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Radisson Hotel Group’s midscale lifestyle brand, Prizeotel, has announced plans to expand the brand’s footprint with 45 new signings in select European countries with a “special focus” on UK&I over the next five years.
The announcement comes as the brand has expanded throughout 2022, with the addition of three new hotel openings representing nearly 1,000 rooms.
Each property is said to be a unique space for travellers looking for more modern living spaces, co-working areas, temporary homes for digital nomads, meeting places for an international community, and inspiring places to work, network, and enjoy life.
According to Radisson Group, all rooms radiate “an eclectic mix” of urban style and relaxed ambience.
All Prizeotel properties are paperless and cashless, rewarding guests who choose green housekeeping service with drink tokens and donating excess food to local charities.
In addition, 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 also align with the group’s sustainability strategy to reach net zero by 2050. As a result, all newly-built Prizeotels will be certified green buildings and each conversion will have a dedicated plan to improve the building’s environmental performance.
Elie Younes, executive VP and global chief development officer of Radisson Group, said: “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 optimised investment model and its lifestyle offering, as well its sustainability programs. We aim to more than double the current portfolio in the next five years.”
Connor Ryterski, managing director of Prizeotel, said: “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 optimised 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.”
He added: “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.”
