Sochi has been selected as the site for the 2014 Winter Olympics.
CNN has the info here and Sochi has a wikipedia post.
CNN claims that Putin's visit to the voting site was a deciding factor. Yet another thing for people to hate No Mu-hyeon for.
I would like to say something snarky about Russia buying the vote or using mafia-style influence but I've already said similar things about Korea in the past. If Russia did anything like that, then Korea would have been beaten at its own game.
Of course, both sides could have played it clean.
Seriously though, both places seem pretty warm for Winter sports.