cuba hotel

Cuban and Chinese Investors Partner for new Hemingway Hotel

Suntine International-Economic Trading Company of China and Cuba’s Cubanacan hotel group are partners in a project to build a new Hemingway Hotel at the Hemingway Marina just west of Havana.

The state-run Chinese investor will have a 49% ownership and will provide $150 million for the project. Cubanacan, with 51 percent ownership, is providing the land and other resources.

According to an announcements last year, the final project will include a 600-room luxury hotel.

Citic Construction, the main contractor for the Beijing Olympic Games, and the Cuban Construction Ministry will build the proposed Hemingway hotel.

Suntine and Cubanacan also are joint venture partners in a 700-room luxury hotel in Shanghai’s Pudong business district, managed by Spain’s Sol Melia.

Three major US corporations are preparing to complete deals to do business in Cuba during Obama’s upcoming trip to Cuba.

AT&T Inc., Starwood Hotels and Resorts Worldwide, Inc. and Marriott International are expected to announce agreements with Cuban government-run entities.

Earlier this week, in a letter to Treasure and Commerce Secretaries Jack Lew and Penny Pritzker, respectively, Senator Amy Klobuchar urged an amendment to regulations to authorize US investment in the Cuban hotel industry.

White House officials expressed hope some of these deals would come together before Mr. Obama arrives in Havana March 20.

Marriott CEO Arne Sorenson, vice chair of the President’s Export Council, will travel to Cuba with Mr. Obama.

“We are optimistic that we are going to get a green light soon from the U.S. government to have hotels under the Marriott flag in Cuba,” said Thomas Marder, a Marriott spokesman.

Cuban and Chinese Investors Partner for new Hemingway Hotel was last modified: March 13th, 2016 by Simons Chase