Specialist real estate finance provider Maslow Capital has delivered a £294m facility to Criterion Capital, supporting the acquisition of the 732-bed St Giles Hotel alongside Criterion’s existing freehold interest in the island site.
The financing also enables the refinancing of Haymarket House through a bespoke construction facility to deliver a new 508-bed Zedwell hotel. The transaction was structured by Maslow Capital’s Lending Solutions team, with BBS Capital acting as exclusive advisor to Asif Aziz and Criterion Capital.
Adam Baghdadi, Head of Lending Solutions at Maslow Capital, commented:
“Criterion Capital has a substantial track record in London and the West End hospitality market, and it has been a pleasure to work together on this portfolio transaction. The facility supports standing assets while providing flexibility as transformational work progresses. Completing over the holiday period required focus and alignment across all parties. We look forward to building a long-term relationship as the portfolio continues to evolve.”
Joanne Barnett, Co-Founder of BBS Capital, added:
“Our role was to advise Asif Aziz and Criterion Capital to bring the right capital partner to the table for a multi-asset, prime Central London hospitality & retail transaction. The structured facility was executed in short order with thanks to the professionalism of all parties involved including the legal teams at DLA (for the Lender) & Deloitte (for the Borrower). Maslow’s continued ability to provide complex bespoke facilities provided a strong fit for the borrower.”
Asif Aziz, Founder of Criterion Capital, said:
“This facility supports the acquisition of St Giles Hotel and the delivery of Haymarket House; two key assets within our west end hospitality portfolio which now comprises 3,700 operating rooms and a target of reaching 9,000 by 2029. The structure provides the flexibility we need to continue executing our plans across the portfolio, and we appreciate the support of Maslow Capital and the advice of BBS Capital throughout the process.”
