The hotel industry's three-year boom, marked by steeply rising room rates and high occupancy, may have peaked. Marriott International (MAR), one of the world's largest hotel companies, seemed to confirm that suspicion, cutting back its business forecast for the rest of the year. Marriott on Thursday led off the industry's second quarter earnings season. Despite a double-digit year-over-year growth in income, shares of the Bethesda, Md.-based company — and those of some competitors — fell even as stock indexes rose to record highs. Investors appear to react to Marriott's scaling back of expectations for 2007. Marriott shares fell 2.8% to $45.04.

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