Fri, 29 Mar 2024 Today's Paper

Starwood signs first U.S.-Cuba hotel deal since 1959 revolution

By

21 March 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP: Starwood Hotels & Resorts Worldwide on Saturday became the first U.S. hotel company to sign a deal with Cuba since the 1959 revolution, announcing a multimillion-dollar investment a day before U.S.

President Barack Obama was due to visit Havana. Starwood will manage and market two properties in Havana and signed a letter of intent to operate a third. Such deals would normally be prohibited under the U.S. economic embargo of Cuba, but Starwood received special permission from the U.S. Treasury Department last week.

Jorge Giannattasio, chief of Latin American operations, said the deals included a “multimillion-dollar investment to bring the hotels up to our standards,” making Starwood the first U.S. company to commit major money to Cuba since Fidel Castro and his bearded rebels overthrew a pro- American government on Jan. 1, 1959. Castro quickly nationalized the tourism industry and made the Habana Hilton the new government headquarters for months.

Cuba’s tourism industry has boomed since the December 2014 rapprochement with the United States. International visitors rose 17 percent to a record 3.5 million in 2015, including a 77 percent increase in American visitors to 161,000. Cuba expects a similar increase in American visitors this year when scheduled airline service will resume despite a continued ban on tourism. Americans are allowed to travel to Cuba for 12 authorized purposes. “The amount of travelers will skyrocket with direct flights,” Giannattasio said. Obama relaxed restrictions further this week. Americans no longer need special permission to travel, or use guides, but must self-police their activities and keep records for five years. Obama has called for Congress to do away with the 54-year-old embargo but has been opposed by the leadership of the Republican majority. Starwood will operate the military-owned Gaviota 5th Avenue Hotel under its Four Points Sheraton brand, and the state-owned Gran Caribe Inglaterra Hotel under its Luxury Collection brand.

The deal could help Obama use his historic trip to showcase what he sees as the benefits of Washington’s diplomatic opening with the former Cold War foe after decades of hostility. But Starwood, which is subject to a takeover battle, may not be American for long. China’s Anbang Insurance Group Co made a US $13-billion cash offer for Starwood on Friday, surpassing by nearly 15 percent a previous cash and stock offer by Marriott International Inc. Marriott has until March 28 to make a counteroffer.


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H