UK property company Criterion Capital has acquired the historic One Princes Street in London's City, as part of its UK expansion plans for the Zedwell hotel brand.
The company plans to renovate the Grade II-listed 7,346 m2 building, designed by Sir Edwin Cooper in 1931 while preserving its architectural heritage. Its prime location near Bank Station and iconic London landmarks like St. Paul's Cathedral make it a valuable addition to Criterion Capital's portfolio, contributing to the area's revitalization. The building's features include a double-height banking hall with a domed ceiling.
Criterion Capital purchased the former NatWest bank building for an estimated £30 mln (€36 mln), intending to convert it into a Zedwell hotel.
Criterion Capital aims to open 8,500 sleep-focused "cocoon" hotel rooms across major UK cities like York, Manchester, and Edinburgh by 2027. These rooms prioritise relaxation with soundproof walls, purified air, comfortable mattresses, and calming lighting, offering guests a peaceful retreat from city noise and activity.
Halima Aziz, head of Hotels at Criterion Hospitality, said: ‘Acquiring One Princes Street marks a major step in the growth of our Zedwell brand. This prime destination blends history, commerce, and culture, perfectly aligning with our vision of providing serene, carbon-conscious spaces for rest.’
The new Zedwell hotel at One Princes Street will complement existing London locations in Piccadilly Circus, Tottenham Court Road, and Greenwich, with future hotels planned for Park Lane, Victoria, and Knightsbridge. Criterion Capital recently received £25 mln in funding from Cynergy Bank to expand its Zedwell hotel brand.
Besides 24 hotels with over 8,500 rooms across the UK, Criterion Capital also owns 4,020 apartments, and 30 commercial buildings in prime London locations such as Piccadilly Circus, Leicester Square, and Knightsbridge Green Estates.
