Herttua Hotel & Spa in Finland on the market for over a million euros amidst operational challenges

The Herttua Hotel & Spa in Kerimäki, South Savo, Finland is being sold for over a million euros. This hotel has only been in operation for two summers and is being sold during the summer season. It first opened more than 40 years ago, but went bankrupt in the fall of 2017. The hotel was reopened in 2019, but had to shut down due to challenges brought on by the COVID-19 pandemic.

New owners from Estonia reopened the hotel in the summer of 2023, turning it into a summer-only hotel and keeping it closed last winter. The hotel’s main owner, Deniss Ivanov, stated that the hotel is being sold because it is currently only operating in the summer, and the owners were not able to be present all summer, nor could they find a partner.

Hotel manager Kari Mutka said the hotel has been on sale for some time, and the asking price has been lowered. Mutka also said the hotel is continuing to operate normally while they attempt to sell it, and it opened in May this year. The primary goal is to find a partner and co-owner to run the operation, with the hope of keeping it open all year round in the future.

The property for sale includes a six-hectare plot and a 96-room hotel. The hotel also has a 250-person dance restaurant and a recently renovated spa section.

The Herttua Hotel & Spa was purchased in 2022 by two Estonian-Russian men: Deniss Ivanov and Vladimir Titarenko. There are also connections to Artur Karaman, an Estonian-Russian businessman who bought the Punkaharju Hotel. It was revealed in April that there were several irregularities in Karaman’s previous business dealings in Finland. For instance, foreign cleaners without work permits were paid low wages at the Kotka Hotel Leikari, which Karaman previously owned.

Vladimir Titarenko, who is currently the deputy chairman of the board of the company running the Herttua Hotel & Spa, was previously one of the hotel’s owners. He relinquished his ownership after an investigation into the hotel’s unpaid bills, which were still being collected in the tens of thousands of euros. The hotel’s background revealed direct connections to Russia.