Marriott Closes Moscow Office, Halts Investments In Russia

by Shivani Kumaresan, Benzinga Staff Writer

March 10, 2022 2:51 PM | 1 min read | Make a Comment

Marriott International Inc MAR has decided to close its Moscow corporate office and pause the opening of upcoming hotels in Russia, effective immediately.
The hotel chain also halts all future hotel development and investment in Russia.
Marriott has joined its counterparts, including Hilton Worldwide Holdings Inc HLT and Hyatt Hotels CorpH, who announced similar moves on Wednesday.
"Our hotels in Russia are owned by third parties and we continue to evaluate the ability for these hotels to remain open," the company said.
Price Action: MAR shares are trading higher by 2.85% at $164.02 on the last check Thursday.