Petter Stordalen

Petter Anker Stordalen

Petter Stordalen (2009)
Born (1962-11-29) November 29, 1962
Porsgrunn, Norway
Nationality Norwegian
Occupation

Investor

Owner and CEO of Home Invest. Chairman of the board of Nordic Choice Hotels and Home Properties. Board member of Home Capital and The Stordalen Foundation.
Net worth NOK 7-11 billion[1]
Spouse(s) Gunhild Anker Stordalen

Petter Anker Stordalen (born 29 November 1962 in Porsgrunn, Norway) is a Norwegian investor, hotel "tycoon", property developer and a self-proclaimed environmentalist. He has an estimated personal net worth of NOK 7-11 billion[1] (USD 1.2 bn according to Forbes list of billionaires 2012 [2]) stemming from investments in hotels, shopping centers and properties. Stordalen is a self-made business man. Through his company Nordic Choice Hotels, Stordalen owns in excess of 170 hotels and employs more than 9200 people. In the later stages of his career, Stordalen has pursued a number of philanthropic endeavors together with his wife, doctor and environmentalist Gunhild Anker Stordalen, donating large amounts of money[3] to various charitable organizations within environment/climate change and scientific research programs through The Stordalen Foundation, established in 2011.[4]

Early life and education

Stordalen was born in Porsgrunn in Telemark, Norway to grocer Knut Anker Stordalen (1933–94) and Kari Stordalen. At the age of ten he began working in his father’s grocery store and at the age of twelve he began selling strawberries at the local market. He already then displayed his acumen for business, being named “Norway’s top strawberry seller” in the local paper, Porsgrunns Dagblad, in 1974, beating out his competition of 50- to 60-year-old market ladies. Following high school he attended Kjøpmannsinstituttet for one year,[5] he then managed his father's store for a short time before going off to the Norwegian School of Marketing.[6]

Career

Shopping centers

At 24 he took over what was, at the time, the largest shopping center in Norway, City Syd, in Trondheim as the country’s youngest shopping center manager.[7] This coincided with his finals at the Norwegian School of Marketing so rumor has it that he had his secretary compile and type his final paper. After posting record profits at City Syd[8] he became property director in Atle Brynestad's company Made in. As property director Stordalen was the architect behind the conversion of the former market area in downtown Trondheim[9] and the re-launch of Liertoppen shopping centre outside Oslo.[10] He was also put in charge of the Bik Bok brand[11]

Following a number of transactions within the Brynestad system Stordalen, at the age of 29, found himself an employee of Realkreditt’s (later DnB) property development company.[5] Together with a group of investors Stordalen bought the historical department store Steen & Strøm in downtown Oslo. The group recouped their investment of NOK 20 million in the first five days of the reopening.[12] The purchase of Steen & Strøm signaled the start of a wave of acquisitions, and in the span of three years the newly formed company, Steen & Strøm Invest, became the country’s largest holder of commercial real estate.[5] The expansion lasted until 1996 when Stordalen had a falling out with the largest shareholder, Stein Erik Hagen, and was asked to leave his position as CEO.[13]

Hotels

Petter Stordalen promoting Choice Hotels Scandinavia in Stavanger 2013

After leaving Steen & Strøm Invest, Stordalen struck out on his own teaming up with investor Christen Sveaas. In October 1996 the duo bought 68 percent of the shares in the Scandinavian operations of Choice Hotels for NOK 100 million.[14] At the time the chain consisted of 8 hotels across Scandinavia. Following the acquisition Stordalen started his expansion, following the same model as in Steen & Strøm Invest, buying Swedish hotel chain Home as well as Norwegian hotel company InterNor,[15] and taking Choice Hotels Scandinavia public. During a three-year period Choice Hotels Scandinavia bought, on average, a new hotel every other week and added 50 people to the payroll every 10 days.[16] In December 1997 Sveaas sold his 37 percent share[17] of the now 77 hotels. In 1999 Christian Ringnes and his company Eiendomsspar acquired a 35 percent share in Choice Hotels Scandinavia. After a short power struggle, Ringnes folded and Stordalen cemented his control over the company.[18] The same year Stordalen also saw the acquisition of several Swedish and Danish hotels, including the Danish hotel company Nordisk Hotel Group, Stenungsbaden Yacht Club and Stockholm Globe Hotel.[19] At the turn of the millennium, at age 37, Stordalen became a billionaire[20](in Norwegian krone). In 2012 Stordalen opened his biggest hotel to date, the 500 room 40 000 square meter Clarion Post Hotel in Gothenburg, Sweden. At the opening 10 000 Gothenburgers were gathered to watch a light and fireworks display that included Stordalen ascending from the top of the hotel playing the drums inside a six by six meter disco ball.[21]

