Allen & Overy LLP advised prize Management Group GmbH on the sale of 49% of the shares in prize Holding GmbH to the Rezidor Hotel Group. The Rezidor Hotel Group also acquired the right to take over the remaining 51% stake in four years' time. The parties agreed not to disclose the sale price.

The transaction also involved the contribution by prize Management Group GmbH of its prizeotel business to the newly established prize Holding GmbH, with the Allen & Overy team also advising prize Mangement Group GmbH on this part of the deal.

prizeotel currently operates three hotels in the economy segment with a total of 555 rooms in Hamburg, Hanover and Bremen; an extension to the existing hotel in Hamburg as well as a further hotel on Hamburg's famous Reeperbahn are also planned. The prizeotel brand was created by managing director Marco Nussbaum, who will continue to manage the prizeotels. The prizeotels boast an individual design concept developed by New York designer Karim Rashid.

The Allen & Overy-Team comprised partners Dr. Hans Schoneweg (lead, Corporate/M&A, Hamburg), Dr. Heike Weber (tax, Frankfurt), Markulf Behrendt (employment, Hamburg), Dr. Jens Matthes (IP, Düsseldorf) und Malte-Matthias Holthaus (Corporate/M&A, Hamburg), the Counsel Dr. Rüdiger Klüber (Corporate/M&A), Dr. Christian Hilmes (Corporate/Real Estate) and Marie-Luise von Buchwaldt (Corporate, all Hamburg), the Senior Associates Peter Seidel (tax, Frankfurt) and Miray Kavruk (IP, Düsseldorf) as well as the Associates Patrick Buse (Corporate/M&A), Dr. Daniel Bolm (Corporate/Real Estate, bothe Hamburg), Jennifer Sauder (IP, Düsseldorf) and Dr. Lukas Rengier (antitrust, Hamburg).