Marriott International is suspending operations inRussia , a market it's been in for 25 years.- In March, the company closed its corporate office in Moscow and paused opening and developing new hotels in Russia.
As Russia's war in
"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 in a statement.
Marriott's pull-out follows Best Western and Hyatt hotel groups, who were the first to withdraw from Russia.
In March, Marriott closed its corporate office in Moscow and paused opening new hotels and starting hotel developments and investments in Russia.
In May, the company said in its first-quarter earnings report that the war had yet to impact demand in Russia.
"Cancellations have been minimal," Marriott said at the time, calling occupancies at the 23 locations open in the country "modest." The company said its business operations in Russia "represented well under 1% of our global fees in 2019."
Marriott called the suspension of its operations in the Russian market, where its been for 25 years, a "complex" process in its statement.
As the company withdraws from Russia, it says it will continue to take care of its Russia-based associates.
"Since the war began, we have supported associates in Ukraine, Russia and across the region, including securing employment with Marriott outside of countries directly affected by the conflict," Marriott said in its statement.
The company said it has spent $1 million to help associates and their families with resettlement aid.
Over 85 of Marriott's hotels are providing lodging to Ukrainian refugees in neighboring countries, and the company has hired over 250 refugees to work in over 40 hotels in 15 countries across Europe, the statement said.