Bank of London and the Middle East has provided Criterion Capital with a three-year, £25m investment facility for an office-to-hotel conversion in Trafalgar Square, WC2.
Criterion is set to convert the upper floors of Trafalgar Buildings, constructed between 1881-1882, into a Zedwell Trafalgar Square hotel.
BLME’s investment facility underscores Criterion Capital’s broader strategy of revitalising obsolete buildings by repositioning them as affordable residential apartments and lifestyle hotels.
Omar Aziz, director at Criterion Capital, said: “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. Trafalgar Square’s international status and high footfall offers a unique opportunity to advance our commitment to sustainable tourism, adding significant momentum to our strategic growth, with more than 7,000 rooms in our Zedwell pipeline.”
Image © Criterion Capital
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