NEW YORK CITY-By the time the ball drops in Times Square, New York City will be home to over 90,000 hotel rooms. This marks a 24% increase, according to the City’s tourism arm, NYC & Co. Still, though, revelers hoping to score a room for New Year’s Eve are likely to pay a hefty price.

That’s because some New York City hotels—even in the boroughs—are charging guests sky-high rates for the big night. In fact, a NewYorkHotels.org survey found rates inflated by as much as 700% for a room New Year’s Eve.

The survey, conducted Wednesday, found that hotel rooms are still available around the city for those willing to pay the price. Particularly expensive are the newly hot Financial District and the area surrounding Central Park. The survey found that those wishing to stay at the Excelsior, for instance, at 41 W. 81st St., may pay up to $1,332 for a room regularly priced at $199.

Dan Lesser, president and CEO of LW Hospitality Advisors, says “it’s all about supply and demand,” and points to the lack of hotel rooms in the city—despite the 24% increase—as a contributing factor.

“New York is an under-hoteled market if you just look at the annual occupancy in the mid 80s and contrast that with the national average,” Lesser tells GlobeSt.com. “Yes there has been a rash of new rooms but they tend to be select service.”

Lesser points to foreign travelers as a driver for a lot of the pricey New Year’s Eve hotel rooms—people willing and able to shell out the extra cash without batting an eye. “Those that can afford—they aren’t thinking twice about doing it,” he says. “New York is the hottest hotel market in the world.”