Related videos:
The main Spanish hotel chains that were operating with Gaviota, the tourism arm of the Cuban military conglomerate GAESA, have begun to formalize their exit ahead of the June 5 deadline set by the U.S. Department of the Treasury for any foreign company that continues to operate with the military apparatus of the dictatorship.
The pressure comes 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 the deadline for ceasing operations with the conglomerate.
The specialized publication Preferente gained exclusive access to the list of affected Spanish companies, which includes banks, suppliers, and hotel chains, nearly all of which have already severed ties with the conglomerate that controls between 40% and 70% of the Cuban economy.
Among the financial entities, Banco Sabadell and Alto Cedro— a corporate bank tied to the Botín family— are preparing to exit in order not to upset the White House.
Gaviota manages 121 hotels, 20 marinas, a transportation company, a travel agency, and a logistics firm in Cuba, and of those 121 hotels, 62 were managed by Spanish chains, accounting for 56.3% of the total.
The only exception noted is a small Mallorcan chain that owns three establishments in Cuba, belonging to a family with hotels in Mexico, the Balearic Islands, and Andalusia, which has not yet announced its exit and faces Treasury sanctions if it does not do so before June 5th.
The State Department described GAESA as "the core of Cuba's kleptocratic communist system" and accused the conglomerate of diverting 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 steps to protect the national security of the United States and deprive the communist regime and the armed forces of Cuba of access to illicit assets."
The Canadian miner 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 tourism 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 on 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 net profit drop of 68%.
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 between 80% and 90%.
The Cuban ambassador to the UN, Ernesto Soberón Guzmán, stated that Cuba is willing to negotiate without "taboo topics," but he warned that "it does not foster a climate of dialogue and trust when every two days there are statements like, 'We are ready to take over Cuba,'" referencing Trump's remarks.
Filed under: