Hotel operator boosts stake in Hurtigruten

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Petter Stordalen, the high-profile Norwegian hotel investor and operator, has boosted his stake in coastal shipping line Hurtigruten and now owns more than 5 percent of the company, reports newspaper Dagens Næringsliv (DN).

“We like Hurtigruten, it’s that simple,” Stordalen old DN. “Hurtigruten is perhaps the most well-known hotel and tourism product we have had, and have.”

Stordalen’s investment firm Home Capital bought just over 9.7 million shares after the Oslo Stock Exchange closed on Monday. That raised his holdings from the 2.7 percent stake he bought last summer, when he paid more than NOK 50 million and became Hurtigruten’s sixth largest shareholder.

Hurtigruten stock has declined 35 percent this year, noted DN, and Stordalen wouldn’t comment on whether he wants to take a more active role in the shipping line’s operations. Stordalen controls the Choice hotel chain in Norway among other business interests.

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