New Yorker ties rates to Dow-Jones index
The New Yorker, one of New York's most famous hotels, is linking its room rates to the daily closing value of the Dow-Jones index on the city's stock exchange.
The 1,100-bedroom hotel, three blocks from the Empire State Building, is looking to tap into the sense of financial unease sweeping the USA by offering a "no bull" deal - a reference to the tumbling financial markets.
A fall on the Dow of between 100 and 199 points will knock $10 (£7) off guests' bills for each day of their stay. A fall of 200 points or more will see guests save $20 (£14) a day on the normal rack rate of $129 to $189 (£91 to £133). If the markets swing upwards by 200 points, guests are offered a complimentary breakfast or cocktail.
The package has so far proved popular, with 67 "no bull" bookings made over one weekend.
General manager Barry Mann said that the deal was confined to how far the Dow had fallen on the day a guest checked in. If it kept falling during a guest's stay the discount would remain the same.
He added: "If it closes down 1,000 points or more, everyone goes up to a high floor with a window."
When US markets collapsed in 1929, in what became known as the Wall Street Crash, despairing investors who had lost fortunes threw themselves out of such windows to their deaths.
by Nic Paton
Source: Caterer & Hotelkeeper magazine, 23-29 August 2001
