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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Marriott International., Inc.    MAR

MARRIOTT INTERNATIONAL., INC.

(MAR)
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Trump administration orders Marriott to cease Cuba hotel business

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06/05/2020 | 07:17pm EDT
A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York

By Sarah Marsh

The Trump administration has ordered Marriott International to wind down hotel operations in Communist-run Cuba, a company spokeswoman told Reuters, extinguishing what had been a symbol of the U.S.-Cuban detente.

Starwood Hotels, now owned by Marriott, four years ago became the first U.S. hotel company to sign a deal with Cuba since the 1959 revolution amid the normalization of relations pursued by former President Barack Obama.

But the administration of President Donald Trump has unraveled that detente, tightening the decades-old U.S. trade embargo on Cuba and saying it wants to pressure the island into democratic reform and to stop supporting Venezuelan President Nicolas Maduro.

The approach could help Trump bolster support in the large Cuban-American community in Florida, a state considered vital to his re-election chances in November.

A company spokeswoman said the U.S. Treasury Department had ordered the company to wind down its operation of the Four Points Sheraton in Havana by Aug. 31. It would also not be allowed to open other hotels it had been preparing to run.

A U.S. Treasury Department spokesperson said it could not comment on specific licensing matters, but that the administration aimed to prevent Cuba's military from using revenue from tourism to "oppress its own people",

The Four Points Sheraton in Havana, like swaths of the tourism sector and economy at large, is controlled by the commercial arm of the Cuban military.

"In 2017, Trump promised he would not disrupt existing contracts U.S. businesses had with Cuba," wrote William LeoGrande, a Cuba expert at American University in Washington, on Twitter. "Promise made, promise broken."

The news comes two days after the U.S. State Department expanded its list of Cuban entities with which Americans are banned from doing business to include the military-owned financial corporation that handles U.S. remittances to Cuba.

U.S. sanctions have further crippled an economy already struggling with a decline in aid from leftist ally Venezuela and the end of hard-currency generating Cuban medical missions in Brazil and elsewhere.

Philip Peters who runs the FocusCuba business consultancy and has advised Marriott, said no good had come from a lifetime of U.S. sanctions that separated the U.S. and Cuban peoples, harmed Cuba's economy, and limited American influence in Cuba.

"Marriott .. will hopefully return to do business in Cuba, along with others, to encourage American travel and to help Cuba prosper and integrate into the global economy," he said.

(Reporting by Sarah Marsh in Havana; Additional Reporting by Marc Frank in Havana and Matt Spetalnick in Washington; Editing by Chizu Nomiyama, David Gregorio and Tom Brown)

Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -2.41% 1.825 End-of-day quote.-4.70%
EURO / BRAZILIAN REAL (EUR/BRL) -0.68% 5.9769 Delayed Quote.33.67%
MARRIOTT INTERNATIONAL., INC. 1.36% 87.8 Delayed Quote.-42.02%
REVOLUTION CO.,LTD. 13.16% 43 End-of-day quote.7.50%
THE GLOBAL LTD. 0.97% 209 End-of-day quote.-55.63%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials (USD)
Sales 2020 13 221 M - -
Net income 2020 119 M - -
Net Debt 2020 10 049 M - -
P/E ratio 2020 182x
Yield 2020 0,60%
Capitalization 28 470 M 28 470 M -
EV / Sales 2019
EV / Sales 2020 2,91x
Nbr of Employees 174 000
Free-Float 83,4%
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Mean consensus HOLD
Number of Analysts 30
Average target price 98,02 $
Last Close Price 87,80 $
Spread / Highest target 68,6%
Spread / Average Target 11,6%
Spread / Lowest Target -15,7%
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Managers
NameTitle
Arne M. Sorenson President, Chief Executive Officer & Director
John Willard Marriott Executive Chairman
Raymond Bennett Chief Global Officer-Global Operations
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Stephanie C. Linnartz Group President-Consumer Operations & Technology
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