Ritz-Carlton, Four Seasons drop prices so you can afford luxury

luxury hotels
luxury hotels

It's bad news for hotel industry execs, but good news for thrifty globetrotters: according to USA Today, luxury hotel chains like Ritz-Carlton and Four Seasons are dramatically decreasing room prices and offering extras and promotions (restaurant credits, free third nights) in an effort to fill up those pricey suites.

And it's working -- bookings for the upcoming second quarter are up 7.2%.

So how can you cash in on this development? For starters: if you've had your eye on a certain hotel and destination for a while, check their Web site to see if they're following this trend. And if they are, book soon -- if business spikes, hotels can yank back these concessions as quickly as they put them up.