As the holidays approach, New York becomes a city of bargains, such as this deal from a Times Square hotel that drops rates to as low as $99 per night.

The Milford has cut its current prices by 40% this fall and winter, with the following nightly rates:

• $99 ... daily Jan. 2 - Feb. 28
• $139 ... daily Dec. 16-26, including Christmas
• $199 ... Mondays-Saturdays through November

All guests stay in this hotel's renovated rooms, which have sleek furnishings, bright colors and a queen bed. As an added bonus, stays in January-February include free daily continental breakfast for two ($28 value), and fall stays come with an "I Love NY" bag of souvenirs.

During the winter, there are great sales at most of the shops on Fifth Avenue, three blocks east of the hotel. During the fall, holiday displays and craft markets pop up all over the city, including at Columbus Circle, a short subway ride away.

Note: January-February stays are refundable up until 14 days prior to arrival.

Not available on: Nov. 1-3, 30