In the Swiss Alps, in the middle of a snow-covered valley, stands an imposing building with a fairytale atmosphere. It is the Palace Hotel, where every year an illustrious crowd of rich, spoiled and dissolute guests gather to celebrate the turn of the year. On New Year's Eve 1999, they also come together from all over the world to ring in the end of the millennium. But the party at the luxurious residence takes an unexpected turn.