Criterion Capital is pleased to announce that it has acquired the 732-room St Giles London Hotel on Tottenham Court Road, completing the long-term vision of obtaining full ownership of one of the West End’s most prominent and strategically located island sites.
The hotel occupies a landmark position at the intersection of Oxford Street and Tottenham Court Road, adjacent to Tottenham Court Road Underground station, served by the Central, Northern and Elizabeth lines. The location offers exceptional connectivity, high footfall and close proximity to Oxford Street, Theatreland, the British Museum and London’s leading academic and medical institutions.
This acquisition marks the latest chapter in a story spanning more than three decades. Before establishing his own business, Asif Aziz was a member of the Michael Laurie team that advised the YMCA on the sale of the hotel in 1993 to Ravenscroft Investments. He later founded Criterion Capital and gradually consolidated interests across the wider site, including the acquisition of the underground NCP car park in 2006. Criterion subsequently reimagined and revitalised this dormant space as England’s first fully underground hotel – a pioneering addition to its innovative Zedwell Hotels brand – demonstrating its commitment to sustainability, adaptive reuse and preserving embodied carbon.
Following the YMCA’s independent decision to cease operations in 2025, the organisation approached Criterion regarding the sale of its freehold interest after its closure, which Criterion acquired. Now, Criterion has completed the reunification of the entire site, restoring single ownership for the first time since its original development, after years of fragmented ownership and operation.
With this acquisition, Criterion’s West End hotel portfolio now comprises over 3,700 operating hotel rooms, with a committed pipeline set to exceed 9,000 rooms by 2029.
Author: Helen Leigh
