New Year's Eve biggest night of the year for New York City's hospitality industry

NEW YORK (WABC) -- For many restaurants, hotels and entertainers, New Year's Eve marks the single biggest night of the year for profits.

Travel company AAA lists New York City, and specifically the Times Square ball drop, as a top tourist attraction.

It's estimated one to two million people will attend the event from all over the world.

Eyewitness News talked to tourists in town from Jamaica, Ireland and out of state.

Last year, the Hotel Association of New York City estimated hotel occupancy citywide at close to 90 percent.

This year, some hotels, such as the Knickerbocker Hotel in Times Square, sold out early.

"New Year's Eve, grossing, is the number one most profitable day for the hotel," said Laila Demesme, director of sales and marketing at the Knickerbocker.

According to a spokesperson at Eventbrite, a global ticketing and event technology platform, more than 1,100 events have been registered in the New York City area.

New York City is also described as one of the most expensive U.S. cities to ring in the new year.

Financial website Wallethub predicts the average couple will spend over $1,100 on dinner and a show in the city.

It's estimated Americans will drink over 360 million glasses of sparkling wine in one night.

The parties range from affordable to down right extravagant.

Starting tickets for the Knickerbocker, featuring a rooftop view of the ball drop just 150 feet away, start at just under $1,000 and escalate to $50,000 for VIP packages.

At the Red Rabbit Club in the Meatpacking District, party goers won't have a view of the ball drop, but they can secure tickets to enjoy music, dancing and a champagne toast starting at $130. VIP packages there cost up to $2,500.

"People are going to come down this rabbit hole and walk into hopefully really good chaos," said Red Rabbit Director of Events Tiffany Fields. "It's going to be crazy."

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