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In the event you need to nix your reservations to The Peninsula New York, you should know that the Forbes Travel Guide Five-Star hotel maintains a 24-hour cancellation policy. Reservations are nontransferable and all cancellations at this New York hotel must be requested a day in advance by noon Eastern time. Otherwise, you will be charged one night’s rate and taxes. It’s a good idea to keep the luxury hotel’s toll-free reservation number handy in case of a possible cancellation; that way you can avoid paying for an unoccupied room.