Second place for best new hotel went to the Laguna Palace and Laguna Suites; third place went to Ken McCulloch's new Dakota concept in Nottingham.
This year's judges included Sir Terence Conran, Grace Leo-Andrieu of GLA International, Chris Rouse of CB Richard Ellis hotels and Mark Jones of the Eden Project.
The judges praised Chetwood Associates, the Zetter's architects, for its innovative approach. 'They took a difficult urban site and transformed a redundant building into a highly impressive destination hotel - an achievement made all the more exceptional given the extremely tight budget.'