In the current recession, luxury hotels are experiencing the biggest loss. Vacationers and businesses are cutting their travel budgets and finding more economical ways to travel such as vacation rentals. In order to survive in this environment, some of these luxury hotels will forfeit some stars as well as amenities. It is the only way to compete in an industry that offers spacious, affordable vacation rentals. Hilton Hotels and InterContinental Hotels have already cut down on stars for some of its locations. Starwood Hotels & Resorts, owner of high-end brands such as W Hotel and St. Regis, have cut its number of stars and its level of service just until the industry goes back to how it once was. Some of the amenities that will be cut from these once five-star luxury hotels include welcome gifts, complimentary newspapers and 24-hour room service. Lewis Wolff, co-chairman of Maritz, Wolff & Co., says most people would be just as happy with a “five-star hotel downgraded to a four star.”