(MONEY Magazine) – To discover this summer's best vacation options, we invited a half-dozen key industry execs to a freewheeling Q&A roundtable. The experts: Roger Ballou, president of American Express Travel Services Group U.S.; John Fox, a director at PKF Consulting; Sandy Gardiner, British Airways' senior vice president, public affairs; Dorothy Jordon, publisher of Family Travel Times; Michael Uydess, director of marketing, Entertainment Publications; and Marc Yanofsky, Hyatt Hotels' senior marketing vice president. Here's what we learned:

Will there be exceptional bargains this season? Absolutely. Says industry analyst John Fox: ''Bookings have recovered, but to nowhere near 1990 levels, particularly among hotels. There will be deals out there, especially in vacation areas still feeling the recession's effects, such as Vermont or Cape Cod.'' This year, adds AmEx's Roger Ballou, vacationers are taking shorter trips closer to home. Therefore, center-city hotels will be promoting extraordinary weekend packages. For example, a deluxe room at New Orleans' Hotel De La Poste (800-448-4927) is $79 for one, $15 for a second adult, with kids under 12 free, from June 1 to Sept. 24.

Outside the U.S., look for destinations where the dollar stretches further, such as Portugal or Mexico. -- MONEY tip: For the best deals, don't insist on a particular country or region. Travel agents can turn up beach or cruise bargains more easily if they aren't pinned down. Are tour packages a good deal? Yes and no. All-inclusive vacations are gaining popularity with people who want blissful ''no-brainers.'' Meals, excursions, transfers, tickets and sometimes even air fare are paid in advance -- usually at a competitive price. ''We're now selling more than 100,000 package tours a year,'' says British Airways' Sandy Gardiner. ''This year we've ventured into luxury motor-coach tours called Europe Escorted.'' Americans taking motor-coach tours are getting younger too, says Ballou, ''with the average age dropping from the fifties to the forties.'' It's reassuring to know the exact cost, sometimes months before departure. ''I think people get tremendous psychic gratification because they won't have to worry about spending $30 more here or $50 extra there,'' observes ! Hyatt's Marc Yanofsky. And packages are especially advantageous for families: ''With an all-inclusive,'' says Family Travel Times' Dorothy Jordon, ''you can always say yes to kids. There's nothing worse than a kid asking to go sailing and a parent having to think twice because it will cost $30 extra.'' However, travelers who shop a tour's individual components can probably end up with a better deal. ''But it's a trade-off of enormous personal time,'' cautions Fox. For most of us, of course, time is money. -- MONEY tip: Try to find a flexible package. If you hate to swim, for example, free snorkeling lessons are hardly a bargain. See whether you can substitute tennis or golf lessons. And make sure the packager spells out what's included and what's extra. When making travel plans, is the lowest price always good value? Absolutely not. Value can be dollar savings for what you receive or extra service and convenience. ''People get value by staying at good properties at a discount,'' suggests Michael Uydess of Entertainment Publications, whose 137 discount- coupon books now cover such upscale chains as Hilton, Sheraton and Marriott. ''If you have a choice of two hotels,'' explains Uydess, ''one pricey and one budget, which is the best value? It may be the higher-priced one, if you get 50% off the room rate.'' -- MONEY tip: If you want something special, ask. These days, with hotel rooms going begging, hotels may throw in amenities. Should you expect to pay more when you travel without reservations? ''That depends on where you're going and what you're able to handle psychologically,'' answers Roger Ballou. ''People who are risk-prone plan less and play it by ear more. Others say: 'I know how much I can afford, and what I want to get for the money.' '' If you show up unannounced at most airports, you'll almost surely pay a premium to get a seat. The same is true if you suddenly appear at resorts in high season or at city hotels during major conventions or celebrations (assuming you get a room at all). On the other hand, Ballou points out that ''deeply discounted trips are available at the last minute if you're going somewhere with tons of rooms open.'' Quiz your travel agent about such destinations and deals. On a family vacation, however, it may not pay to leave anything to chance. ''When I travel with my kids,'' says Jordon, ''I always know where I'm staying by 5 p.m. If not, I get nervous, they get nervous and it's not healthy for anyone. More footloose families might book a place just for the first night. Then, you can always check out what else is available the next day.'' -- MONEY tip: Don't travel against your psychological makeup. As commonsensical as it sounds, remember that a vacation is supposed to be a time to kick back. Can leisure travelers take advantage of loyal-guest or frequent-flier programs? Absolutely. Hotels and airlines have begun marketing such programs to vacationers, especially since business travel dropped 8% last year. Hotel and car-rental partnership programs are especially attractive. For instance: -- Members of Budget Rent a Car's frequent-renter program get upgraded to the next-size car for free the second time they rent. -- Northwest Airlines has announced an offer of free tickets to Europe and within North America for its WorldPerks members who fly full fare to and from Europe before June 15. ''These programs have turned into a competitive tool because the products can't be priced higher right now,'' says Yanofsky. ''The consumer gets a good deal.'' Some perks provide substantial savings. Jordon notes: ''If you book rooms on the concierge or regency club levels -- different properties use different names -- you generally get free breakfast and drinks in the afternoon. I have friends who make breakfast, lunch and dinner for their kids out of these amenity programs.'' Hyatt Resorts has an At Leisure guest program at 19 of its properties. Members have their own toll-free reservations line, receive flowers and also accumulate points toward free trips or rooms. British Airways started its own frequent-flier program in March and awarded 10,000 miles as an enrollment bonus. -- MONEY tip: Join as many frequent-flier or loyal-guest programs as possible. Whenever making reservations, mention your memberships. You may get upgraded to a better room and get points toward more perks.

CHART: NOT AVAILABLE CREDIT: Source: Runzheimer International CAPTION: WHAT $1 BUYS AROUND THE WORLD