West Kensington based exhibition centre Olympia London is to undergo a £1.3 billion redevelopment project, which will turn it into a world-leading cultural destination.
The project will be run by Yoo Capital and Deutsche Finance International (DFI) is set to be completed in 2023.
It will include a four-screen arthouse cinema, a 1,500-seat theatre and a live music venue as well as restaurants, shops, cafés, two hotels and 550,000 square foot of office space.
The Heatherwick Studio and SPPARAC-designed project will mean improvements to the existing event spaces and an incredible 2.5-acre new public space.
There will be almost 350 rooms across the two hotels, run by Hyatt and CitizenM.
The Hyatt Regency London Olympia, a 5* hotel, will have 196 rooms, suites, a bar and deli and is due to be connected to a new restaurant.
CitizenM London Olympia, the brand’s fifth London destination, will have 145 rooms, three society rooms and a citizen living room.
The brand new, purpose-built music venue, which will hold up to 4,400 people will be found above the west exhibition hall.
AEG Presents, who run festivals including American Express presents BST Hyde Park, All Points East at Victoria Park and Eden Sessions as well as representing the likes of Justin Bieber, Shawn Mendes and Rod Stewart, will run the new venue.
Managing director at Olympia London Nigel Nathan said: “We’re incredibly excited to have these fantastic brands joining us as our new onsite neighbours.
“Collectively we’re creating richer experiences and more opportunities for all our customers and visitors that we host as our iconic London venue.”
The redevelopment project comes after event organisers, visitors and exhibitors gave feedback which will guide the plans.
There will also be improved show spaces for event organisers as well as a state-of-the-art logistics centre to help the building up and break down process of shows to be more efficient.
It is also hoped that the redevelopment project will boost the local economy and ensure that London remains a world leading events destination.
John Hitchcox is the chairman and founder of YOO Capital, a world leading innovator responsible for many hotel developments worldwide.
He said: “It’s been a challenging year for the events, live entertainment, retail and hospitality sectors – but having these three partners on board is a real positive for London.
“It is a clear indication of confidence in both the city and this iconic landmark as a destination for culture and creativity.
“It will give a real boost to the local economy, bringing in an extra £9m per year in consumer spending to Hammersmith & Fulham, so we are very pleased to be taking another big step towards the realisation of a new vision for this area.”
Lead councillor of the London Borough of Hammersmith & Fulham Stephen Cowan added: “Olympia is a crucial part of our mission to make Hammersmith & Fulham a global hotspot in STEM industries, the arts, fashion and culture.
“This is already bringing some of the best careers and start-up opportunities to our residents’ doorsteps – something that will continue for generations to come.
“I welcome news of Yoo Capital Management’s latest progress and will continue to work with them and local residents on this important project.”