Hyatt and CitizenM to move into £1.3b Olympia London regeneration scheme

Two hotels operating under CitizenM and Hyatt brands are set to open in 2024 as part of Olympia London's £1.3b regeneration scheme.

The CitizenM London Olympia, the brand's fifth London site, will have 145 bedrooms. The Hyatt Regency London Olympia will have 196 bedrooms and suites, four meeting rooms, a bar and deli, and will be connected to a new restaurant to be developed in the historic Pillar Hall.

Construction is under way and the venue will also feature a 4,400-capacity, purpose-built live music venue, to be located above the existing west exhibition hall, which will be run by AEG Presents.

Investors and developers Yoo Capital and Deutsche Finance International (DFI) are in advanced talks with other potential occupiers for the development's four-screen arthouse cinema, 1,500-seat theatre, restaurants, shops, cafés, hotels and 550,000 sq ft of office and co-working space.

Klaas van Lookeren Campagne, chief executive of CitizenM, said: "We are thrilled to be bringing CitizenM to this exciting development in Olympia. We are confident that our affordable luxury concept will appeal to weekend culture-lovers and weekday workers alike, and are delighted to have found such a perfect location for our fifth property in London."

Felicity Black-Roberts, vice-president of development Europe, Hyatt said: "The idea behind the Hyatt Regency brand is to offer a stress-free environment for seamless gatherings and empathetic service that anticipates the needs of our guests. Adding a second Hyatt Regency hotel to the Hyatt portfolio in London contributes to our ambitious growth strategy for the UK."

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."

Oliver Gardiner, development director at DFI, added: "To have secured three such high-profile and recognised brands for Olympia against the current market backdrop, and four years ahead of completion, is a ringing endorsement of the enormous potential that is set to be unlocked through this project. Our plans are on schedule and it's gratifying to have reached this milestone as we work to assemble a world-leading occupier line up."

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."

CBRE and Cushman & Wakefield are joint advisors on the leasing.