In the last six months a majority of the hotels in the UK have gone up by 1 category. Even the Marriott Marble Arch in London is a category 7.

So in the UK there has been a mass devaluation already. This may heve been influenced by the $/£ rate. However from the other posts around it does seem to be happening globally. Both SydneyMarriotts are now 6 and Rio is 6. If you look at the number of hotels that are cat6 or cat7 it is significantly higher than a year ago.