Marriott to suspend all operations in Russia

0
11

Marriott International Inc. MAR, +0.13% said Friday it has decided to suspend all of its operations in Russia. “We have come to the view that newly announced U.S., U.K. and E.U. restrictions will make it impossible for Marriott to continue to operate or franchise hotels in the Russia market,” the company said in a statement on its website. The hotel operator had previously said that following Russia’s invasion of Ukraine that it would close its corporate office in Moscow and pause openings of hotels and future hotel development and investment in Russia. “The process to suspend operations in a market where Marriott has operated for 25 years is complex,” the company said. Marriott has joined the nearly 1,000 companies that have opted to pull out of Russia since the invasion began. Marriott’s stock, which fell 0.8% in morning trading, has gained 4.5% over the past three months while the S&P 500 SPX, -1.63% has declined 5.9%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleExxon Mobil stock rises toward 8-year high after analyst says bullish ‘re-rating’ story still has legs
Next articleWhere Should I Retire?: Where should I retire? I want good weather, lower taxes and access to ethnic groceries. ‘Why is it so hard to check all the boxes?’

LEAVE A REPLY

Please enter your comment!
Please enter your name here