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The main Spanish hotel chains that operated with Gaviota, the tourism arm of the Cuban military conglomerate GAESA, have begun to formalize their departure ahead of the June 5 deadline set by the United States Department of the Treasury for any foreign company continuing to operate with the military apparatus of the dictatorship.
The pressure stems from the secondary sanctions announced by Secretary of State Marco Rubio on May 7 against GAESA and its subsidiaries, following Executive Order 14404 signed by Donald Trump on May 1, which set June 5 as a deadline for ceasing operations with the conglomerate.
The specialized publication Preferente had exclusive access to the list of affected Spanish companies, which includes banks, suppliers, and hotel groups, and nearly all of them have already severed ties with the conglomerate that controls between 40% and 70% of the Cuban economy.
Among the financial institutions, Banco Sabadell and Alto Cedro— a corporate bank linked to the Botín family—are preparing their exit so as not to upset the White House.
Gaviota manages 121 hotels, 20 marinas, a transportation company, a travel agency, and a logistics firm in Cuba. Of those 121 hotels, 62 were managed by Spanish chains, accounting for 56.3% of the total.
The only exception noted is a small Mallorca-based chain that owns three establishments in Cuba, which belongs to a family with hotels in Mexico, the Balearic Islands, and Andalusia. They have yet to announce their departure and face Treasury sanctions if they do not do so before June 5.
The State Department described GAESA as "the core of Cuba's kleptocratic communist system" and accused the conglomerate of having diverted up to $20 billion in illicit assets to hidden bank accounts abroad.
Rubio was straightforward in announcing the measures: "The Trump administration is taking decisive action to protect the national security of the United States and deny the communist regime and the Cuban armed forces access to illicit assets."
The Canadian mining company Sherritt was the first to announce its departure on May 7, suspending all its direct operations in Cuba and starting the repatriation of expatriate employees.
Despite the exodus, analysts warn that the tourist transition in Cuba can only be led by Spanish chains and the Canadian Royalton (Sunwing), due to their market knowledge, infrastructure, and relationships on the island.
The major American brands - Hyatt, Hilton, Marriott, Wyndham - will not be able to land immediately because they operate as franchises and need investors, who will not invest a dollar until Cuba makes progress in deep legal reforms.
The impact on Cuban tourism was already devastating: Meliá Hotels International closed 50% of its capacity in the first quarter of 2026, with an average occupancy rate of 34.1% and a 68% decline in net profit.
Since January 2026, the Trump administration has imposed more than 240 sanctions against the regime and intercepted at least seven oil tankers, reducing energy imports by 80% to 90%.
Cuba's ambassador to the UN, Ernesto Soberón Guzmán, stated that Cuba is willing to negotiate without "taboo topics," but warned that "it does not help create an environment of dialogue and trust when every two days there are statements like, 'We are ready to take over Cuba,'" referring to Trump's comments.
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