Criterion Capital has secured a £294m facility from Maslow Capital to support the firm’s acquisition of the 732-bed St Giles Hotel and refinance its Haymarket House asset.
The firm obtained full ownership of the St Giles London Hotel (pictured) on Tottenham Court Road earlier this month, reportedly for a fee of £220m. Criterion acquired Haymarket House in London’s Soho in 2023 and intends to convert the building’s upper floors into a 508-bed Zedwell hotel.
The new funding facility was structured by Maslow Capital’s lending solutions division. BBS Capital acted as exclusive adviser to Criterion Capital and its founder Asif Aziz.
Adam Baghdadi, head of lending solutions at Maslow Capital, said: “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 and 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 and Deloitte. Maslow’s continued ability to provide complex bespoke facilities provided a strong fit for the borrower.”
Aziz 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 [has] 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.”
