Sale of Hotel Business in St Petersburg
We advised Suomen Osuuskauppojen Keskuskunta when it sold the company responsible for St Petersburg Sokos Hotels business to the Russian investors Alexander Ermakov and Yury Shumakovare. As a result of the transaction, the responsibilities for property leases and personnel salaries were transferred to the buyer as of 30 June 2022, and the hospitality business of S Group in Russia ended. The transaction did not include any rights to use S Group trademarks.
S Group is a Finnish network of retail and service companies with more than 1,900 locations in Finland. S Group consists of cooperatives and Suomen Osuuskauppojen Keskuskunta (SOK) with its subsidiaries.