A new 150-room hotel at one of the Midlands’ premier event complexes is set to create more than 30 new jobs and have a substantial economic impact on the regional economy. Wasps Group’s Ricoh Arena complex already boasts a 32,600-capacity stadium alongside 20,000 square metres of event space, including the 6,000-square-metre exhibition hall, casino, and meeting lounges. The hotel further strengthens the group’s event proposition and operations.
The Ricoh Arena stages more than 1,300 events a year, and an increase of bedroom stock on site will see them attract even more multi-day events.
The new £15 million Hampton by Hilton hotel will complement the complex’s 121-room DoubleTree by Hilton Hotel and will enable the Ricoh Arena to attract more conferences and exhibitions to the site.
Plans for the new hotel will be showcased at MIPIM, the world’s largest commercial development and investment show, where Wasps are members of the Coventry & Warwickshire MIPIM Partnership.
A planning application has already been submitted and, if successful, work on the new hotel could begin in the summer.
The venue is scheduled for completion in Q4 2021 – in time for Coventry City of Culture and ahead of the Commonwealth Games which will be held in Birmingham in the summer of 2022.
Stuart Cain, Chief Executive (Venue) at Wasps Group, said: “This is an exciting project which will greatly benefit not only Wasps Group but the city as a whole.
“The new hotel has the potential to create more than 30 new jobs in the hospitality sector and will bring in around £3.5 million per year to the local economy.
“It will also support Wasps Group’s ambitious commercial plans. We have some of the finest conference facilities in the Midlands. Unfortunately, a shortage of bedroom stock at Ricoh Arena means that we are not always able to reach our full potential by accommodating people on site.
“The new hotel will make us an even more attractive venue for organisers that are looking to stage large events over more than one day, and we estimate that it will boost revenue by as much as £1 million per year.”
Wasps Group also confirmed that the new hotel would not impact on the Ricoh Arena’s “Green Travel Plan” which was one of the conditions of the venue being built and which encourages 75 per cent of visitors to travel by public transport, bike or foot.
Stuart added: “The new hotel will not affect parking requirements for the “Green Travel Plan” in any way. We are always looking at ways in which we can make car parking at the Ricoh Arena more efficient.”
The Coventry & Warwickshire MIPIM Partnership is made up of companies and organisations who represent the area and is also part of the UK Midlands presence at the event which attracts 30,000 delegates.
Councillor Jim O’Boyle, cabinet member for jobs and regeneration, said: “This is great news. A hotel has always been part of the wider plan for the whole development, so I’m glad to see this progress. I’m sure it will enable the team to secure even more brilliant events at the Ricoh and of course it will create new jobs for local people.”