Cancel your hotel reservation at the motel around the block and stay in opulence, as luxury hotel stays are back in business, even during this recession. The largest U.S. owners of luxury hotels say many people have overly exaggerated the demise of luxury hotels such as the St. Regis and the hip W Hotel. Many top executives and hoteliers announced at the Professional Convention Management Association’s conference that travelers and convention goers will appreciate new bargains to be introduced at the posh hotels. The recession harshly affected the hotel industry, but more so, severely hurt the luxury hotels. According to Smith Travel Research, occupancy in the U.S. luxury hotels declined by 10.4 percentage points to 62.2 percent from 2007 to 2009. The decline would have been crueler, but hoteliers dropped their rates to accommodate the trying times. Experts say consumers can once again afford luxury hotels, which is great news for everyone. So the next question is, when do you leave?