The ticker image and firm brand for InterContinental Resorts Group is displayed on a display screen on the ground of the New York Inventory Alternate (NYSE) in New York, U.S., January 22, 2019. REUTERS/Brendan McDermid
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June 27 (Reuters) – Vacation Inn-owner IHG (IHG.L) mentioned on Monday it was stopping all operations in Russia as a consequence of Western sanctions and growing challenges of doing enterprise there after the Ukraine invasion.
IHG, additionally proprietor of the Crowne Plaza, Regent and Hualuxe lodge chains, had already stopped new investments and growth actions in Russia and closed its company workplace in Moscow.
It was additionally in talks with the homeowners of its IHG-branded lodges in Russia concerning the “advanced, long-term administration and franchise contracts below which these lodges function.”
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Reporting by Yadarisa Shabong in Bengaluru; Modifying by Shinjini Ganguli
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