Statement from Wyndham Hotels & Resorts: COVID-19 Business Update
March 30, 2020
The COVID-19 pandemic has essentially stopped most travel, and accordingly, we’ve been forced to make incredibly difficult decisions that affect our entire Wyndham family. These include job eliminations, salary reductions and reduced-hour work weeks impacting nearly half of our 2,500 corporate team members around the globe, as well as team member furloughs and property closures at some of our managed hotels. Additionally, our President and CEO is indefinitely forgoing 100 percent of his salary and our Board of Directors is indefinitely forgoing 100 percent of its cash compensation.
We also know this is an incredibly challenging environment for our thousands of franchised hotel owners. To help them weather operational difficulties, we’ve taken a number of proactive measures around the world to support our franchisees during this challenging period. We’re also providing guidance and resources designed to help owners identify and, if appropriate, leverage government-sponsored programs that may help them and their businesses.
While these are extraordinary times, we know they will pass. We remain confident in the strength and resiliency of our business and we are committed to the health and safety of our team members, owners and guests. The travel industry will inevitably rebound, and when it does, Wyndham will be there, ready to welcome the everyday traveler to its approximately 9,300 hotels around the world.
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