HAVANA — The big international hotel chains with resort investments in Cuba have written off €80 – €100 million currently frozen in Cuba’s banking system, according to reports.

Havana Times says the hotel companies are unable to repatriate their millions of dollars amid Cuba’s struggles.

Earlier this month the major hotel chains announced they were pulling out of Cuba, as tourism to the island all but came to a halt amid the U.S. administration’s sanctions and oil blockade.

Resort companies were also working to the U.S. administration’s Office of Foreign Assets Control (OFAC)’s June 5 deadline for companies to cease operations in Cuba, or face sanctions.

On June 1 Blue Diamond Resorts announced it had ceased Cuba operations effective immediately after a months-long wind-down that began in February 2026, when mass repatriations brought thousands of Canadian travellers back from the island.

Iberostar followed, cutting its ties with Gaviota, impacting the Spain-based hotel company’s management of a dozen resorts in Cuba. The 12 properties are under Gaviota’s umbrella and by extension the Cuban state, i.e. the Cuban military’s Grupo de Administración Empresarial S.A. (Gaesa). According to reports, Iberostar is staying in Cuba with properties affiliated with Cubanacan and Gran Caribe.

Next came Archipelago International, and then on June 3, Melia Cuba announced plans to cease management and other services for close to half its properties in Cuba.

On June 23 Cuba announced eased rules on foreign ownership for tourism projects as it works to keep its tourism industry afloat amid severe challenges.