The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has approved Marriott International’s application to pursue business transactions in Cuba. The company plans to enter the hospitality sector with Marriott brands, providing hospitality training for Cuban nationals and to help generate new economic opportunities for businesses supplying the hospitality industry. The announcement was made during President Obama’s historic trip to Cuba, marking the first time in more than 80 years that a sitting U.S. president has visited the country.
“We are gratified to receive permission from the U.S. government to pursue business opportunities in Cuba. While there is still work to do before any agreement is reached, we are actively pursuing relationships in the hospitality sector. We have long been convinced that with the right framework in place, new economic opportunities, including dramatically expanded travel, abound in Cuba. These could deliver real benefits to the Cuban people and also have the effect of bringing both Americans and Cubans closer together,” said Marriott President and Chief Executive Officer Arne Sorenson.
