Zedwell Hotels has acquired New London House on Fenchurch Street in the City of London from Whitbread for an undisclosed price.
Zedwell intends to undertake a green conversion of the podium and tower building, transforming it into a 509-room hotel. The acquisition forms part of Zedwell’s wider strategy to identify strategically located, structurally sound buildings where conversion can unlock long-term value.
Whitbread purchased the freehold interest in the 1970s built 89,722 sq ft office, retail and restaurant building from clients of Orchard Street Investment Management for £56.5m in 2023.
Vaqas Farooq, chief executive officer of Criterion Capital, said: “New London House is a milestone acquisition and an important step in Zedwell’s growth. Conversions are fundamentally greener: by working with what already exists, we can significantly reduce embodied carbon and construction waste while breathing new life into landmark buildings.
“Transforming New London House into a 509-room Zedwell hotel demonstrates that ambitious hospitality growth and environmental responsibility can go hand in hand. This investment reflects our continued confidence in London and our ambition to grow Zedwell sustainably across the capital’s most important locations.”
