The International Centre, Telford, which is owned by the Southwater Event Group, is planning a third on-site hotel, a new 1,000sq m flexible event suite, and additional bars and restaurants.
The venue already has 11,300 sq m of event space, two on-site hotels and a third hotel just two minutes' drive away.
And now the new plans will take the total of on-site hotel bedrooms to 451, as well as creating more event space as a direct result of customer demand.
Southwater Event Group CEO, Tom Gray, said: "These are extremely exciting plans that are essential in order for us to accommodate the growing demand for our venue.
"Our joint partnership with the local authority, Telford & Wrekin Council, will help to ensure that our plans for the venue and their plans for the wider Telford area will create a more attractive destination for business tourism."
The target schedule is to have the exhibition suite completed by April 2011, and the new hotel finished by May 2013. The work will be carried out in phases, with each project completed before the next begins so that the International Centre remains fully operational throughout.
The Southwater Event Group's plans for The International Centre are part of a £250 million masterplan for the Telford area which aims to create a new convention quarter for the town.