Zedwell Hotels has revealed the acquisition of another office building, for conversion to create a new hotel in the City of London – the financial district of the UK capital.
Zedwell, a brand backed by real estate investor Criterion Capital, will convert a listed building at One Princes Street into its economy hotel format, featuring its cocoon style rooms. The innovative hospitality format makes a virtue out of not having windows, delivering restful, pared back guestrooms that concentrate on delivering quiet and great sleep, in the centre of the city.
Building the Zedwell pipeline
The addition of the property to the Zedwell pipeline means the brand is on target to open up to 8,500 rooms around the UK by 2027. The group is building out city centre sites, adding locations in London, York, Manchester and Edinburgh. By basing its room designs around a windowless format, Zedwell is able to plan its hotel layouts more flexibly, increasing its options when converting existing properties.
Zedwell is already open at key London sites. Its launch hotel is near London’s famed Piccadilly Circus, and occupies the top floors of the Trocadero building. There is also a Zedwell near Tottenham Court Road, created by the imaginative reuse of a basement car park.
One Princes Street is a landmark former bank building, built in 1931 and with a grade II listing that recognises its impressive facade and important location opposite other City of London landmarks the Mansion House, Bank of England and the Royal Exchange. One key internal feature is a double height banking hall that is covered by a domed ceiling. For many years, the building was occupied by NatWest.
“Acquiring One Princes Street marks a major step in the growth of our Zedwell brand,” said Halima Aziz, head of hotels at Criterion Hospitality. “We’re excited to bring Zedwell’s transformative offering to one of London’s busiest districts, offering guests an unrivalled, rejuvenating experience.”
Growing the London portfolio
The City of London site acquisition follows a recent purchase by Criterion Capital of another office building for conversion to a Zedwell in another key location, London’s Trafalgar Square. There, an office building that was once used by serviced office provider Regus will be refurbished to create more hotel space for visitors to London. Criterion Capital has agreed a three year loan with Bank of London and The Middle East to support the investment.
Not all of Zedwell’s upcoming projects are office conversions. In mid 2024, the group agreed to acquire a former Debenhams department store in Edinburgh for conversion. It purchased the development site with the benefit of a prior planning approval for conversion to hotel use.
In Manchester, work is under way to create a 187 room Zedwell in the city. There, four floors of offices in the centrally located Royal Buildings are being converted for the hotel, with an opening scheduled for early 2026.
