There’s a name for what ails you, and it’s called “luxury guilt.” Even if you can afford to travel, you reason, isn’t it wrong to indulge when times are so tough? Well, if you haven’t been swayed by the open-your-wallet, shorten-the-recession argument, how about this one: You may be missing a rare chance to visit some of the finest hotels on the planet at prices you aren’t likely to see over the next decade. The deals now are better than in the aftermath of the Asian economic crisis, 9/11, or SARS, says Jan Freitag, vice president of Smith Travel Research, making travel to just about any place in the world from 30% to 50% more affordable than last year. One note: If you don’t find these rates on the hotel website, call to book.

The general rule here is, go as far as your frequent-flier miles will take you. For example: The Four Seasons Resort Hualalai on the Big Island of Hawaii, where Julia Roberts vacations with her family, is giving $1,000 resort credits good for anything on the property (including room rates) for those staying at least four nights. At the Four Seasons Maui, rooms are starting at a (relatively) affordable $395 per night and include extras like outrigger-canoe excursions and introductory scuba clinics. In Bora Bora, at the St. Regis, an entry-level room used to be $1,300 per night, but now every second night is half price. Bonus: You’re near the lagoon James Michener once called the “most beautiful in the world.” For groups, check out the “second bungalow for half price” package.

One other romantic spot worth considering: Sandy Lane in Barbados, where Aristotle Onassis once rowed in from his yacht to frolic alongside Princess Margaret and Frank Sinatra. The resort was completely renovated in 2008 and has numerous packages, with rates ranging from a few hundred to thousands of dollars off typical prices.

Ritz spokeswoman Vivian Deuschl says the Ritz has never before offered savings like the ones this summer. Particularly appealing: the Ritz-Carlton Peace of Mind package available at all the Ritz U.S. and Caribbean hotels as well as those in Dublin, Lisbon, Marbella, and Egypt. You get one free night for a three-night stay, two for five nights, and three for seven. Also included: breakfast, kids’ programs, valet parking, and waived resort fees. The savings can be anywhere from the low hundreds to the low thousands.

For something more exotic, the Peninsula chain will give you a complimentary second night in a suite at all its hotels around the world (except Beverly Hills). And plain old rate cuts mean that at the newly refurbished Peninsula in Beijing, just steps from Tiananmen Square, a room costs just $431 for two nights.