Criterion Capital buys former Square Mile bank for hotel conversion

Criterion Capital has acquired the former NatWest bank premises at 1 Princes Street, EC2, with plans to turn it into its next Zedwell hotel. The company is believed to have acquired the building from the financial services group for £30m. Situated next to Bank station, the Grade II listed building was built in 1931 and spans 79,077 sq ft. Criterion currently operates three Zedwell hotels in central London, with a total of 1,000 bedrooms, and has ambitions to grow the chain to 8,500 bedrooms by 2027. Three new hotels are set to open shortly in Edinburgh, Manchester and York, with a total of 13 sites in development. In October, the group obtained a £25m investment facility from Cynergy Bank to support its hotel expansion. Earlier, in August, it secured a three-year £25m investment facility from the Bank of London and the Middle East to convert an office to a hotel near Trafalgar Square. Knight Frank advised Criterion on its latest deal. Cushman & Wakefield advised NatWest.