Rezidor Hotel Group has become owner of a 49% stake of Prizeotel, economy hotels operator. The acquisition of the stake cost Rezidor 14.7 million euro. The famous hotel company will also purchase the remaining 51% of the shares in four years. The purchase will be closed in the next several weeks, after which both Rezidor and Prizeotel will change marketing and sales mechanism of the economy brand. The head of Prizeotel, Marco Nussbaum, will keep his position after change of the owner, but strategic decisions of the brand will be made by Rezidor shareholders meeting.
Due to this acquisition Rezidor is able to enter rapidly developing economy segment, which has always attracted the hotelier. Prizeotel has its distinctive features that have made the brand popular. Hotels by this brand feature innovative design, personal touch and support for latest technologies. Currently, this is a popular economy segment local hotel brand, but Rezidor plans to bring it to international level. First Prizeotel branded property appeared on the market in 2009. Since that time the portfolio of the brand has increased to 3 operating hotels in Germany and one more property under development. Rezidor plans to expand the portfolio of the newly acquired brand and add more properties in coming years.