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Marriott is pulling Russian business because of economic sanctions

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arriott International will pull all its hotel interests out of Russia after 25 years of business, as restrictions imposed on the country due to its invasion of Ukraine have made it “impossible” to run its business.

The company that franchise hotels in Russia closed their Moscow office and suspended all investment in the country in March, but 22 third-party hotels remained open due to the difficulty of closing down.

Marriott International said it is now working to find work in Ukraine and Russia in other countries in places that are part of Marriott International’s portfolio. It also says it is “focused on hiring refugees” more than that 250 are already operating in more than 40 hotels in 15 European countries. The business added that it “plans to continue” this initiative.

The hotel chain has joined a long list of companies that have left Russia, including McDonald’s, Burger King, Starbucks, Siemens, Coca-Cola and Heineken, as global business continues to confront the war in Ukraine. The conflict in the country lasted for the fourth month.

A statement from Marriot International said: “We have come to the conclusion that the recently announced restrictions of the US, UK and EU will make it impossible for Marriott to continue operating or franchising hotels in the Russian market.

«Therefore, we decided to suspend all Marriott International operations in Russia. The process of suspending operations in a market where Marriott has been operating for 25 years is complex».

The company said it had allocated $ 1 million (£ 800 million) to disaster relief funds for its employees and their families to help with resettlement, including vouchers for food, transportation, medical and legal support.

In addition, Marriott International added that more than 85 of its hotels around the world now provide accommodation for refugees from Ukraine.

Marriott is pulling Russian business because of economic sanctions

Source link Marriott is pulling Russian business because of economic sanctions

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