It started with more than 1,000—the number of new hotels that opened worldwide in the last year and made it onto our radar. We whittled that down to 200-plus, in 57 countries, to which we sent 36 reporters (anonymously, of course). Their mission? To identify the very best. Their verdict? 154 places you'll want to go to right away, including 62 under $300. Presenting our 17th annual Hot List.