From the official press release:

“Hot.Cool.Yours.” The slogan is made up of two parts: one dynamic (changeable) and one constant. It is intended to reflect the national character of Russia and the values of the Sochi 2014 brand, as well as Sochi 2014’s progressive and innovative approach to the organization and staging of the Games.

I expected something more ornate coming from Russia. This is very simplistic and tight. Not bad.