New hotels could be built at the Ricoh Arena in Coventry within 18 months, thanks to the release of £140m worth of project funding by the city council.
At a meeting on 25 February, Coventry City Council committed to big capital spending, including on hotels at the car park site of the Ricoh.
The move is part of a wider plan to regenerate the northern part of the city. A train station at the Ricoh has also been mooted again by councillors.
An existing De Vere hotel has only limited space to offer and the events stream of business has increased at the venue since Coventry City Football Club left as tenants last summer.
In fact, turnover from the football club, which has since decamped to Northampton, represented less than 10 per cent of the Ricoh’s revenues. The venue is now even more tightly focused on winning conferences and events.
Councillor Damian Gannon said: “The Ricoh can attract more conferences. It creates jobs, more business rates and I’m determined to get it kick-started again because it’s an outrage that it’s taken so long to get that project finished”.
Chris Robinson Chairman of ACL told CN: “This investment would be great for the Ricoh Arena and would naturally complement our growing business. It’s also an indication of the Council’s continued commitment to regeneration of this area of the city, one of the key reasons why the Ricoh Arena was built in the first place”.
It seems the council still has to decide, however, whether to partner with private investors and to what extent and is likely to be looking for a hotel operator to work with.
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