New York City hotels rates have risen by as much as 740%

Ringing in the New Year in New York City this December 31 will be an expensive proposition for travelers who waited until the last minute to secure a reservation. New analysis compiled by NewYorkHotels.org has found that a few hotel rooms are still available in and around the Big Apple, but only if revelers are willing to pay sky-high prices.

Just how much more is the City that Never Sleeps charging someone to sleep there this New Year's Eve? The survey uncovered rates as much as 700% higher than usual.

Staying in the heart of the New Year's celebration in Manhattan will cost travelers the most. There, 50 hotels are still posting room vacancies, but on average, they're charging more than triple their regular rates. The Central Park area and the Financial District are particularly expensive if one wants to see the New Year's Eve ball drop in person.

For instance, the 4-star Eurostars Wall Street, which typically goes for $129 per night, will cost $549 on New Year's Eve. That price elevation represents a 325% increase. Even more costly is the Excelsior Hotel. Situated one-half block from Central Park, this 3-star accommodation is jacking up rates almost 570%, to $1332 versus the usual $199.

A little farther away from the action, in Soho and Tribeca, rooms can still be found for below $500 per night. To break the $300 mark, however, New Year's visitors will have to trek to the borough of Brooklyn. They'll still be paying significantly more than they usually would though.

In fact, the hotel with the largest overall percentage price increase is located in Brooklyn. The Red Carpet Inn, situation near the Brooklyn Bridge, is charging $1000 on New Year's Eve. That's 740% more than its typical rate of $119.

Do budget travelers still have any hope of spending New Year's in NYC? If they want to save on their stay and don't mind a bit of hike into the city, they can check out the JFK Airport environs. Rooms here can be had for $200 per night. The AirTrain, which runs round the clock, can then get them into Times Square and back in under one hour.