Criterion Capital, real estate owner and platform operator, has acquired a former Debenhams department store at 109-112 Princes Street in Edinburgh to open its first Zedwell hotel in Scotland.
Asif Aziz, Founder and CEO of Criterion Capital, commented: 'Opening our first hotel in Scotland is a significant step in our ambitious UK-wide expansion of our unique Zedwell hotel brand. Edinburgh’s rich history, cultural significance and strong tourism sector make it an ideal location for Zedwell.
'This project represents a fantastic addition to our committed pipeline of 22 hotels with over 7000 rooms that, together with our expanding residential and commercial portfolios, will see our AUM exceed £6 bn (€7 bn).'
Occupying over 116,500 ft2 (10,800 m2), the new Zedwell hotel is expected to revitalise this historic thoroughfare, which sees an average footfall of 300,000 pedestrians per week. The hotel’s prime location also offers views of Edinburgh Castle and Princes Street Gardens.
Situated in a central tourist hotspot close to the Old Town and Royal Mile, Zedwell will boast excellent transport links, including the nearby Edinburgh Waverley train station, the city’s tram network and numerous bus routes.
Zedwell provides a sleep-focused experience, with guest rooms aptly named cocoons, equipped with noise-reducing walls, floors and doors, as well as warm ambient lighting, enabling guests to recharge before tackling the bustling city again.
Kerr Young, head of UK national hotels transactions, Capital Markets, JLL, added: 'We are delighted to have advised on the sale of 109 Princes Street. Edinburgh remains the best performing hotel market in Europe and JLL are very excited to be facilitating the entry of a new hotel concept such as Zedwell to the market which will support the adaptive reuse of a strategically important property located in the heart of the city centre.'
