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Criterion Capital, the operator of Zedwell Hotels, has announced the acquisition of the world’s first YMCA on Tottenham Court Road in Central London for an undisclosed amount.
The deal was initiated by Central YMCA, who sought Criterion’s economic support in addressing “escalating” challenges.
Faced with declining membership, rising operational costs and increased competition, the YMCA determined that divestment was the best way to advance its charitable mission and reinvest in areas of greater need.
According to Criterion Capital, it was “honoured” to take on the stewardship of the landmark.
In collaboration with local organisations and stakeholders – including the Bloomsbury Residents’ Action Group, the Fitzrovia Partnership and Camden Council – Criterion will shape the next chapter of this building.
Criterion will also work with Central YMCA to safeguard features and ensure “the thoughtful transfer of artefacts and memorabilia to commemorate the building’s storied past”.
Omar Aziz, director at Criterion Capital, said: “This acquisition is a partnership founded on trust and mutual respect. From the beginning, our shared vision with Central YMCA has been to recognise the importance of this historic site, while transforming it into an economically viable and vibrant space that meets the needs of future generations, ensuring it remains relevant and meaningful to contemporary needs.”
