Radisson Hotel Group’s midscale lifestyle brand – prizeotel – has continued to expand throughout 2022, with the addition of three new hotel openings representing nearly 1,000 rooms. The Group announced plans to expand the brand’s footprint with 45 new signings in select European countries with a special focus on UK and Ireland over the next five years, as it looks ahead to new openings including Dortmund and Dresden in 2023.
prizeotel properties offer a lifestyle midscale experience with a unique and eclectic personality, at the investment cost of an economy hotel. The compelling design proposition brand is suitable for new-builds and conversions with high GOP margins (+50%) and a lean operating model. Each property is a unique space for travelers looking for more modern living spaces, co-working areas to “meet and mingle”, temporary homes for digital nomads, meeting places for an international community, and inspiring places to work, network, and enjoy life. All rooms radiate an eclectic mix of urban style and relaxed ambience.
The first prizeotel opened in 2009 in Bremen (Germany) and presented a new concept of the novel budget design hotel. The success of combining smart lifestyle with affordable accommodation prices continued to be rolled out in Germany and Austria in 2022 with new openings in Bonn, Vienna, and Münster. More openings and signings in exciting European destinations will be announced soon. The brand is currently present in Germany, Austria, Switzerland, and Belgium, and includes 16 properties, representing more than 3,200 rooms.
“We are looking forward to expanding our prizeotel in 2023 with a focus on Germany and the UK. The brand witnessed strong investor interest due to its optimized investment model, its lifestyle offering as well its sustainability programs. We aim to more than double the current portfolio in the next five years” says Elie Younes, Executive Vice President and Global Chief Development Officer Radisson Hotel Group.
prizeotel Bonn-City is located directly on the River Rhine and is a short 600m walking distance from Beethoven’s former home. The new-build hotel features 214 rooms with a terrace and sky bar overlooking the scenic Rhine and has a DGNB Gold Status. prizeotel Vienna-City is located next to Vienna Central Station, in the Favoriten district, south of the historic city center. The 293-room hotel forms part of the “Quartier Belvedere”, a large development site directly surrounding the newly built train station, representing the most important infrastructure development in Vienna. prizeotel Münster-City features 195 rooms and is connected directly to Münster Central Station. The city’s rich cultural heritage dating back to the Middle Ages and today’s young, vibrant student life make Münster a key destination for business and leisure guests.
Technology and sustainability play key roles in the prizeotel guest experience. Digital check-in and tech-focused rooms with wireless charging directly by the bed, a large number of power sockets to charge all devices, and free, fast Wi-Fi available throughout the hotel, are some of the many evolving technology offerings for seamless stays.
All prizeotel properties are paperless and cashless, rewarding guests who choose green housekeeping service with drink tokens and donating excess food to local charities. As of 2023, all stays at any prizeotel are 100% carbon free making it the first urban design brand to offer this everywhere. All prizeotel properties keep the prizePromise, implementing Hotel Sustainability Basics, aligning them with Radisson Hotel Group’s sustainability strategy to reach Net Zero by 2050. To that aim, newly built prizeotel properties, especially leases, will be certified green buildings and each conversion hotel will have a dedicated plan to improve the building’s environmental performance.
“prizeotel represents an exciting alternative to conventional hotel brands in the midscale segment for investors, by offering flexible contract solutions with lease, management, and franchise agreements. The optimized design concept is suitable both for conversions of existing hotels and for new developments. The operating concept is lean, so that GOP margins of over 50% can be achieved, depending on the market. As a result, prizeotel combines the revenue level of a midscale lifestyle hotel with the efficiency of the economy segment, which has proven a unique value proposition for hotel investors,” says Connor Ryterski, Managing Director, prizeotel.