Rates at New York hotels keep on going up

You would think that people are cutting back on luxuries such as hotel stays with the current concerns about the economy.   However, research by PKF Consulting tells us that hotels in New York are getting more expensive. In November 2007 the average price of a room in  NYC hit $292, more than its previous record yearly average of $237, set in 2000. An estimated 22 million nights were sold at city hotels in 2005, surpassing the 21.4 million sold in 2004. And apparently even the $14,000 per night Presidential Suite at the Mandarin Oriental is occupied 75% of the time.

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