Criterion Capital has bought One Princes Street, an historic office site next to the Bank of England in the City of London, for redevelopment for its Zedwell Hotels brand.
Criterion said the acquisition of the building is a key milestone in the expansion of its Zedwell brand and reinforces its commitment to scaling its portfolio. The price paid, vendor and advisers were not disclosed.
Zedwell plans to open 8,500 rooms, which it terms "cocoons", by 2027, in central city locations including York, Manchester and Edinburgh.
One Princes Street has a Grade II-listed facade and spans 79,077 square feet. Designed by Sir Edwin Cooper and constructed in 1931, the building has a double-height banking hall with a domed ceiling.
Halima Aziz, head of hotels at Criterion Hospitality, said in a statement: “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. We’re excited to bring Zedwell’s transformative offering to one of London’s busiest districts, offering guests an unrivalled, rejuvenating experience.”