Property investment firm Criterion Capital has acquired One Princes Street in the City of London to expand its Zedwell hotel brand.

One Princes Street, a Grade II-listed building built in 1931 and originally designed by Edwin Cooper, is located near Bank Station and prominent landmarks including St Paul’s Cathedral, Leadenhall Market, and the Barbican Centre.

Zedwell aims to open 8,500 rooms by 2027, with new locations planned in York, Manchester, and Edinburgh.

Halima Aziz, head of hotels at Criterion Hospitality, said: “Acquiring One Princes Street marks a major step in the growth of our Zedwell brand. This prime destination blends history, commerce, and culture, perfectly aligning with our vision of providing serene, carbon-conscious spaces for rest. We’re excited to bring Zedwell’s transformative offering to one of London’s busiest districts, offering guests an unrivalled, rejuvenating experience.”

Last month, Criterion secured £25 million in funding from Cynergy Bank to support the expansion of Zedwell. The brand currently operates three hotels in London, located in Piccadilly Circus, Greenwich, and Tottenham Court Road.

Criterion Capital manages assets worth over £6 billion. Its portfolio includes 24 hotels with approximately 8,500 rooms across the UK, a residential portfolio of 4,020 apartments, and 30 commercial buildings in London.