Petter Stordalen is now selling one of his prestigious hotels, Skt Petri in Copenhagen, writes the Norwegian newspaper Dagens Næringsliv. Stordalen's company has entered into an agreement with the American real estate investor Starwood Capital and the price is, according to Dagens Næringsliv, around 1.5 billion Norwegian kroner.

The deal means that Stordalen will continue to operate the hotel while Starwood will take over the property itself. Stordalen told the newspaper that the deal is being made to reduce his own company's debts.

Source: TT