"Cancellation of this reservation is subject to the hotel cancellation policy. Cancel 1 Day Prior 4pm Avoid 80 Percent of Full Stay "
I am convinced that thus a cancellation/rebooking regime is not on par with market standards and not very competitive.
It's been the standard cancellation policy for most German properties for a while... and in my opinion there's nothing really wrong with it. It avoids speculative bookings that people cancel at the last moment and thus provides others with more availability on the date. And how often is it really necessary to cancel on the day of your stay?
And lots of corporate rates still have the more flexible cancellation policy.
This is what is specified in your reservation conformation:
CANCELLATION POLICY:
1 DAY PRIOR AT 4PM HTL TIME TO AVOID 80 PCT OF FIRST NIGHT