Criterion Capital, controlled by developer and landlord Asif Aziz, is to open a flagship Zedwell-branded hotel at 1 Princes Street in the City of London.
The group said the 80,000 sq ft hotel will be developed in the 1929, grade II-listed building originally constructed as the headquarters of National Westminster Bank, adjacent to The Royal Exchange, the Bank of England and Mansion House.
Criterion did not confirm the number of rooms or the schedule for the hotel’s opening, but said the site would be reimagined to combine its architectural heritage with Zedwell’s tech-driven operating model, with the interior repositioned to meet modern hospitality needs.
The existing building’s Portland stone façade, grand banking hall and domed ceiling will be preserved and restored.
The firm said the City hotel follows Zedwell’s recent expansion into Oxford, York and Spitalfields, as it seeks “to establish a high-performance platform across the country’s most desirable, high-footfall urban locations”.
Aziz’s daughter Halima, head of hotels at Zedwell, said 1 Princes Street “is one of the most prestigious buildings in the City of London, and this project reflects our vision to create hospitality destinations that are both respectful of their history and relevant for today’s guests”.
She added: “Importantly, it also introduces high-quality accommodation at an accessible price point for the people who work, live, study and visit the City, addressing a significant gap in the market.
“With a current and committed pipeline of more than 9,000 rooms by 2028, we are excited to continue building a scalable platform across supply-constrained gateway cities, and 1 Princes Street represents a major milestone in that journey.”
Criterion Capital owns a £6bn property portfolio across London including the Trocadero leisure complex, which has been converted into a hotel with 812 rooms.
The group has recently been the subject of scrutiny from a number of public bodies and housing minister Steve Reed over reports that it has been mass evicting tenants ahead of the Renters Rights Act coming into effect.
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