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Rezidor enters economy segment through acquisition of prizeotel

The Rezidor Hotel Group announced its entry to the economy segment through the acquisition of a 49% stake of prizeotel for a price of close to €15m and has secured further rights including the acquisition of the remaining 51% in 4 years from now.

 Prizeotel is a dynamic start-up company – a young hotel chain with currently 3 operating properties in Germany and 1 further hotel under development. The brand was founded by Marco Nussbaum and co-created with New York-based industrial designer Karim Rashid. “We are delighted to partner with prizeotel, an entrepreneurial and creative economy brand. It ideally complements our compelling brand portfolio currently ranging from mid-scale to luxury, and facilitates our responsiveness to the evolving needs of our guests. With this transaction, we now offer additional choices and opportunities to both our customers and owners”, said Wolfgang M. Neumann, President & CEO of Rezidor at the International Hotel Investment Forum IHIF in Berlin.

 “The acquisition allows us a fast-paced entry to the economy segment – an increasingly attractive sector due to its rapid development opportunities and resilience to the economic cycles. Prizeotel is a commercial success story and has differentiated itself through innovative urban design, tech-savvy focus, personal touch and unique team culture – a total fit to Rezidor”, added Neumann. “Alone we can do so little, together we can do so much. I am glad to partner with Rezidor to transform prizeotel from a local player to an international economy brand. Having started our journey back in 2009, we will now write the next chapter of our unconventional success story. I am happy, proud, chilled and especially thankful for the work and dedication each team member of prizeotel as well as all our partners have put into creating this unique brand”, said Marco Nussbaum, CEO of prizeotel. “The current owners of prizeotel’s real estate will keep the properties and plan to invest in further projects”, ended Nussbaum.