Construction on the new International Convention Centre Wales will begin in March after funding details were agreed between the Welsh Government, Celtic Manor Resort and NatWest. .
NatWest's local corporate team will provide a £51.5m loan facility to the joint venture company which will construct and manage the new convention centre as a 50/50 partnership between Welsh Government and Celtic Manor Resort.
As well as the tripartite funding agreement, the Welsh Government and Celtic Manor Resort have signed contracts to establish a shareholders' agreement and project management agreement to build and run ICC Wales. A construction contract was also signed with the principal building contractor, John Sisk and Son, who have worked diligently and pro-actively over the past 12 months to ensure construction costs remained within budget.
With a total development cost of £83.7m including car parking and external landscaping, ICC Wales will be capable of accommodating up to 5,000 delegates with a total floor space exceeding 26,000 square metres. It is projected that the new facility will open for business in June 2019.
The centre will house a 1,500-seat auditorium and separate exhibition hall which, at 4,000 square metres, will provide the largest pillar-free ballroom in Europe, capable of hosting 2,400 people for a gala dinner.
Celtic Manor Resort Chairman, Sir Terry Matthews said, '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 to Wales.
'The Celtic Manor Resort has already established a reputation as the UK's No 1 Conference Hotel but this new centre will be a real game-changer. In the past, we've 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.'