From public to private company

In 2000 Stordalen formed the company Home Invest, consisting of the properties previously owned by Choice Hotels Scandinavia.[22] The company went public, but was delisted in 2001.[23] In 2003 Choice Hotels Scandinavia bought shares in Swedish property owner and developer Capona.[24][25] In 2004 Stordalen’s Home Invest sold 19 hotel properties to Capona with settlement in shares giving him a majority interest.[26] In 2006 Capona changed name to Home Properties. In 2005 Home Invest bought the remaining shares in Choice Hotels Scandinavia and delisted the company.[27] In 2006 Home Properties spins off Home Capital as an investment company and lists it on the First North Stock Exchange in Stockholm. In 2007 Stordalen’s Home Invest acquires all the shares in Home Capital and delists the company. In 2009 Stordalen does the same with Home Properties.[28] Stordalen now privately controlled all the building blocks needed to complete his current business structure. (see investments)

Investments

Petter Stordalen’s holding company, Home Invest, invests through four separate entities:

Art collection

As his fortune grew, Stordalen started investing in art, mostly contemporary. His first buy was a painting by the American artist Ross Bleckner which still hangs at his private estate. In an interview in September 2012, renown Swedish curator Sune Nordgren stated that Stordalen was the European answer to American hotelier Steve Wynn.[29] This partly due to the fact that Stordalen had "redfined" hotel art by spending in excess of five million dollars in contemporary art on his two latest hotels alone, Clarion Hotel Post in Gothenburg and Clarion Hotel & Congress in Trondheim - and have a private collection which is valued at around 30 million dollars.[29] In January 2013 Stordalen opens a new hotel called The Thief, in the Tjuvholmen neighborhood in Oslo. Every one of the 119 rooms will have unique original art from artists like Sir Peter Blake, Chris Gianakos and Tony Cragg. On the interactive TV's guests will, supposedly as the world´s first, be able to choose between pay-TV-options and contemporary video art. In one of the elevators there will be an animation by Julian Opie, one of Stordalen's favorite artists. In the library bar one will find a suite of pictures made by HM Queen Sonja of Norway.[29] The Thief has signed a sponsorship-deal with the neighboring Astrup Fearnley Museum of Modern Art that gives the hotel access to the museums vast art library. Under the agreement, The Thief can borrow some signal work for strategic locations in the hotel.[30] Stordalen has world leading collections of artists like Jaume Plensa, Alex Katz and Franz West. He also owns some of Andy Warhol's best interpretations of Norwegian artist Edvard Munch. In the article the value of his total collections (private and business combined) was said to be more valued to more than 50 million dollars.[31] These are some of his known art possessions: Franz Wests «Lemure», Miwa Yanagis «Elevator Girls», Bård Breiviks «Partitur», Alex Katz’ «Kirsten in a baseball hat», Jaume Plensas «Tattoo», Julian Opies «Suzanne Walking» and Damien Hirsts «Stamp Out Pleasure And Pain».[32]

Business philosophy

Stordalen’s business philosophy is based on 5 pillars

The foundation for his business philosophy, coined The strawberry philosophy, stems from a deeply formative memory selling strawberries for his dad during his childhood summers. When complaining to his dad about the quality of the berries his dad retorted “Sell the berries you have, they are the only berries you can sell” - so always making the most of the possibilities given to you, has been his guiding mantra through his business life.[33]

He is well known for his annual winter conference[34] for thousands of Nordic Choice employees usually held in Sweden. In addition to a big party that has previously included live camels, celebrities, and especially composed music and stage acts,[35] Stordalen gives his employees a motivational speech that, in the media, has been likened to a religious revival.[36]

Awards

Environmentalism

Petter A. Stordalen first made his mark as an environmentalist in Norway supporting Norwegian NGO Bellona in the fight to free their expert Alexander Nikitin, charged with treason through espionage for his contributions to a Bellona report on nuclear safety within the Russian Northern Fleet.[40] He has also participated in personal activism; in 2002 he broke into the UK nuclear treatment plant Sellafield[41] and chained himself to the bridge of the plant for nine hours to protest the discharging of the radioactive element technetium-99 to the sea. In 2007 he was charged with trespassing after entering a restricted area at Malmøyakalven to protest the dumping of toxic mud in the Oslofjord.[42]

