Wyndham Hotels & Resorts, Inc. (NYSE: WH) announced the withdrawal of its full-year 2020 outlook and earnings sensitivities due to the evolving impact of the novel coronavirus pandemic (COVID-19) on the global economy.
Geoffrey A. Ballotti, chief executive officer, said, “During this extraordinary time, our highest priority is the health and safety of our guests, owners and team members, especially those most affected by the outbreak. We are focused on providing support to all members of our Wyndham family. We are also grateful to all of the heroic doctors, nurses, researchers, public servants and others who are fighting to meet this overwhelming challenge. And for those traveling, we encourage everyone to do so safely.”
“With the sudden and dramatic trajectory of COVID-19 here in North America and around the world, combined with increasing governmental restrictions limiting travel, we believe that the potential negative impact from the outbreak related to declining consumer demand for lodging will be more significant than we estimated on February 13th when we provided outlook excluding Coronavirus. Accordingly, we have decided to withdraw our previously announced outlook and earnings sensitivities. We plan to provide an update no later than our first-quarter earnings call.”
“We remain confident in the strength and resiliency of our business model, balance sheet, cash flow and liquidity along with our brands’ market-leading position in the economy and midscale select-service segments that are positioned for continued growth moving forward.”