Starwood hotels signs first us-cuba hotel deal in nearly 60 yea. RS By: Alex Kozicki and Brynn Kasper
Background ¡ United States and Cuba reopened diplomatic relations in December 2014 ¡ Led to a boom in Cuba’s nationalized tourism industry ¡ International visitors rose 17% to a record 3. 5 million in 2015 ¡ ¡ Including a 77% increase in American visitors to 161, 000 U. S. Airlines are now free to operate up to 110 daily roundtrip flights to Cuba ¡ On March 18 th, China’s Anbang Insurance Group Co. signed a deal to buy Starwood Hotels ¡ $13 billion dollar deal ¡ Starwood Hotels is the world’s seventh-largest hotel company ¡ Starwood chose Chinese company over U. S. -based Marriott International
Starwood signs deal with the Cuban government ¡ On March 19 th signed deal to renovate and run three hotels, returning U. S. chains to the island after more than 50 years ¡ Company will invest millions to renovate and rebrand the Quinta Avenida, Santa Isabel and Inglaterra hotels ¡ Will train and hire new staff and reopen the hotels by the end of the year ¡ Hotels will be refitted with everything from new mattresses to improved kitchen equipment and safety measures ¡ The Santa Isabel and Inglaterra will be operated as part of the Starwood’s Luxury Collection brand The Quinta Avienda will become a Sheraton Four Points
Overcoming Cuban laws and practices ¡ Cuban law prevents widespread direct hiring of Cuban workers by foreign firms ¡ International companies complain that their inability to directly hire Cuban employees, and if necessary demote or fire underperforming staff, hinders their ability to provide satisfactory customer service. ¡ All Cuban hotels are owned by the state, but Starwood expects to have pretty much the same level of control that they have in many other countries ¡ Starwood will have enough freedom to be able to convert the hotels to meet their standards of quality, In addition to renovating the properties and training the staff
Questions ¡ Do you think it is a good idea for the U. S. based company to enter into the Cuban Hospitality market? ¡ Does vacationing to Cuba appeal to you now, or is it still intimidating based on the history with the US?
Sources ¡ http: //www. ibtimes. com/starwood-hotels-signs-first-us-cuba-hotel-deal-nearly-60 -years-2339696 ¡ http: //www. ibtimes. com/starwood-anbang-largest-ever-chinese-acquisition-american-company-tests-us- tolerance-2339323 ¡ http: //www. wsj. com/articles/starwood-signs-deal-to-renovate-run-three-hotels-in-cuba-1458438989 ¡ http: //www. usatoday. com/story/travel/roadwarriorvoices/2016/03/19/starwood-become-first-us-hotel- company-run-cuba-hotels-decades/82040434/
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