After 25 years of operations, Marriott hotel to exit Russia
Hotels group, Marriott International Inc (NASDAQ: MAR) said on Friday it is going to suspend all of its operations in Russia amid the ongoing war in Ukraine.
The company on March 10 decided to pause the opening of upcoming hotels and all future hotel developments and investments in Russia, following Moscow's invasion of Ukraine.
However, its 22 hotels in the country are owned by third parties and remained open.
Marriott said the process of suspending operations in Russia was "complex".
But in a statement, it said: "We have come to the view that newly announced US, UK and EU restrictions will make it impossible for Marriott to continue to operate or franchise hotels in the Russian market."
The company said it remained "focused on taking care of our Russian-based associates" and had been supporting individuals in Ukraine and Russia to secure employment with Marriott outside countries affected by the conflict.
Hilton Worldwide Holdings Inc (HLT.N) in March suspended all new development activity in Russia and closed its corporate office in Moscow.
Marriott also joins McDonald's, Starbucks and other companies in heading for the exits in recent weeks as the war in Ukraine continues and Western sanctions aimed at isolating Russia economically tighten.