Starwood signs historic deals in Cuba for three Havana hotels

Starwood Hotels & Resorts inked deals in Cuba on Saturday night that will give it the management of three prestigious hotels in Havana, the first foray by a U.S. hospitality company into Cuba in nearly six decades.

Coinciding with the arrival of President Obama for his historic visit to Cuba, the Starwood agreements mark the further erosion of the U.S. trade embargo and a step toward normalizing relations between the two longtime foes.

Starwood has already won approval from the Treasury Department for two of the three agreements, a breakthrough in the loosening of the sanctions that will allow Starwood to do business, upgrade facilities, hire local workers and artisans, and conduct transactions in U.S. dollars through American financial institutions.

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