Extended stay operator Edyn has announced a deal to buy and redevelop the Hotel Ascot in Zurich under its lifestyle brand, Locke.
The new development, due to open in Summer 2023, will be Brookfield-backed Edyn’s first entry into Switzerland, and continues the European expansion of its Locke brand, which launched in six new locations in 2021 including London, Cambridge, Dublin, and Munich.
The six-floor property will be converted into 80 rooms, in a mix of studio and one-bed suites – alongside amenities including a restaurant, bar, and coffee shop.
The hybrid hospitality sector has seen significant growth in recent years, supported by evolving traveller demands and consumer trends.
Brookfield has secured additional funding from Blackstone Mortgage Trust and KSL Capital Partners, extending their £195 million multi-asset debt facility to help facilitate this acquisition.
What They Said
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.”