Priceline.com Incorporated (PCLN) mainly competes with Expedia, Travelocity and Orbitz in online travel services like bookings for air tickets, hotel stays and car rentals. Priceline recently released its Q4 2010 results.

Two highlights of the results are a 44.3% year over year increase in gross travel bookings, and a 68% rise in international revenues compared to same quarter last year. Rising international revenue reiterates our view that Priceline (through its acquisitions like Booking.com and Agoda) should be able to leverage its foothold in European and Asian markets.

A decline in revenues is forcing hotels into foreclosure. The aggressive deals being used to lure guests onto a property is helping to bring in some revenue, but it may not be enough. Occupancy is down 10%, which has sent hotel mortgages into delinquency faster than the rest of the commercial real estate industry.

And it could get worse next year. An oversupply of guestrooms could keep room rates low, making 2010 a high-risk year for hotel foreclosures. Demand should gain 1.6%, according to hotel research firm STR Global, but average room rates are likely to fall 3.4%. The result would be the greatest spread between demand and rates in the 20 years STR Global has been collecting data.

Marriott International (NYSE: MAR), a leading brand in the highly competitive hotelier industry, posted third-quarter results Thursday morning. Management actually went beyond the high end of its guidance by producing adjusted income from continuing operations of 15 cents per diluted share. According to our earnings preview, Wall Street was figuring on 13 cents per share for the bottom line.

Of course, the earnings beat has to be put in some perspective. Earnings from continuing operations declined well over 50% year-over-year. And the top line plunged 17%. These are significant drops, and they show that the global recession still has some bite left in it, no matter what some of the rosier headlines as of late have said about a recovery.

Timeshares, that wonderful relic from the 1970s, are about as popular as disco and excessive chest hair this year. Thanks to the recession, timeshare sales are forecasted to suffer their worst fall since this vacation option came on the scene more than 30 years ago. The plunge could reach 30 percent, according to Howard Nusbaum, president and CEO of the American Resort Development Association, a trade group, and the next year and a half could be tough, as well.

In the United States, timeshare sales fell 8.5% last year to $9.7 billion. They reached their peak the year before, when sales hit $10.6 billion, according to a study by Ernst & Young. The 2008 decline was the first sustained by the industry since it started keeping score in 1975.

How can exports not rebound? Last year ended on a sour note after posting record results, and 2009 is by all accounts likely to be ugly. The tourism and travel industry is expected to shed more than 200,000 jobs this year. Fortunately, there's a light at the end of the tunnel. The U.S. Department of Commerce expects international visits to the United States to come back in 2010 – after its first forecasted year of decline (i.e., 2009) since 2003.

This year, international travel to the United States is expected to fall 8%. The following year, however, U.S. travel exports are expected to gain 5%, with 5% annual increases through the end of 2013. We'll come out ahead in all this, but it's going to take some time.

Will the influx of foreign visitors over the next four years be enough to turn the travel industry in the United States around? It's too soon to tell right now, and much will depend on the contributions made by domestic routes. Needless to say, even this glimmer of hope must be welcome to investors committed to the airline and hotel sectors.

In an economy like this, is anyone going to the game?

Yes -- but Pittsburgh people will stay in their cars (hotels are too expensive), and the Arizona people will stay in foreclosed houses (so they should feel right at home).

Speaking of hotels -- short 'em.

I received an e-mail from the Mirage in Las Vegas to come out to watch the Super Bowl for $69 a night.

Last time I was there for the Super Bowl, maybe 15 years ago, it was about $400 a night.

The Mirage is owned by MGM Mirage (NYSE: MGM), which is hovering at a technical support price. Once it breaks through, look out.

I'm not traveling to Tampa or Las Vegas -- I'm staying at home for the big game. And I'm shorting MGM.

Michael Shulman is a contributor to OptionsZone.com.