REZIDOR PURCHASES A 49% STAKE IN PRIZEOTEL
Rezidor Hotel Group is making its entry into the economy hotel segment with the acquisition of a 49% stake in German budget design chain, prizeotel for £14.7 million. Additionally, the group has secured further rights including the purchase of the remaining 51% share in prizeotel in four years’ time. Prizeotel currently has three hotels in operation across Germany (555 rooms), in Bremen, Hamburg and Hannover, and one property in its development pipeline. The deal is expected to close in the next few weeks.