76.22 +0.06 (0.08%)
Pre-Market: 7:05AM EDT
|Bid||72.01 x 1000|
|Ask||84.99 x 1100|
|Day's Range||72.84 - 78.43|
|52 Week Range||46.56 - 153.39|
|Beta (5Y Monthly)||1.29|
|PE Ratio (TTM)||20.04|
|Earnings Date||May 07, 2020 - May 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 26, 2020|
|1y Target Est||117.81|
Editor's Note: Please join my colleagues and Tori Barnes from the U.S. Travel Association online at noon on April 1 for a live discussion of these issues and themes. We'll present details from multiple industry sectors as well as explain what we know as of now. You can register here. I hope to (virtually) see […]
America’s CEOs, led by the Business Roundtable, recently promised that shareholder value is not the only purpose of a corporation, pledging instead that corporations are responsible for all of their stakeholders, including their workers and surrounding communities. Supersized executive compensation packages have become the norm in corporate America, fueling concern about widening income inequality. For example, at Apple (AAPL) , until recently the most valuable public company in the world, the top six executives received total compensation valued at more than $125 million in 2019 alone.
The rating was downgraded and placed on review for further downgrade based on the recent downgrade of the senior unsecured rating of Marriott International, Inc. ("Marriott") to Baa3 from Baa2, and placed on review for further downgrade. The transaction's rating is based on the support of the long term triple net lease guaranteed by Marriott with an additional consideration given to the value of the real estate collateral relative to the outstanding loan balance.
The plight of airlines commands much focus, as their businesses have all but come to a stand-still amid the coronavirus pandemic. But a vast number of the nation’s small businesses as well as larger hotel chains are fighting for survival, too.
A North Carolina hotelier has filed plans to build a dual-branded hotel in Cary. Greensboro-based hotel development and management company Daly Seven has filed development plans for the North Harrison Hotels, a 7-story hotel project calling for around 250 rooms. The project is situated on around seven acres at 1623 North Harrison Ave. in Cary near the Harrison Square shopping center to the north.
Hilton Worldwide Holdings Inc. (NYSE: HLT) will furlough hundreds — if not thousands — of employees at its McLean headquarters as part of ongoing cost cutting measures related to the novel coronavirus. The company took several other cost cutting measures: Hilton CEO Chris Nassetta will forgo his salary for the remainder of 2020; Other executives will take a pay cut of up to 50% Capital expenditures will be eliminated; Share buybacks and dividends will be suspended, except for those already declared. Hilton employed 9,888 people in Greater Washington in 2019, according to Washington Business Journal research, though that includes team members at hotels in the region.
Having already lost roughly $42.5 million in revenue and nearly 69,000 group-room nights because of coronavirus fears and restrictions, the Gaylord Rockies Resort & Convention Center will shut down at the end of this week and remain closed through at least the end of April. Colin Reed — chairman and CEO of Ryman Hospitality Properties Inc. (NYSE: RHP), parent company of Colorado’s largest hotel — announced Thursday that the 1,501-room facility in Aurora and the four other Gaylord hotels across the country are closing after occupancy has “declined to close to zero.” The decision comes as hotels across Colorado either close or suffer under the weight of empty rooms and continued operating expenses while travel has ground to a halt due to the spread of coronavirus.
“There are plenty of opportunities to find equity income right now,” says David Kelly, chief global strategist at JPMorgan Asset Management, though he cautions that it depends on the individual company and sector.
Social distancing is a precautionary measure against coronavirus, but it is also taking a hit on the global economy. A new report shows just how much early March foot traffic dwindled at what are normally some of the busiest places in the U.S. Airports and hotels have seen some of the biggest drops in foot […]
Moody's Investors Service, ("Moody's") revised the outlook of Host Hotels & Resorts, L.P. to negative from stable. At the same time, Moody's affirmed the REIT's ratings, including its Baa2 senior unsecured debt rating and the (P)Baa2 senior unsecured shelf rating. The negative outlook reflects Moody's expectation that travel restrictions being put in place across the US related to the spread of the COVID-19 coronavirus will put significant pressure on Host Hotels earnings in 2020.
Marriott Vacations (VAC) expects to counter the coronavirus adversity on the back of furloughs, reduced work hours and salary cut in the company's top brass.
Is an Airbnb inherently safer than a hotel stay during a post-coronavirus environment? And will Airbnb be better positioned than other companies to lead the future of travel? Airbnb is seeking new private funding, with about 20 investors expressing interest, but Skift subsequently obtained a confidential memo sent to suitors about a consumer survey as […]
Greater Washington companies and businesses are in the tough position of laying off or furloughing employees as the regional economy has ground to a halt. Here are some that were made public, but we'll keep adding to this.
The hospitality industry has been one of the hardest-hit sectors from the COVID-19 pandemic, locally and globally.
