Rezidor enters economy segment through acquisition of prizeotel
The Rezidor Hotel Group today announced its entry to the economy segment through the acquisition of a 49% stake of prizeotel for a price of €14.7m 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.