OLYMPIA LONDON ANNOUNCES NEW TENANTS01 Dec 2020 Olympia London
Tenants for the state-of-the art live music venue and two hotels are set to move into the transformed Olympia London in 2023 as part of the part of the venue’s elevation into a world-leading cultural destination.
The three major pre-let agreements with leading names in entertainment and hospitality are the first occupiers to commit to the landmark scheme. Global hotel group Hyatt, affordable-luxury, boutique hotel chain citizenM, and live entertainment company AEG Presents, have all signed long-term agreements to operate out of the west London venue.
Key tenancy details include:
- The 5* Hyatt Regency London Olympia will have 196 rooms and suites with a bar and deli and will be connected to a new restaurant
- citizenM’s fifth London destination will feature 145 rooms, three societyM rooms and a unique interpretation of the citizenM Living Room
- A 4,400-capacity state-of-the-art, purpose built live music venue, to be located above the existing west exhibition hall, will be run by AEG Presents, the world-leading global music and live entertainment company
The £1.3 billion Olympia London redevelopment project will create a new cultural hub that includes a four-screen arthouse cinema, 1,500-seat theatre, live music venue, restaurants, shops, cafés, two hotels and 550,000 sq ft of office and co-working space. The Heatherwick Studio and SPPARC-designed project will also see the enhancement of the existing event spaces and 2.5 acres of new public space created.
Feedback from event organisers, exhibitors and visitors helped guide the plans for this transformation project. It will be a huge boost to event organisers and their customers who asked for hotels along with pre and post-event entertainment and restaurants at the venue located in Central London. Event organisers will also benefit from enhanced show spaces and facilities as well as a new state of the art logistics centre to make build up and break down of shows more efficient. There will also be greater potential for on-the-day ticket sales for consumer events due to increased footfall from the many onsite attractions pulling in visitors from all over the country.
The development is set to boost to the local economy and help keep London as a preferred events destination in Europe.
Nigel Nathan, Managing Director of Olympia London, 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 at our iconic London venue.”
Chairman of YOO Capital John Hitchcox 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 and 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.”
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About Olympia London
The home of inspirational events, Olympia London opened its doors in 1886. Established as London’s architectural, cultural and events landmark, the venue welcomes more than 1.6million visitors each year. In addition to 134 years of history and heritage, Olympia London is a prime choice for events, making it the capital’s busiest venue. Hosting an enviable portfolio over 200 events, it annually contributes £1.2bn to the UK economy. www.olympia.london
About YOO Capital
YOO Capital is a privately owned real estate investment firm with over £3 billion of gross real estate assets under management across Greater London. Specialising in creative, complex mixed-use investments, the firm has in house private equity, creative asset management and development capabilities with over 30 years and $10 billion of transactional experience. Additional information can be found at www.yoocapital.com
About Deutsche Finance International
DFI is a pan-European private equity firm with over €2.4 billion of assets under management, which specialises in customer centric real estate. It pursues value add and select opportunistic research-driven strategies in order to deliver superior risk-adjusted returns through deep value investing, capitalising on trends and transforming under-managed and under-invested assets and operating companies through active asset management. The firm acts as the investment adviser to its discretionary funds and co-investment partners, and has a global institutional client base that includes pension funds, insurance companies, financial institutions and family offices.
DFI is independently managed by its Founding Partners with a dedicated best-in-class team operating across offices in London, Munich, Madrid and Luxembourg. It benefits from being part of the Deutsche Finance Group (“DFG”), a global investment management firm that specialises in private market real estate and infrastructure investments. DFG currently has over €6.5 billion of assets under management and is headquartered in Munich. DFG is privately owned and regulated by the Federal Financial Supervisory Authority of Germany, BaFin. For additional information see www.deutsche-finance-international.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt Zilara™ and Hyatt Ziva™ brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences® and Hyatt Residence Club®. As of December 31, 2013, the Company's worldwide portfolio consisted of 548 properties in 48 countries. For more information, please visit www.hyatt.com.
About AEG Presents
Combining the power of the live event with a focus on true artist development, AEG Presents is a world leader in the music and entertainment industries. Operating across three continents, the company has an unparalleled commitment to artistry, creativity, and community. Its tentpole festivals and multi-day music events — which include the iconic Coachella Valley Music & Arts Festival and the legendary New Orleans Jazz & Heritage Festival alongside British Summer Time at Hyde Park, Stagecoach, Hangout Festival, Electric Forest, and Firefly — continue to set the gold standard for the live music experience. AEG Presents promotes global tours for artists such as The Rolling Stones, Ed Sheeran, Elton John, Taylor Swift, Celine Dion, Justin Bieber, BTS, Kenny Chesney, Paul McCartney, and Katy Perry, in addition to — through its network of clubs, theatres, arenas, stadiums and renowned partner brands such as Goldenvoice, Messina Touring Group, Concerts West, The Bowery Presents, PromoWest Productions, Marshall Arts, Madison House Presents, and Zero Mile Presents — creating and developing an infrastructure for artist development and audience reach that is unmatched by any company in the world. AEG Presents is a wholly-owned subsidiary of AEG. More information can be found at www.aegpresents.com.
citizenM started with an idea to disrupt the traditional hotel industry by creating a luxury hybrid hotel for today’s modern travellers – eliminating the frustrations these travellers shared. In 2008, the company opened its first hotel and designed it around a new type of traveller – one who values a luxury hotel experience in central city locations, but at an affordable price. The central locations are in the world’s most exciting cities, but at an affordable price. The first citizenM opened at Amsterdam’s Schiphol Airport in 2008. Today, citizenM’s portfolio includes 20 hotels in 14 exciting cities: London, Glasgow, Amsterdam, Rotterdam, Paris, Copenhagen, Zurich, Geneva, New York, Boston, Seattle, Washington DC, Taipei and Kuala Lumpur. citizenM intends to keep growing as a fully integrated owner-operator in selected gateway cities around the world.