Hotels Group Says In-Person Meetings Are Way to Go

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Hyatt Hotels announced they are terminating their association, contracts and relationships with Hyatt Regency Moscow Petrovsky Park in order to comply with sanctions and government directives. Meanwhile over at Skift Forum Europe in London, Accor CEO Sebastien Bazin made headlines by saying Accor does not plan to pull out of Russia.  Bazin said they have been in countries of war probably 30 to 40 times over the last 50 years on different continents and never pulled out of any hotel activities at the time employees needed Accor the most. In Russia, Accor doesn’t even turn a profit with occupancy averaging 35-40 percent, even in good times. Bazin argued that their customers need a safe place to stay, arguing that if they closed up, Bloomberg, CNN or any of the people on the news would not be around and may not even broadcast. He also doesn’t feel Accor’s employees in Russia should be punished for government actions.

Skift Note: Hyatt had announced last month it would freeze new developments and suspend investments in Russia.

Fitch Ratings said