memory address translation in hypervisor guest os

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http://stackoverflow.com – Assume there is a code like this. MOV [0x1234], EAX (intel assembly) let's say that CPU wants to process this instruction. and let's assume there is no hypervisor. we are just using normal x86 CPU(protected mode) in linux environment. now, what I understand is that since 0x1234 is a virtual address, this needs to be translated into physical address.(let's skip segmentation part) CPU just pass this address(0x1234) to MMU hardware. MMU walks the page table and access the memory contents using physical address. am I correct? now let's assume there is hypervisor and this code is running fro (HowTos)