Construction work for the new International Convention Centre (ICC Wales at Celtic Manor Resort in Wales will begin next month, it has been confirmed, after the Welsh Government, Celtic Manor Resort and NatWest came to an agreement. A loan facility of £51.5 million will be provided by the local corporate team at NatWest for the new £83.7 million project, which will be a 50/50 partnership between Celtic Manor Resort and the Welsh Government.
The duo partaking in the joint venture have signed contracts to create a project management and shareholders agreement which will help both in the construction and the running of the ICC, and once the new Convention Centre is up and running it is expected to be able to accommodate up to 5,000 delegates over a floor space of 26,000 sq m.
This International Convention Centre has been many years in the planning and I am delighted that we are now in a position to build and deliver this facility that will be such an asset in Wales, commented Sir Terry Matthews, the Celtic Manor Resort Chairman. The Celtic Manor Resort has already established a reputation as the UKâs No 1 Conference Hotel but this new centre will be a real game-changer.
In the past, weâve been forced to turn away hundreds of millions of pounds of business because we did not have the capacity to hold the largest conferences. Not any longer. This International Convention Centre will allow us to attract the biggest and most lucrative business events to Wales, as well as high profile summits and party political conferences. ICC Wales will rival any convention facility in Europe and will act as a magnet for major events, bringing huge benefits to the Welsh economy.
The ICC will be fully open for business around the time of June 2019, in what is set to be a landmark development in Wales!