But most are not counting on 1993 being much better than this year.

Because the 295-room Elbow Beach Hotel was closed for renovations at this time last year, there are more hotel rooms available this holiday season than in 1991, said a spokesman for the Bermuda Hotel Association.

Despite that, most hoteliers interviewed by The Royal Gazette yesterday said their bookings are running about level with last Christmas and New Year's.

Mr. John Federer, manager of the Southampton Princess Hotel said he expected 500 to 550 guests for Christmas and 875 to 900 for New Year's.

"This is about what we expected,'' Mr. Federer said. "And it is about right on with last year.'' Athough airport visitor arrivals improved in the latter part of 1992, "it is too early to tell'' what to expect for 1993, he said. "We'll know more in January and February.

"Right now, our bookings are not very encouraging.'' Between January and March of this year, visitor arrivals dropped by 9,899, or by 17.2 percent, compared to the same period in 1991. But from April 1 to December 20, arrivals were only 1,186, or 0.4 percent, down. When the figures are combined, visitor arrivals are down by 2.9 percent over 1991 from January 1 to December 20.

As one of five major hotels participating, the Southampton Princess is "particularly excited'' about an incentive beginning January 1 under which visitors are offered a 20 percent discount on their room rates for any day the temperature does not reach 68 Fahrenheit, Mr. Federer said.

But, "we need to wait and see what the impact will be.'' At the Belmont Hotel Golf and Country Club, general manager Mr. Adrian Constant said the 154-room hotel is "a little quiet this week,'' with occupancy running at 55 to 65 percent, but "absolutely jampacked'' for New Year's.

Good entertainment packages and a New Year's Eve party contributed to next week's success, he said.

As for 1993, "we're expecting the same sort of business as this year for next year -- probably the next two years'', Mr. Constant said. "Things don't look good.'' While the 400-room Sonesta Beach Hotel and the 395-room Marriott's Castle Harbour Resort are again closed for the winter, the 71-room Harmony Club has re-opened from December 21 to January 4, as it did last year, said general manager Mr. Billy Griffith.

The Harmony Club will be full for New Year's and about 60 percent occupied for the entire period, Mr. Griffith said. That is about 20 percent better than last year, when the hotel experimented with opening for the holiday season for the first time.

Although bookings improved over the latter part of 1992, "as far as next year is concerned, I am optimistic, but the signs are that the business is going to be just as difficult to get,'' Mr. Griffith said.

"I don't think there is going to be any massive influx of people.'' And "the majority of people will be looking for value, they'll be looking for lower rates.'' At The Reefs, bookings over the holiday period are about the same as last year, said resident manager Mr. Neal Stephens.

The 65-room hotel is about 70 percent booked for Christmas and "almost completely full'' for New Year's, he said.

As for next year, bookings for January and February are running behind last year, while March is running ahead, Mr. Stephens said.

Horizons and Cottages is booked about 85 percent for Christmas and 100 percent for New Year's, said general manager Mr. Wilhelm Sack. That is about normal at the 50-cottage complex, he said.

As for next year, it is too early to make a prediction, he said.

White Sands and Cottages is about 33 percent full for Christmas and full for New Year's, a spokesman said. That marks about a 10 percent improvement at the 40-cottage complex, she said.