Lodging companies that focus on luxury were hit the hardest, with rates falling 20% to 25% on average, according to Smith Travel Research. "No CEO wanted to be seen going into New York City and staying at a luxury hotel, so they suffered," says Garner. But the segment that was pummeled the hardest also offers the biggest potential windfall as the economy rebounds. "If you fall less, you have less to recover, but if you fall hard, you have more to recover," he says.
Of course, that assumes that travelers step up to full-priced luxury lodgings, and that may be a ways off.
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