Together with his wife, Gunhild Anker Stordalen he has founded the couple’s philanthropic organization, The Stordalen Foundation. The Stordalen Foundation focuses primarily on climate change:

Personal life

Petter Stordalen is married to Gunhild Anker Stordalen.[50] On New Years Eve 2008 Petter Stordalen proposed on top of Aspen Mountain. The NOK 35 million (approx. USD 5 million) wedding was held in Morocco on 12 June 2010, making it Scandinavia’s most expensive wedding, outspending the Crown Princess of Sweden.[51] The lavish treatment of the guests included chartering an airplane[52] and renting all the rooms of La Mamounia, one of the world’s finest luxury hotels. The ceremony was officiated by Bob Geldof[53] in front of 240 of Norway’s most prominent celebrities,[54] from finance and the arts. The wedding received press attention normally reserved for royal weddings; Norway’s largest news website, VG Nett, had a protocol for the public to leave their greetings.[55] The couple has since been dubbed the Bill and Melinda Gates of Norway by the Norwegian tabloids for their combination of business and philanthropy.[56]

Following the Utøya shooting, on 22 July 2011, Stordalen donated NOK 5 million to the Norwegian Workers' Youth League to rebuild the summer camp.[57]

Stordalen has also been a public sports figure and at the age of 24 he completed an Ironman race.[5] Although his days as a competing athlete are over, he still keeps fit, as he displayed in 2007 when he did a backflip on stage at a Prince concert.[58] He has also fielded teams in the company class of the road relay Holmenkollstafetten.[59]

