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UK: Real estate owner Criterion Capital has acquired 109-112 Princes Street in Edinburgh, a former Debenhams store, to transform it into the first Zedwell hotel in Scotland.
Occupying over 116,500 square feet, the new Zedwell will be located close to Old Town and the Royal Mile with views of Edinburgh Castle and Princes Street Gardens.
The project will mark the first Zedwell in Scotland for Criterion. There are currently three Zedwell hotels in London (Greenwich, Piccadilly Circus, Tottenham Court Road) with planning permission for an additional site in Manchester granted at the beginning of 2024.
Asif Aziz, founder and CEO of Criterion Capital, said: “Opening our first hotel in Scotland is a significant step in our ambitious UK-wide expansion of our unique Zedwell hotel brand. Edinburgh’s rich history, cultural significance and strong tourism sector make it an ideal location for Zedwell. This project represents a fantastic addition to our committed pipeline of 22 hotels with over 7000 rooms that, together with our expanding residential and commercial portfolios, will see our AUM exceed £6 billion.”
Real estate advisors JLL supported Criterion on the acquisition. Kerr Young, head of UK national hotels transactions, capital markets, JLL, added: “We are delighted to have advised on the sale of 109 Princes Street. Edinburgh remains the best performing hotel market in Europe and JLL are very excited to be facilitating the entry of a new hotel concept such as Zedwell to the market which will support the adaptive reuse of a strategically important property located in the heart of the city centre.”
