Hotel industry faces some downturn from coronavirus: Report
FOX Business’ Kristina Partsinevelos provides insight into how the hotel industry has been impacted from the coronavirus on the floor of the New York Stock Exchange.
With more than 113,000 cases of the coronavirus reported worldwide causing cancelations of business travel and vacations, Hilton Worldwide Holdings has announced the withdrawal of its 2020 earnings outlook because of the evolving crisis.
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In the March 10 announcement, Hilton President and CEO Christopher J. Nassetta explained that the virus’s potential impact on business will most likely overshadow the company’s projected numbers.
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“With the coronavirus now spreading beyond China and the Asia Pacific region, and the related increase in travel restrictions and cancellations around the world, we believe that the potential negative impact will be greater than our previous estimate and have decided to withdraw our previously announced guidance,” Nassetta said.