Starwood Is First U.S. Hotel Chain to Receive Authorization to Operate in Cuba

Tonight, Stamford, Connecticut-based Starwood Hotels & Resorts Worldwide, became the first U.S.-based hotel company to enter Cuba in nearly 60 years, just one day after accepting a rival takeover bid from China's Anbang Insurance Group for $13.2 billion in cash over Marriott International's $12.2 billion bid from November 2015. Having received authorization from the U.S. Treasury Department's Office of Foreign Assets Control and Cuban government officials, Starwood will eventually have a total of three hotels in Cuba. The company signed agreements with long-time Havana icon, Hotel Inglaterra, which is joining Starwood's The Luxury Collection of independent properties, and Hotel Quinta Avenida, which will be flagged as a Four Points by Sheraton. Both hotels will undergo renovations before raising their new brand flags later this year. Starwood also signed a Letter of Intent to convert the Hotel Santa Isabel into a member of The Luxury Collection. "We are very excited to be the