to pay $1199 on New Year's Eve, which is a 330 percent increase.

According to NewYorkHotels.org, the cheapest available rooms in New York are still expensive as they start at $450 a night. Those who stay for two or three nights might be able to get a room for $300 per night.

Those who want cheaper rooms and who don't mind a bit of a trip can stay outside of Manhattan. For instance, hotel rooms near JFK airport start at around $200 per night, but it requires about an hour train ride to get to Times Square.

Here is a table of the 10 hotels with the biggest rate increase, according to NewYorkHotels.org