I was there on the terrace 1st Jan 2001 and it was at least 20 degrees on the terrace, the sun was shining and everything.
In response to original question Minsitry Travel do a trip there every year which takes in Pacha and Space. Last year the hotel was Ocean Drive, I think it was £400 for 5 days which isn't bad when you think what you pay for clubs/taxis in England NYE.
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