Wyndham Hotels & Resorts Withdraws 2020 Outlook In Response To COVID-19 Impact
PARSIPPANY, N.J. - 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.
"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."
Certain statements in this press release may constitute "forward-looking statements" within the meaning of U.S. federal securities laws, including statements related to our annual outlook. These statements are made on the basis of our views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by Wyndham Hotels, including the effects of COVID-19, restructuring or strategic initiatives; risks related to the acquisition of La Quinta and our relationship with CorePoint Lodging; risks related to the timing and amount of future share repurchases and dividends as well as the risks set forth in Wyndham Hotels' most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world's largest hotel franchising company, with approximately 9,300 hotels across approximately 90 countries on six continents. Through its network of over 831,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel Inn & Suites®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, The Trademark Collection®, and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services, with approximately 400 properties under management. The Company's award-winning Wyndham Rewards loyalty program offers approximately 81 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com.
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