Russia's invasion of Ukraine on Feb. 24 sparked the biggest military conflict in Europe since World War II.
World leaders have pressed for a quick end to the conflict, instituting economic sanctions against Russia. Global companies have followed suit, pausing development, sales and marketing in Russia. The fighting continues as millions of Ukrainian residents have fled their homes to neighboring countries.
Travel, hospitality and real estate companies around the world are feeling pressures from this conflict that include fuel price hikes to shifted business operations in Russia and Ukraine.
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(June 3, 2022) Marriott International announced it is suspending operations in Russia, citing new restrictions from the U.S., U.K. and European Union.
(April 29, 2022) Responding to reports that the company is severing ties with its Russian properties, IHG Hotels & Resorts said its position is unchanged since earlier pledging to scale back in the country.
(April 15, 2022) As the vast majority of western hotel firms have promised to scale back or shutter business in Russia amid the ongoing war with Ukraine, Russian media reports indicate there were recently or will soon be openings in the country under Hyatt and IHG brands.
(March 17, 2022) Ukrainian hoteliers are angry with what they regard as half-hearted efforts by Western hotel firms in regard to potential exits from the Russian hotel industry.
(March 9, 2022) In the shadow of Russia’s invasion of Ukraine, Western hotel firms are supporting owners and employees and contributing to relief funds. But executives say they do not intend to end their presence in the world’s largest county.
(March 9, 2022) Investors have suspended property deals in central and eastern Europe given the increased uncertainty since Russia invaded Ukraine and the proximity to the conflict. German and Austrian banks are also expected to rein in their lending to the region for the same reason.
(March 7, 2022) Government plans call for zeroing in on property and other assets controlled by oligarchs and financial supporters of Putin's government.
(March 7, 2022) Most of Ukraine's hotels are midscale and upper midscale, and independent properties are 75% of the total room count.
(March 4, 2022) Russia expected its invasion of Ukraine to be quick, but Western solidarity and sanctions have seen Russia severely contract, with the same effects unlikely to hit the West, even if Europe has more exposure to challenges than the U.S.
(Feb. 22, 2022) Having weathered the COVID-19 pandemic, now the Ukraine standoff promises problems to the Russian hospitality industry, which was believed to be on a fast track to full recovery this year.