The largest hotel company in the world is stopping investment in Russia.
Marriott on Thursday announced that it was halting any more investment in Russia, including the opening of new properties, and closing its corporate office in Moscow, following the invasion of Ukraine.
Marriott’s Russian properties, which are owned by third parties, are still able to continue operating, however, Marriott said it would “continue to evaluate the ability for these hotels to remain open.” At the same time, Marriott is earmarking $1 million to an associate relief fund that will go towards associated who are “being impacted by the war.”
In its statement, Marriott said it was “deeply saddened by the horrific violence impacting the people of the Ukraine.”
“We deplore the loss of life, widespread impacts to millions of innocent civilians, and the humanitarian disaster in Ukraine. We strongly support those working towards peace and an end to the needless suffering,” the statement says.
Marriott was the last major hotel company to pause its Russia investment—Hilton, Hyatt, IHG, and Accor all already committed to stop investment in Russia following last month’s invasion.
Marriott has around 30 total Russian hotels, including some premier properties such as The Ritz-Carlton Moscow and Hotel National Moscow, two of its highest-rated hotels in the country.
As it pauses its Russian investment, Marriott continues to expand rapidly elsewhere, including in Asia Pacific. The hotel giant is planning to open its 1000th property in the Asia Pacific later this year, one of nearly 100 new properties opening in the region in 2022, a major milestone for a region that Marriott expects to boom this year.
The new Asia Pacific hotels include the JW Marriott Jeju Resort & Spa in Jeju, South Korea, opening in May 2022, and the W Sydney, the third W Hotel in Australia, opening in late 2022. Marriott also expects to add two Westin Hotels in Yokohama and Cam Ranh, further strengthening its presence not only in Asia Pacific but also in the wellness space.