I have to say I think the word existential is not really used correctly here but here goes - I travel only about 5 - 6 times a year and often I get reimbursed for travel so to go against the grain of my proletarian monk brothers (from the majority of answers anyways) I stay in the nicest damn hotel I can and never in the hotel where the conference is.
hotels whenever there is one around because they are really fun and nice (Especially the one on Lake Shore Drive in Chicago)... I also like small boutique hotels like the Heathman in Portland..I'm a contractor so we don't take a lot of vacations so I treat myself when I can - cheers!