We are heartbroken over the devastation unfolding in Ukraine and the mounting tragedies resulting from military actions, including lives lost, families separated and the displacement of millions of people. Our focus remains on the safety and wellbeing of our colleagues and guests in both Ukraine and neighboring countries who face these unconscionable challenges. The global Hyatt family has come together in inspiring ways to care for those impacted by this tragedy, including providing refugee accommodations across Europe, sending supplies to the people of Ukraine, job transfers for Hyatt colleagues and a relief fund for our Hyatt colleagues in need of basic necessities, relocation support and care. We will continue to work to expand our humanitarian efforts across the Hyatt portfolio.
At this time, we have made the decision to suspend our development activities and any new investments in Russia, effective immediately. We will continue to support our colleagues in Russia as they continue to care for hotel guests. They, like our entire global Hyatt family, are committed to the spirit of hospitality – to show care when people need it most and provide a place to stay and gather – something more important than ever in times of crisis.
As this complex situation unfolds, we will continue to evaluate our existing management agreements with the third-party entities that own Hyatt hotels in Russia, while complying with applicable sanctions and U.S. government directives, and keeping our purpose of care at the center of any decision we make.