AEG Presents has been appointed to manage a new 4,400-capacity music venue that will form part of a wider £1.3bn (€1.4bn/$1.7bn) regeneration of the Olympia London exhibition centre.

AEG’s Global Partnerships team will oversee all naming rights and partnership opportunities for the entire Olympia London campus. The team will present the assets to market and broker all deals on behalf of the investors and developers, Yoo Capital and Deutsche Finance International (DFI).

The purpose-built music venue will be located above the existing west exhibition hall at Olympia London. Construction work is underway on the 14-acre site and the project is slated for completion in 2024.

AEG Presents chief executive Steve Homer said: “This is a very exciting opportunity. Olympia is steeped in British music history as far back as Jimi Hendrix in the 60s. AEG Presents are delighted to be part of the new development and we plan to create more iconic shows for London audiences.”

Global hotel group Hyatt and affordable luxury lifestyle and hotel brand citizen have also signed long-term agreements to operate out of the venue, which is located in West Kensington.

The citizenM London Olympia hotel will mark the brand’s fifth London destination and feature 145 rooms, three society meeting rooms and an interpretation of the citizen Living Room in the historic listed Apex Room.

Hyatt Regency London Olympia will deliver personalised and energising guest experiences, as well as dining spaces and flexible places to work, collaborate and relax. The hotel will feature 196 rooms and suites, four meeting rooms, a bar and a deli, and will be connected to a new restaurant in the Pillar Hall.

It is hoped the wide-ranging project will create a new cultural hub for west London. Yoo Capital and DFI are also in advanced talks with other potential occupiers, with interest being shown in the development’s four-screen arthouse cinema, 1,500-seat theatre, restaurants, shops, cafes, hotels and 550,000 square feet of office and co-working space.

John Hitchcox, chairman of Yoo Capital, 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.

“The Olympia project 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.”

Oliver Gardner, 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.”