If you, like me, have been waiting for some honest-to-goodness deals on hotel rooms—hallelujah, our time has come! This fall and winter are shaping up to be rife with hotel values in the United States and in destinations nearby.

That's what happens when an economic slowdown coincides with a flood of new hotels (planned when the economy was better) and a ten percent cut in U.S. airline flights. The resulting prospect of empty rooms is causing "a lot of anxiety among hotel operators and owners," says Scott Berman, principal and hotel analyst for PricewaterhouseCoopers. "There's no doubt that there will be more deals this winter than in the past"—especially, he says, in the six-week window between New Year's and President's Day. The properties that will discount the most include those catering to business travelers and groups, he says. "The weakening economy is likely to create a huge opportunity for consumers," agrees Sean Hennessey, CEO of Lodging Investment Advisors, who adds that booking close to your travel dates increases your chances of finding a great deal. "Steep price reductions will be seen across all price points except luxury," Berman cautions. But not all experts agree, and if luxury hotels don't slash their rates, they'll typically reduce their guests' bills in other ways. Which means that even if the five-star resort of your dreams doesn't drop its rates, it will likely be eager to give you a free upgrade, free meals, or free spa treatments to get your business. "It's a buyer's market again," says Joe Brancatelli, publisher of the business travel Web site JoeSentMe.com. "Last year they had the hammer. This year you've got the hammer."

So precisely how should you wield it and where should you strike?

Consider destinations that have been hit by flight reductions.

The Caribbean, Hawaii, Las Vegas, and certain ski resorts have lost a significant number of airline seats, and hoteliers in these locations have been busy dreaming up richer packages than they've offered heretofore. Sandals Resorts, for instance, is providing as much as an $1,100 per couple credit to offset the cost of airfare to its properties in the Caribbean. Through packages sold by wholesalers such as GoGo Vacations, the Four Seasons Nevis will reimburse you for the cost of your airline ticket if you stay five nights—and your companion's airline ticket as well if you stay ten—with nightly rates starting at $335 through December 19. In Hawaii, where hotel occupancy has been plummeting (in July, almost half of the rooms on the Big Island were empty), resorts are providing "tremendous incentives," says Heather Leisman, senior director of merchandising for Orbitz, which is shaving $200 off five-night Hawaii packages. Las Vegas hotels are discounting even more aggressively, with last-minute packages which include so many hotel credits—for meals, spa treatments, even free slot play—that, as Leisman points out, "if you take advantage of all that, you're getting back almost the entire amount you paid for your room." Orbitz is also seeing more deals from ski resorts, which were offering 33 percent off as early as July. "You don't typically find such deep discounting so far in advance," says Leisman. Even the Four Seasons Jackson Hole, whose nightly rate in July was $795, has a third-night-free package through December 17, with nightly rates starting at $275.