(Bloomberg) -- Hyatt Hotels Corp. is ending its relationship with a Moscow hotel in compliance with “applicable sanctions and government directives,” the company said in a statement Friday.
The hotel, the Hyatt Regency Moscow Petrovsky Park, is one of the Chicago-based company's five hotels in Russia. The statement didn't elaborate on Hyatt's reasons for cutting ties with the property, which opened in 2017 near the VTB Arena.
A representative for Hyatt didn't immediately respond to a request for comment.
Hyatt first announced the project in 2012, planning for a hotel with meeting space, food and beverage outlets and a spa in close proximity to FC Dynamo Moscow's soccer stadium. The 298-room property opened in 2017 with a ribbon-cutting ceremony attended by executives from Hyatt and VTB Bank, Russia's second-largest financial institution.
The U.S. Treasury has imposed full-blocking sanctions against VTB Bank in a move intended to “sever a critical artery of Russia's financial system.”
Read more: Marriott, Hilton Stop Developing Hotel Properties in Russia
Hyatt is one of several U.S. hotel companies to take a measured approach to Russia operations, promising to pause new development deals in the country while keeping existing properties open.
The companies have stressed that they don't own real estate in Russia, but rather license brands and operating systems to local partners.
Hyatt is terminating contracts with the Moscow hotel at 11:59 p.m. local time on March 25. Guests with question regarding future stays should contact the hotel directly, according to the statement.
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