Hotelier rakes in Russian dividends despite sanctions criticisms

By the Editorial Team · Wednesday, September 16, 2026

Sir Rocco Forte's luxury hotel group saw a 14 percent increase in post-tax profits and a 66 percent rise in dividends from its Russian subsidiary last year, despite criticism over its continued operations in the country. The group defends its decision by highlighting the financial losses a sale would incur and stating that the hotels now primarily serve Russian customers, limiting foreign investment in the local economy.

The luxury hotel group owned by Sir Rocco Forte recorded increased profits and dividends from its Russian operations last year despite ongoing criticism over its presence in the country. The group maintains ownership in two hotels in St Petersburg through its Russian subsidiary, Astoria Hotel Joint Stock Company, which reported a 66 percent rise in dividends, amounting to £3.2 million for the 12 months ending in May. The subsidiary’s post-tax profit grew by more than 14 percent to reach £7.9 million during the same period.

The hotels, including the historic 114-year-old Hotel Astoria located opposite St Isaac’s Cathedral and its adjoining property, The Angleterre, continue to generate significant revenue for the group. According to recently filed accounts with Companies House in the United Kingdom, the Russian business contributed £27.7 million in revenue for the year, up from £23.5 million in the previous year. Overall group revenues increased to £345.1 million from £318.3 million, with total dividends paid by the parent company rising to £11.6 million from £8.9 million.

Rocco Forte Hotels holds a 60 percent stake in the Russian subsidiary, and the group has stated that it has implemented additional policies and procedures aimed at ensuring compliance with international sanctions related to Russia. Despite these measures, the group has faced criticism from B4Ukraine, a coalition of nearly 100 civil society organizations advocating for the withdrawal of Western businesses from Russia. The coalition denounced the continued operation as a “shameful example of greed triumphing over morality.”

Responding to the criticism, Sir Rocco Forte, 81, argued that selling the Russian hotels under current conditions would be “very counter-productive.” He noted that a forced sale would entail accepting about 40 percent of the market value and incurring a 35 percent exit levy. Forte also emphasized that business at the hotels is now entirely derived from Russian customers, meaning the properties are not introducing foreign investment into the Russian economy. He added that the profits in the subsidiary are effectively ring-fenced within the company.

Rocco Forte Hotels declined to comment further on the financial filings.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.