Wyndham Hotels & Resorts has announced a series of cost cutting measures that will affect the hotels and resorts operating under its management worldwide.
“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,” the group said in a recent announcement.
Meanwhile, Wyndham’s President and CEO, Geoffrey A. Ballotti, is indefinitely forgoing 100 percent of his salary, while its Board of Directors is indefinitely forgoing 100 percent of its cash compensation.
The group informed that it has also taken a number of proactive measures to support its franchisees during this challenging period, also providing guidance and resources designed to help owners identify and, if appropriate, leverage government-sponsored programs that may help them and their businesses.
In mid-March, Wyndham Hotels & Resorts had also 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.
“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 group said.
Wyndham Hotels & Resorts is the world’s largest hotel franchising company, with approximately 9,300 hotels across more than 90 countries on six continents.