References

  1. 1 2 Staff (7 July 2011). "Stordalen har regnet ut hva han er god for" [Stordalen has calculated his net worth]. Dagens Næringsliv. Retrieved 9 September 2011.
  2. ↑ Staff (8 March 2012). "Forbes billionaires list 2012". Forbes.com. Retrieved 8 March 2012.
  3. ↑ Bjørn Tvare (27 November 2011). "Petter og Gunhild Stordalen - Norges svar på Bill og Melinda Gates" [Petter and Gunhild Stordalen - Norway’s equivalent to Bill and Melinda Gates]. seher.no. Retrieved 7 October 2012.
  4. ↑ "Giving millions to climate initiatives and research". GreeNudge.no. Retrieved 7 October 2012.
  5. 1 2 3 4 Stavrum, Gunnar. "Petter A Stordalen". In Helle, Knut. Norsk biografisk leksikon (in Norwegian). Oslo: Kunnskapsforlaget. Retrieved 14 June 2010.
  6. ↑ Geelmuyden, Nils Chr. (13 August 2004). "His Master's Coice". Kapital (in Norwegian).
  7. ↑ Fuglehaug, Wenche (10 October 1987). "Landets yngste til landets største" [The country's youngest to the country's largest]. Aftenposten (in Norwegian).
  8. ↑ Evensen, Kjell (15 September 1988). "Kjempesuksess" [Huge success]. Aftenposten (in Norwegian).
  9. ↑ Anda, Torgeir (5 December 1989). "Sentrumskamp til en halv milliard" [Battle for downtown at the tune of half a billion]. Dagens Næringsliv (in Norwegian).
  10. ↑ Fuglehaug, Wenche (3 November 1989). "Liertoppen rustes opp for nye 70 mill." [Liertoppen refurbished for 70 million]. Aftenposten (in Norwegian).
  11. ↑ Hjellemo, Hans (23 February 1991). "Turbokremmeren" [The turbo-salesman]. Dagens Næringsliv (in Norwegian).
  12. ↑ Skaslien, Knut A. (30 March 1992). "Steen & Strøm: Tidenes røverkjøp" [Steen & Strøm: the bargain of a lifetime]. NTB Norwegian Newswire (in Norwegian).
  13. ↑ Myhrvold, Brit (15 August 1996). "Stordalen falt for eget grep: Fra null til 100 på fire år" [Stordalen fell for his own tricks: from zero to 100 (million) in four years]. Aftenposten (in Norwegian).
  14. ↑ Berglihn, Harald (11 October 1996). "Valgte Choice-kjeden" [Chose Choice]. Dagens Næringsliv (in Norwegian).
  15. ↑ Berglihn, Harald (20 May 1997). "Svakt fra Choice" [Weak results from Choice]. Dagens Næringsliv (in Norwegian).
  16. ↑ Staff, Editorial (17 June 2005). "Stordalens milliardkupp" [Stordalen's billion coup]. Dagens Næringsliv (in Norwegian).
  17. ↑ Engebø, Skjalg (18 December 1997). "Dumpet Choice aksjer for 340 mill." [Dumped Choice-shares for 340 million]. Aftenposten (in Norwegian).
  18. ↑ Gard U. Sandvig, Øystein Krogsrud (29 June 1999). "Usikker Ringnes tok hotellgevinst" [Uncertain Ringnes cashed in hotel profits]. Dagens Næringsliv (in Norwegian).
  19. ↑ Sandvig, Gard U. (3 September 1999). "Stordalens storhandel" [Stordalen's big buy]. Dagens Næringsliv (in Norwegian).
  20. ↑ Holst-Hansen, Thomas (28 October 2000). "Petter den Store" [Petter the Great]. Verdens Gang (in Norwegian).
  21. ↑ Førli Aas, Christina (27 January 2012). "Stordalen benekter stormannsgalskap" [Stordalen denies illusions of grandeur]. NRK (in Norwegian).
  22. ↑ Gjerde, Kristin V. (26 January 2001). "Sluker Home" [Devours Home]. Dagens Næringsliv (in Norwegian).
  23. ↑ Staff, Editorial (25 August 2001). "Stordalen tar Home av børs" [Stordalen delists Home]. Aftenposten (in Norwegian).
  24. ↑ "Choice Hotels kjøper 39,9 prosent av svensk selskap" [Choice Hotels buy 39.9 percent of Swedish company]. Norwegian News Agency (in Norwegian). 23 June 2003.
  25. ↑ "Ratos sells holding in Capona Exit gain SEK 172m". Retrieved 2016-02-12.
  26. ↑ Jo Martin Fridstrøm, Espen Linderud (22 January 2001). "Stordalens hotell-kupp" [Stordalen's hotel coup]. Dagens Næringsliv (in Norwegian).
  27. ↑ Staff, Editorial (29 September 2005). "Stordalen av børs" [Stordalen quits the exchange]. Aftenposten (in Norwegian).
  28. ↑ Berglihn, Harald (6 April 2009). "Får kjeft i Sverige" [Gets chewed out i Sweden]. Dagens Næringsliv (in Norwegian).
  29. 1 2 3 Sølve Hindhamar (19 September 2012). "Stordalen pynter med dronning Sonjas kunst" [Stordalen adorn with Queen Sonja's art]. seher.no. Retrieved 5 October 2012.
  30. ↑ Morten Holt (27 September 2012). "Thief og Astrup Fearnley samarbeider" [Thief and Astrup Fearnley collaborate]. Horecanytt. Retrieved 5 October 2012.
  31. ↑ Sølve Hindhamar (19 September 2012). "Stordalen pynter med dronning Sonjas kunst" [Stordalen adorn himself with Queen Sonja's art]. seher.no. Retrieved 5 October 2012.
