Plans to knock down one of London’s oldest cinemas to make way for a new hotel have been approved.

Leicester Square’s Odeon Cinema West End – which originally opened in 1930 – will be replaced by a 10-storey, 360-bedroom hotel and a two-screen cinema with 554 seats.

Westminster council has said that the project will create more than 400 jobs, with demolition of the site expected to commence later this year.

There has been opposition to the demolition, with opponents claiming the scheme would damage “the cherished heritage” of Leicester Square.

As part of the development agreement, £2.9m will be put towards affordable housing in Westminster and all flats lost through the demolition will be replaced.

The new hotel will be developed by the Edwardian group, which recently received £375m of new funding for its UK hotels.