Stock Groups

Marriott pauses opening new hotels, investment in Russia -Breaking

by Mike Robinson

[ad_1]

© Reuters. On November 16, 2015, the New York Marriott Marquis sign can be seen on Manhattan, New York. Marriott International Inc will buy Starwood Hotels & Resorts Worldwide Inc for $12.2 billion to create the world’s largest hotel chain with top brands including

(Reuters) – The hotel chain Marriott International (NASDAQ) Inc announced Thursday that it had decided to halt the opening of any new hotels, as well as all future investment and development in Russia following Moscow’s invasion.

Russia will be the company’s last corporate office. It will join its peer companies. Hilton Worldwide Holdings Inc (NYSE:) and Hyatt Hotels Corp (NYSE:) made similar moves Wednesday.

According to the company, “Our Russian hotels are now owned by third parties. We continue to assess the possibility for them to stay open.”

Russia calls the invasion of Ukraine by Russia a “special military operations”. However, it has been severely affected by Western sanctions. These have hampered trade and led to the fall of the ruble, further insulating the country.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]