Criterion Capital has secured £25 million in financing from Bank of London and The Middle East PLC (BLME) for an office to hotel conversion in Trafalgar Square.
The three-year loan facility will aid in the rejuvenation of the upper floor of the Trafalgar Buildings, converting them to into Zedwell Trafalgar Square.
The project is part of Criterion’s UK expansion strategy of its sleep-focused hotel concept, and joins its sites across London including in Park Lane and Greenwich as well as sites in Manchester and Edinburgh. Zedwell currently has 7,000 rooms in its pipeline.
What they said
Henry Wilson-Holt, associate director, real estate finance at BLME said: “We are thrilled to support Criterion Capital in this transformative project, which aligns with our shared vision of sustainable development and urban revitalisation. We are pleased to have worked with Criterion on this deal and look forward to continuing to provide clients with financing for premium assets, such as this one.”
Omar Aziz, director at Criterion Capital added: “Working with BLME on this deal has been a seamless experience; their expertise and enthusiasm have been invaluable in bringing our vision to life. The transformation of Trafalgar Buildings represents a key milestone in the strategic UK-wide expansion of our Zedwell hotel portfolio. As the first serviced office building in London, and previously occupied by Regus, Trafalgar Buildings is undergoing a thoughtful and carbon-efficient repositioning. Rather than demolishing, we are reimagining it into a use that not only supports local employment but also contributes positively to the surrounding area.