Starwood Hotels and Resorts has signed three new hotel deals in Cuba, marking the first US-based hospitality company to enter the market in nearly 60 years. This announcement follows receipt of authorization from the US Treasury Department for Starwood to operate hotels in Cuba.

Long-time Havana icon, Hotel Inglaterra, will join The Luxury Collection and Hotel Quinta Avenida will become a Four Points by Sheraton. Both hotels will undergo renovations before raising their new brand flags later in 2016. The company also announced that it has signed a letter of intent to convert the famed Hotel Santa Isabel into a member of The Luxury Collection.

Thomas Mangas, Starwood’s chief executive officer, said: “Starwood’s history of creativity, innovation, sustainability and being a first mover is core to who we are and what has made us a formidable competitor in the industry with a long, global lead. I am proud of our team who worked tirelessly to make today possible. With Cuba’s rich history, natural beauty and strong culture, there is no question the entire US hospitality industry has watched Cuba with great interest, and we are thrilled to lead the charge and bring our sophisticated, high-end brands into the market at this inflection point.”

The announcement follows yesterday’s arrival of US President Barack Obama as well as a group of US Entrepreneurs in Cuba. The group involves executives from Xerox, the Marriott International hotel chain, AT&T and Starwood Hotels and Resorts Worldwide.

US Secretary of Commerce, Penny Pritzker says this visit by the entrepreneurs and the President is a step towards taking advantage of the market opportunities available in Cuba.

President Obama’s visit is the first by a serving president in almost 90 years and is part of the path taken by both countries towards the normalization of relations.