The ring-fenced Russian arm of Rocco Forte Hotels has paid its shareholders a dividend exceeding £3m. Astoria Hotel Joint Stock Company, the holding group for the luxury hospitality chain's Russian portfolio, distributed £3.2m to investors in the 12 months to May.
This payout marks an increase of over 66 per cent on the previous year, according to recent filings. Post-tax profit at Astoria, which manages five-star hotels in St Petersburg, jumped more than 14 per cent to £7.9m.
Rocco Forte Hotels states that its St Petersburg properties, Astoria and the Angleterre Hotel, are held within a shell company ring-fenced from other parts of its portfolio. The group maintains that while it holds a majority stake in Astoria Hotel Joint Stock Company, it does not financially benefit from its Russian operations while the conflict and sanctions persist.
The company has stated it has introduced additional policies and procedures to manage risks and ensure compliance with international sanctions. Directors continue to monitor sanctions and will respond accordingly, identifying non-conformity with sanctions as a potential material effect on its financial statement.