BALTIMORE (WJZ) — Baltimore is gearing up for the biggest event of the year and is expected to create an economic impact of millions.

New Year’s Eve is one big party and one big boost for the local economy.

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Hotels and restaurants all over the city are planning their biggest special events of the year.

The Four Seasons Hotel said it has been planning for months.

“It’s going to be a party for sure,” Sean Casserly, of Four Seasons Hotel, said.

Baltimore’s Harbor East is offering options far and wide, too.

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Previous New Year’s Eve parties in Baltimore have raked in as much as $7 million. It’s an opportunity just too good to pass up.

“New Year’s Eve is so important economically,” Casserly said. “Everybody comes out on New Year’s Eve, everybody has plans.”

Events range from $240 all the way down to $20 just to get into the front door.

But Hotel Revival in Mount Vernon said their prices are approachable.

“For us, we think that we can still make great money, but at the same time, still provide a great experience for our community which is really what we’re all about,” Donte Johnson, of Hotel Revival, said.

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Make sure to tune into WJZ on Tuesday at 11 p.m. We will bring you all the festivities live from the Inner Harbor, including the spectacular firework show at midnight.

Annie Rose Ramos