Saturday June 25, 2022

S Group sells Sokos Hotels in St. Petersburg

Published : 23 Jun 2022, 01:03

  DF Report

Photo: S Group.

Finnish Co-operative Society- S Group will sell its Sokos Hotels in St. Petersburg to Russian investors and IT entrepreneurs, Aleksandr Yermakov and Yuri Shumakov, said the company in a press release on Wednesday.

As a result of the transaction, the responsibilities for property leases and personnel salaries will be transferred to the buyer as of June 30, 2022, and the hospitality business of S Group in Russia will end.

The S Group has operated three Sokos hotels in St. Petersburg.

The group has ensured that the transaction complies with EU sanctions regulations.

The transaction does not include any rights to use S Group trademarks. The price or other conditions of the transaction will not be disclosed.

S Group owns one hotel property in St. Petersburg, which is not part of the transaction and aimed to sell the property separately.

The company in early March announced the decision to exit the Russian market. Immediately after the announcement, the exit process was started and the company began to map out a way to leave the country as soon as possible, taking into account local legislation and personnel.

On June 16, the company announced the sale of the company responsible for Prisma retail business in St. Petersburg to X5 Group.