Hilton Withdraws Guidance as it Deals With Coronavirus Impact
Hilton Worldwide Holdings (NYSE: HLT) is dealing with unprecedented uncertainty as corporate and transient travel has dried up over the past month as a result of the reaction to the COVID-19 pandemic, and pretty much all events have been canceled for the foreseeable future.
The coronavirus pandemic has hit the industry hard -- MGM Resorts (NYSE: MGM) temporarily closed its hotels in Vegas and other cities over the weekend and canceled its share buyback program. Adding to the uncertainty at MGM, Chairman and CEO Jim Murren announced on Feb. 12 that he is resigning, but will stay on until a replacement is found.
Hilton has responded to the downturn in several ways in recent weeks. The company withdrew its 2020 guidance, increased its stock buyback plan by $2 billion, and announced relief policies for customers who have to cancel or postpone their stays. Let's look at each of these measures in more detail, as well as what a well-known hedge fund manager said about Hilton.
Source Fool.com
