Now’s the time to book your late summer and Labor Day trip to your favorite hotel. Hotels are cutting room prices way back to attract business and vacation travelers. According to USA Today, big luxury hotels in New York, London and Paris have slashed prices as much as 20% from what they were earlier this year.

Big resort hotels in Mexico, Hawaii, the Caribbean, New York and Las Vegas are having a tough year, too, because the number of conventions and large business meetings have dropped dramatically. This is due to the tough economy, and also because corporate stockholders are demanding big cutbacks in these kinds of expensive perks.

Prices on flights, cruises and air-hotel package deals this season are also down from what they were last year. With costs more favorable for tourism than they’ve been for many years, and if you’re planning a trip soon, keep checking daily with your favorite neighborhood or online travel agency for specials and the best deals in a long time.