  32. ↑ Hugo Lauritz Jenssen. "ER PETTER STORDALEN KUNSTSAMLER NÅ?" [Is Petter Stordalen an art collector now?]. Dagens Næringsliv. Retrieved 5 October 2012.
  33. ↑ Jarlsbo, Rønnaug (11 April 2009). "Han ga meg de små seirene som ga meg selvtillit" [He gave me the victories that gave me confidence]. Dagbladet (in Norwegian). Retrieved 19 September 2011.
  34. ↑ Holst-Hansen, Thomas (13 January 2001). "Petter'n på rocker'n" [Petter rocking out]. Verdens Gang (in Norwegian).
  35. ↑ Opedal, Hallgeir (14 December 2002). "Hotellsjef i særklasse" [Hotel boss in a league of his own]. Dagbladet (in Norwegian). Retrieved 19 September 2011.
  36. ↑ Youtube.com https://www.youtube.com/watch?v=CaWg29YMgdI
  37. ↑ "Gøy å jobbe for Stordalen" [fun working for Stordalen]. 13 January 2012. Archived from the original on 17 January 2012. Retrieved 17 February 2012.
  38. ↑ Stian Jacobsen (2012-01-13). "Gøy å jobbe for Stordalen" [fun working for Stordalen].
  39. ↑ "Årets entreprenør" [Entrepreneur of the year]. e24.no. NTB. 24 November 2010. Retrieved 24 November 2010.
  40. ↑ Alstadheim, Kjetil Bragli (13 April 1996). "Niktin kan få militær dødsdom" [Nikitin could receive military death sentence]. Aftenposten.
  41. ↑ Berglund, Nina (19 November 2002). "Real estate magnate joins Sellafield fight". Aftenposten. Retrieved 14 June 2010.
  42. ↑ Waagbø, Arild J. (25 October 2007). "Har brukt 8 mill. mot giftdumping" [Has spent 8 million combating toxic dumping] (in Norwegian). TV 2. Retrieved 13 September 2011.
  43. ↑ Wergeland, Paal (20 November 2011). "Arnold på klimafest hos Stordalen" [Arnold partying for the climate at Stordalen's]. NRK (in Norwegian). Retrieved 16 February 2011.
  44. ↑ Sundberg, Johann D. (20 September 2007). "Stordalen satser på miljømerking" [Stordalen is betting on environmental labeling] (in Norwegian). TV 2. Retrieved 13 September 2011.
  45. ↑ Meland, Øystein (2011). "Satser på skreddersøm" [Betting on tailormade solutions] (in Norwegian) (7). Energi-nett. Retrieved 13 September 2011.
  46. ↑ Løland Skarsgård, Marianne (9 April 2011). "Stordalen gir bort 14 mill." [Stordalen gives away 14 million]. HegnarOnline (in Norwegian). Retrieved 20 September 2011.
  47. ↑ Mjøseng, Iren (2 February 2012). "I antarktis med Al Gore." [In the Antarctic with Al Gore]. Laagendalsposten (in Norwegian). Retrieved 16 February 2012.
  48. ↑ Storrønningen, Arne (7 July 2011). "På den grønne gren" [On a green branch] (in Norwegian). Fremtiden. Retrieved 13 September 2011.
  49. ↑ Løland Skarsgård, Marianne (9 April 2011). "Svir av 25 mill i året på miljø" [Burns 25 million a year on the climate] (in Norwegian). Fremtiden. Retrieved 21 September 2011.
  50. ↑ Ingar Johnsrud; Mads A. Andersen (12 June 2010). "Stordalen ventet to år på flørte sms?" [Stordalen waited two years for a text message]. Verdens Gang. Retrieved 13 September 2011.
  51. ↑ Inger Marie Treborg (5 January 2010). "Verdens dyreste bryllup" [The world's most expensive wedding]. TV2. Retrieved 13 September 2011.
  52. ↑ Ida Anna Haugen; David Andersen (11 June 2010). "Sushi og Champagne til Stordalen-gjestene" [Sushi and Champagne for Stordalen's guests]. Verdens Gang. Retrieved 13 September 2011.
  53. ↑ Kim Daniel Lindegaard (13 June 2010). "Petter Stordalen og Gunhild viet av Bob Geldof" [Petter Stordalen and Gunhild wed by Bob Geldof]. TV2. Retrieved 13 September 2011.
  54. ↑ Ingar Johnsrud; Mads A. Andersen; Erlend Skevik (12 June 2010). "Tok helt av på festflyet til Stordalen" [Wild on board Stordalen's party jet]. Verdens Gang. Retrieved 13 September 2011.
  55. ↑ Protocol (12 June 2010). "Gratuler Petter Stordalen og Gunhild Melhus" [Congratulate Petter Stordalen and Gunhild Melhus]. Verdens Gang. Retrieved 13 September 2011.
  56. ↑ staff (27 November 2011). "Petter and Gunhild Stordalen Norway's Bill and Melinda Gates". Se og Hør. Retrieved 16 February 2012.
  57. ↑ Alf Bjarne Johnsen (26 July 2011). "Petter Stordalen gir 5 millioner for å gjenreise Utøya" [Petter Stordalen donates 5 millions to rebuild Utøya]. Verdens Gang. Retrieved 23 September 2011.
  58. ↑ Barstein, Geir (10 August 2007). "Stordalen dancing with Prince". Dagbladet (in Norwegian). Retrieved 20 February 2012.
  59. ↑ Sunnanå, Lars Magne (7 May 2010). "Stordalens lag kjøpte seg stafettseier". Aftenposten (in Norwegian). Retrieved 14 June 2010.
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