1) room rate renegotiations, which first surfaced with financial business travelers, is now spreading to other sectors;

2) group cancellation rates are increasing.

3) rising airfares, already impacting leisure travel, will impact corporate travel this year.

They cut their ratings on Marriott
Marriott International Inc
MAR

34.14 UNCH 0%
NYSE

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[MAR 34.14 --- UNCH (0%) ] , and reduce the price target to $40 from $47. Marriott closed at $34.14. They go further: "...we do not recommend putting new money into lodging with the exception of stocks with unique catalysts."

Source: Reported by The $t0ckman http://st0ckman.blogspot.com/