Zedwell Hotels owner secures £16m loan

The owner of Zedwell Hotels has secured a £16m loan to support the group’s plans for 13 more properties across the UK over the next three years.

The five-year funding package between real estate management company Criterion Capital and Metro Bank will be tied to the 123-room Zedwell Greenwich, which opened in October last year.

Criterion Capital opened its first Zedwell hotel in London’s Piccadilly in 2020 after almost eight years of delays.

The second Zedwell property launched in London’s Tottenham Court Road later that year as the capital’s first underground hotel.

Zedwell Hotels aims to have more than 7,000 rooms across the UK.

Omar Aziz, director at Criterion Capital, said: “We would like to thank the Metro Bank team for their support of the ambitious plans we have for our innovative Zedwell brand. The opening of Zedwell Greenwich marked a significant step in our strategic expansion. The hotel boosts the local economy and showcases Greenwich as a key destination for sustainable tourism by offering a unique, sleep-focused experience.”

Nicholas Kalamaras, head of hospitality and leisure at Metro Bank, added: “Metro Bank has established expertise in financing hospitality and leisure businesses and we are really happy to see this deal complete as Criterion Capital continues its ambitious growth plans for the brand.

“Zedwell is a unique and innovative hotel brand which offers peaceful, affordable spaces in key city centre locations and we’re excited to see it achieve its growth plans over the next few years.”

Criterion Capital currently owns 23 hotels across the UK and 30 buildings in London.