Moody's Investors Service ("Moody's") downgraded the ratings of Marriott International, Inc. ("Marriott") including its senior unsecured rating to Baa3 from Baa2 and its short term commercial paper rating to Prime-3 from Prime-2. At the same time, Moody's placed the company's ratings on review for further downgrade. "The downgrade reflects the material earnings decline Marriott will experience in 2020 due to travel restrictions being put in place across the US related to the spread of the COVID-19 coronavirus which will cause the company's leverage to increase to above its downgrade trigger of 3.75x," stated Pete Trombetta, Moody's lodging and cruise analyst.
The selloff in U.S. stocks continued with all three major indexes ending Monday with losses. The Dow Jones Industrial Average has entered a “death cross,” indicating the short-term downturn has sustained enough to become a long-term trend.
CVS Health says it is looking to fill another 50,000 positions across the country, and will provide bonuses to employees at stores.
It's the gut-wrenching question that countless businesses both inside and outside of the travel industry are grappling with — how many employees do you furlough or lay off, and how deep should the cost-cutting incision be? Trim too little and the company might have to do it again? Lop off too much spending and then […]
GE Aviation will lay off about 10% of its workers and furlough approximately 50% of its maintenance, repair and overhaul employees for three months.
The number of confirmed cases of COVID-19 soared 30% over the weekend as testing capacity has been expanded and outbreaks have worsened in Germany, Italy, Spain and the U.S.
CVS Health Corp. said it has 50,000 immediate job openings across full-time, part-time and temporary roles. Jobs include store associates, delivery drivers and distribution center workers. CVS says many of the positions will be filled by furloughed workers at clients including Marriott International Inc. and Hilton Worldwide Holdings Inc. . CVS is adding two employee benefits: child and elder or adult care services, and 24 hours of paid sick leave for part-time employees. The sick leave benefit is in addition to a 14-day paid sick leave benefit for those who test positive for coronavirus or need to be quarantined due to exposure. CVS is also giving bonuses in the range of $150 to $500 to pharmacists, store associates and other employees. CVS stock has fallen 2.4% over the past year while the S&P 500 index has slumped 17.7% for the period.
Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Marriott International Inc. (NASDAQ: MAR) and other hotel owners are sending thousands of staff on furlough or cutting jobs entirely due to the coronavirus pandemic.What Happened Marriott is furloughing two-thirds of its 4,000 corporate employees at the Bethesda, Maryland head office. Approximately two-thirds of corporate staff abroad will also be furloughed reported the Wall Street Journal, citing a company spokesperson. In a video message to employees, Marriott CEO Arne Sorenson said that the hotel's business was running nearly 75% below normal levels. He calls the present period's financial impact worse than 9/11 and the 2008 financial crisis combined.Tens of thousands of staff from managers to housekeepers are expected to be put on a leave of absence as Marriott closes its properties worldwide due to the upheaval in global travel.Why It Matters Other major hotel chains are also cutting and furloughing staff. Hyatt Hotels Corporation (NYSE: H) and Hilton Worldwide Holdings Inc.(NYSE: HLT) have announced furloughs. Ashford Inc. (NYSE: AINC) is laying off or furloughing 95% of its staff of 7000 employees, according to the WSJ.Marriott and Hilton executives, along with others from the American hotel and travel industry, met President Donald Trump last week to discuss $150 billion in direct aid for the hotel sector and an additional $100 billion for related businesses. Hotel chains have been struggling to deal with the effects of COVID-19 and have revised their financial outlook due to the pandemic. What Else Hotel rooms are being repurposed to isolate coronavirus patients, including those among the homeless in California.Price Action Marriott shares traded 0.70% higher at $75.10 in the after-hours session on Friday. The shares had closed the regular session 11.65% higher at $74.58.See more from Benzinga * Netflix Cuts Picture Quality To Ease Pressure On Internet Providers In Europe * Uber CEO Confident Company Will Survive Coronavirus Pandemic, Reveals It Has B In Liquidity * Ex-Uber Executive Pleads Guilty To Stealing Google's Trade Secrets(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hotels, airlines, and retail industry associations have warned that unless hundreds of billions of dollars in emergency funds are made available to combat the economic impact of the coronavirus, millions of workers will soon be laid off. A pop-up plea greets visitors to the website of the American Hotel and Lodging Association, begging them to ask the government to save the jobs of an industry that employs 4% of working Americans. In Portland, Oregon, Jason Dondero said he had already laid off about 80% of the roughly 40 people who worked at the restaurant he manages, the Seasons & Regions Seafood Grill, as it tries to survive on the takeout orders of customers sheltering from the pandemic.
“When the extent of the Covid-19 crisis became clear, we immediately suspended our share repurchases, and our board of directors have voted to suspend future dividend payments,” the company said in a filing on Friday. Meanwhile, electronics retailer (BBY) (BBY) said in a statement Saturday that it has suspended all share repurchases.