Weather

65°F11:43 AM

Business

1 read

Meliá Hotels Exits Cuba Amid U.S. Pressure, Highlighting Tourism Crisis

KVIA•Wednesday, June 3, 2026 at 4:39 PM•CNN Newsource

City skyline representing business and economy news

Want the full story?

Read the complete article at KVIA

AI Summary

Spanish hotel chain Meliá Hotels has decided to cease operations at its 15 establishments in Cuba, joining a growing list of foreign companies leaving the island due to U.S. threats to freeze assets of entities supporting key sectors of the Cuban economy. This decision, effective immediately, follows a similar announcement by Canadian Blue Diamond and the suspension of Iberia Airlines' operations in Cuba. The U.S. has set a deadline of Friday, September 5, for foreign companies to sever ties with Cuba's military conglomerate, GAESA. The tourism sector in Cuba, already struggling due to the pandemic, is facing further decline, with Meliá reporting an occupancy rate of just 34.1% in early 2025. The situation has prompted travelers to consider alternative destinations in the region.

Key Details: • Deadline for foreign companies to sever ties with Cuba is September 5. • Meliá's occupancy rate in Cuba was 34.1%, down from previous years. • Travelers are advised to consider other destinations like Riviera Maya and Punta Cana.

tourism cuba us-policy hospitality melia

People & Organizations

Donald TrumpCubaHavanaGAESAMeliá HotelsBlue DiamondIberia Airlines

Related Articles

US Oil Reserve Hits Lowest Level Since Reagan Era Amid Ongoing Conflicts

The US Strategic Petroleum Reserve (SPR) has fallen to its lowest level since 1983, now holding only 340.3 million barrels after a significant release of 8.9 million barrels last week. This decline is attributed to the ongoing war with Iran and the Trump administration's strategy to alleviate high energy prices. The SPR is now 18% lower than it was when the conflict began in February. Experts warn that the reserve must remain at least 20% full to be operational, raising concerns about potential impacts on energy prices and supply, especially during hurricane season. The current situation underscores the importance of the SPR as a buffer against economic disruptions.

Fox Corp. Acquires Roku in Major $22 Billion Streaming Deal

Fox Corp. has made a significant move in the streaming industry by announcing its acquisition of Roku for $22 billion. This deal underscores the growing competition in the digital streaming market and Fox's commitment to expanding its media portfolio. The acquisition is expected to reshape the landscape of streaming services, potentially impacting content delivery and viewer options. Stakeholders in both companies will be closely monitoring the integration process and its implications for future programming and advertising strategies.

Fox Corp. Acquires Roku in Major $22 Billion Streaming Deal

Fox Corporation has made a significant move in the streaming industry by announcing its acquisition of Roku for $22 billion. This deal marks a pivotal moment for Fox as it seeks to expand its digital footprint and enhance its content delivery capabilities. The acquisition is expected to reshape the competitive landscape of streaming services, potentially impacting viewers and advertisers alike. As the media landscape evolves, this merger could lead to new offerings and innovations for consumers in the streaming market.

Stock Market Rallies as U.S. and Iran Move Toward Peace Deal

On Monday, the stock market experienced a significant uptick following a tentative agreement between the U.S. and Iran aimed at ceasing hostilities. This development is particularly noteworthy as it comes just before the anticipated reopening of the Strait of Hormuz, a critical passage for global oil shipments. As a result, oil prices have also seen a decline, reflecting investor optimism about reduced geopolitical tensions. This agreement could have far-reaching implications for both the economy and energy markets, potentially benefiting consumers and businesses alike.