- Acquisition is the latest in the international expansion of edyn’s lifestyle brand, Locke.
- The hotel conversion will be edyn’s first entry into the Swiss market.
- Acquisition debt funding provided by Blackstone Mortgage Trust and KSL Capital Partners.
edyn, the hospitality pioneer revolutionising the extended stay sector, today announced the acquisition and redevelopment of Hotel Ascot in Zurich, which will become the latest expression of its lifestyle brand, Locke.
The new development, due to open in Summer 2023, will be edyn’s first entry into Switzerland, and a rare opportunity to secure a foothold in the strategically important Zurich market. The acquisition continues the rapid European expansion of its Locke brand, which launched in six new locations in 2021 including London, Cambridge, Dublin, and Munich.
The six-floor, 3,700m2 property located in the Enge neighbourhood of the city,will be converted into 80 rooms, in a mix of studio and one-bed suites –alongside amenities including a restaurant, bar, and coffee shop. Reflecting Locke’s locally focused ethos, progressive interior studio Sella Concept will be tasked with reflecting the cultural identity of Zurich through a distinctive and sophisticated aesthetic for the rooms and common areas.
The hybrid hospitality sector has seen significant growth in recent years, supported by evolving traveller demands and consumer trends, combined with the proven resilience of the extended stay segment.
Signalling their confidence in the market and in edyn, additional funding has been secured from Blackstone Mortgage Trust and KSL Capital Partners, extending their £195m multi-asset debt facility to help facilitate this acquisition.
With 11 trading properties and 1,768 trading keys spread across five markets, the development of a new Locke in Zurich is an important step in the brand’s expansion, bringing its forward-thinking hybrid concept to a popular European gateway city.
Stephen McCall, edyn CEO, said “We are excited to bring the Locke brand to Switzerland, as we continue our expansion across Europe. Zurich is a vibrant and culturally rich international hub, and the new location will fit in well with the city’s diverse and cosmopolitan community. We also look forward to continuing the spirit of elegance and creativity the Hotel Ascot site has become known for since it was built in 1954.”