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Hilton suspends dividends, share buybacks and most ops in response to virus

Hilton Worldwide Holdings Inc. outlined measures it is taking to minimize the impact of the coronavirus pandemic on its business, including suspending operations across many managed and franchised hotels.

The company is also eliminating non-essential expenses and suspending all share repurchases and dividend payments, other than those previously declared.

The company said the hotels that remain open have reduced services for guests because of decreased occupancy levels.

Hilton President and CEO Christopher Nassetta is also forgoing his salary for the rest of 2020, while its executive committee will take a pay cut of 50% for the duration of the crisis.

Starting April 4, many of Hilton's corporate team members will have reduced schedules or be furloughed for up to 90 days. Members who are not furloughed will have their pay cut by as much as 20% for the duration of the crisis.

The company, via its Hilton Workforce Resource Center, is giving team members direct and, in certain cases, expedited access to over 500,000 temporary jobs at more than 30 companies, including Amazon, CVS, Albertsons and Walgreens.

Hilton added that all reservations, even non-cancellable stays, on or before June 30 are eligible for a full refund.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.