Hilton Hotels Corp. is developing a new luxury lifestyle hotel chain, Denizen Hotels, that will target business travelers as well vacationers.

This new brand, unveiled this morning, means “citizen of the world” and will appear in international cities catering to globally-conscious modern travelers in the coming years.

The long-awaited announcement comes as luxury hotels and resorts have fallen out of favor during the deepening recession, as businesses look to cut back on extras and corporate travel planners shy away from frivolous spending.