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Bank of London and the Middle East (BLME) has announced a £25 million ($32.3 million) three-year investment facility to Criterion Capital for a hotel development in London’s Trafalgar Square.
Trafalgar Buildings will be redeveloped by the real estate company into a hotel, which will be part of the real estate and asset management company’s Zedwell Hotels portfolio, according to BLME.
Criterion Capital specialises in adapting historic buildings to develop affordable apartments and lifestyle hotels.
The new hotel will be developed in the buildings at the corner of Trafalgar Square and Northumberland Avenue.
Omar Aziz, director at Criterion Capital, said the building was previously operated as a serviced offices by UK-founded corporate workspace company Regus.
The new hotel will add to the more than 7,000 rooms in the Zedwell pipeline, he said.
Criterion Capital was founded in 2006 by British billionaire, Asif Aziz.
(Writing by Imogen Lillywhite; editing by Seban Scaria)