Trump’s Hard Stance on Cuba Makes US Real Estate Deals in The Country All But Impossible
The Real Deal
Recent restrictions made by Trump administration on travel to Cuba will now prevent U.S. companies from partnering with firms tied to Grupo de Administración Empresarial, SA (GAESA). Holland & Knight Partner and leader of the firm's Cuba Action Team, Andy Fernandez, represented Starwood in its Cuba deal and says that this deal will not be affected by the new restrictions.
“They are grandfathered in,” said Mr. Fernandez.
“The Office of Foreign Assets Control clarified that the Trump administration doesn’t want to adversely impact any firms that were already in before the changes. It only impacts future agreements.”