The financing will support Criterion Capital’s acquisition of the 732-bed St Giles Hotel and Criterion’s preexisting freehold interest in the island site, alongside the refinancing of Haymarket House, with a construction facility to deliver a 508-bed Zedwell hotel.

BBS Capital acted as exclusive advisor to Asif Aziz and Criterion Capital and the transaction was structured by Maslow Capital’s lending solutions division.

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.

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“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.”

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.”