SOK sells hotel business in St. Petersburg

SOK sells hotel business in St. Petersburg

SOK will sell the company responsible for St. Petersburg Sokos Hotels business. 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. SOK has operated three Sokos Hotels in St. Petersburg.


The buyers Alexander Ermakov ja YuryShumakovareRussian investors and IT entrepreneurs. SOK 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.

SOK owns one hotel property in St. Petersburg, which is not part of the transaction. SOK aims to sell the property separately.

SOK announced the decision to exit the Russian market on 4.3. Immediately after the announcement, the exit process was started and SOK began to map out a way to leave the country as soon as possible, taking into account local legislation and personnel.

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

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