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A wave of unprecedented abandonments is shaking the Cuban tourism sector just hours before the deadline set by the Trump administration for foreign companies to sever their ties with GAESA, the military conglomerate that controls tourism on the island.
The Executive Order 14404, signed by President Donald Trump on May 1, 2026, established secondary sanctions for foreign companies with commercial ties to GAESA and set June 5 as the deadline to sever those links, under the threat of being excluded from the U.S. financial system.
The hotel chains that are leaving Cuba
Meliá Hotels International announced this Wednesday the immediate cessation of its operations in 15 hotels in Cuba, becoming the latest major Spanish chain to leave the island.
The Balearic chain was the largest foreign operator in Cuba, with approximately 33 hotels and around 14,000 rooms, and it reported losses of four million euros from its Cuban operations in 2024, with an average occupancy of 34.1% in the first quarter of 2026.
In its statement to the National Securities Market Commission, Meliá acknowledged that "the vast majority of hotels are currently closed and inactive due to the energy issues and drop in demand that the Republic of Cuba has been experiencing."
Iberostar confirmed on Tuesday that it ceased operations and marketing for 12 of its 18 hotels in Cuba as of June 1, all linked to Gaviota/GAESA, describing the situation as "critical and complex."
Among the hotels abandoned by Iberostar is the Selection La Habana, the tallest hotel building in Cuba with 42 floors, inaugurated in March 2025 with an investment of 200 million dollars.
The Canadian Blue Diamond Resorts confirmed its exit effective May 30, leaving behind 62 hotels and over 12,900 rooms under brands such as Royalton, Memories, Starfish, Mystique, and Resonance.
The company attributed its decision to "a combination of factors, including reduced or suspended flights to Cuba, operational challenges affecting the destination, and a decline in hotel operating conditions."
Archipelago International, the Southeast Asian hotel giant with over 200 establishments worldwide, announced its definitive departure from six hotels in Cuba under its Aston brand, located in Havana, Varadero, Cayo Coco, and Holguín.
Airlines are also reducing flights to Cuba due to the crisis
The collapse of air connectivity precedes and exacerbates the hotel exodus.
Iberia suspended its direct route from Madrid to Havana this Monday, a decision announced on April 13 and attributed to a shortage of Jet A-1 fuel and a decline in demand, although it left open the possibility of resuming the route in November.
The airline of the IAG group described the measure as a suspension that "exclusively affects Cuba, due to its exceptional situation."
World2Fly, the airline of the Iberostar group, operated its last flight from Madrid to Havana on May 20, while Plus Ultra withdrew its service on the Cuba-Spain route, causing Cubana de Aviación to cancel its only weekly connection to Madrid.
At least 11 airlines have suspended flights to Cuba in 2026 —Air Canada, WestJet, Sunwing, Air Transat, LATAM Perú, Magnicharters, Air France, Iberia, Rossiya, Nordwind, and Turkish Airlines— with over 1,700 flights canceled in total.
Air Europa remains the only Spanish airline with direct flights to Cuba, operating three flights per week.
Cuban tourism was already in free fall: between January and April 2026, the island received only 328,608 international visitors, a decline of 55.8% compared to the same period in 2025, in a sector that registered only 1.8 million tourists in 2025, the lowest since 2002 and less than half of the peak of 4.7 million reached in 2018.
The case of Sherritt in Cuba
The Canadian mining company Sherritt International also announced the dissolution of all its operations in Cuba due to the new sanctions imposed by President Donald Trump against entities linked to the regime.
However, it later reported on a preliminary agreement with Gillon Capital, a firm owned by Texas businessman Ray Washburne, which could give it control of 55% of the company through a private placement.
The operation involves the issuance of a warrant exercisable for nine months and still requires approval from U.S. authorities and the Toronto Stock Exchange.
The company decided to leave Cuba despite the regime owing it at least 344 million dollars, including about 277 million related to the joint venture Moa Joint Venture, which is engaged in nickel and cobalt production. Sherritt will also exit its stake in Energas S.A. and other energy projects on the island.
Spanish banks are also leaving Cuba
The Sabadell Bank and Alto Cedro, a corporate financial entity linked to the Botín family, also confirmed that they are preparing to withdraw from Cuba to avoid sanctions against GAESA.
"In that list, there are banks and providers of all types and conditions, in addition to the hotel companies. Almost all have just severed ties with the military conglomerate that controls half of the Cuban economy," says an article published by Preferente last week.
The departure of financial entities is a structural blow of greater magnitude than the withdrawal of hotel operators. The banking system supports commercial transactions and the flow of foreign currency on which the regime depends to maintain its operations.
The departure of the shipping companies that collaborated with GAESA
The shipping companies Hapag-Lloyd and CMA CGM, two of the largest in the world, also notified their agencies in Cuba of the suspension of operations. They did so in an official document signed on May 14, 2026.
"During the early hours of yesterday, we received official communication from the Representation Agencies in Cuba of the shipping companies Hapag-Lloyd and CMA CGM, informing us of the implementation of a STOP BOOKING for all origins and destinations of their regular services to and from Cuba," the text states.
The measure goes beyond these two companies. All shipping lines have paused and rescheduled their shipments to Cuba, both maritime and air. It is believed that the halt is temporary and stems from the need to restructure contracts to remove GAESA as a counterpart.
Pressure on GAESA opens the door to new players in Cuba's tourism sector
The departure of foreign hotel chains could be just the beginning of a deeper transformation in the Cuban tourism sector.
The pressure from the Trump administration on GAESA not only aims to economically isolate the military conglomerate, but it could also create the conditions for a future opening to American companies.
Marriott, Hilton, Hyatt, Wyndham, Choice Hotels, and Best Western are among the companies with the capacity and potential interest to operate on the island if the regulatory environment changes.
American Airlines and Delta Air Lines could join them by increasing flights to Cuba. Some analysts indicate that companies like Airbnb and Expedia would also make a strong entrance into the island.
The movement suggests that Washington not only aims to punish ties with GAESA but also to redefine who will control one of Cuba's main sources of income.
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