LONDON, June 4 (Xinhua) -- Olympia London, a historic exhibition venue in the British capital, will begin a phased reopening this autumn as part of a 1.3 billion pound (1.76 billion U.S. dollar) redevelopment, project developers announced on Tuesday.
The transformation is expected to inject more than 600 million pounds into the British economy and create thousands of jobs.
The redevelopment will feature a 4,000-capacity music venue, a new 1,575-seat theatre, two international hotels, more than 30 independent hospitality venues, and 550,000 square feet of premium office space.
According to economic consultancy Volterra, the revitalized Olympia is projected to attract 3.5 million visitors annually to its hotels, event spaces, and cultural venues. Annual visitor spending is estimated at 464 million pounds, with total event-related expenditure potentially reaching 1.3 billion pounds -- nearly 27 percent of the country's sector-wide spending.
"We're not opening a shopping centre where you can buy a T-shirt," said Lloyd Lee, managing partner at Yoo Capital, one of the project developers. "We're building theatres and music arenas where shows are made and performed. Culture is what we're investing in."
Opened in 1886 as the National Agricultural Hall, Olympia has grown into one of Britain's most iconic cultural and exhibition spaces. Renowned for its iron-and-glass architecture, it has hosted events ranging from the Ideal Home Show to major trade exhibitions. (1 British pound = 1.35 U.S. dollar) ■
