Ritz-Carlton and France-based Club Med said they had no plans at this time, but both said they were monitoring the situation.

Wyndham is also watching the signs of progress “that may open more doors to both American travel and overall investment in Cuba,” said Paulo Pena, Wyndham Hotel Group’s president and managing director for Latin America and the Caribbean.

Best Western views the normalization of U.S. and Cuba diplomatic relations as an encouraging first step, said David Kong, president and CEO of Best Western International.

“We are very interested in developing the Best Western brand in Cuba and are watching as the U.S./Cuba relationship opens up opportunities for tourism and tourism investment from the U.S.,” Kong said.

InterContinental Hotels Group (IHG) also is closely monitoring the situation.

“Cuba’s proximity, location and access are huge, but there is going to be a significant amount of capital that will need to go in,” said Joel Eisemann, IHG’s chief development officer. “There is a lot of work involved. If you are going to be in on the front end, understand that there are a lot of things that can go wrong.”