More than 100 jobs have been safeguarded after contracts confirming the acquisition were exchanged earlier today (31 March).
Matthew Barnby, the hotel's new manager (pictured), said: "We are excited to be officially opening the Coldra Court hotel by Celtic Manor and we are delighted to welcome the hotel's talented and experienced team of staff into the Celtic Manor family.
"The Coldra Court is a four-star hotel in terms of facilities but we will run it with the same five-star service standards associated with the Celtic Manor Resort."
He added: "We will be investing more than £2m in upgrading the hotel over the next three years, beginning with a phased refurbishment of the bedrooms. We will also be introducing a new restaurant concept and looking to update the conference and banqueting facilities in the near future."
The Coldra Court houses the newly rebranded Springs Health Club with swimming pool, spa bath and gym, Seasons Restaurant, and nine conference and meeting rooms, including the Severn Suite which can seat 220 people for a celebration dinner.
The acquisition adds to Celtic Manor's portfolio of guest residences, which include the main resort hotel, the Manor House, the Newbridge on Usk and 10 Hunter Lodges. It takes the Celtic Manor's total bedroom stock to almost 600.
Coldra Court hotel manager Matthew Barnby (second left) with members of the team, from left, Sandra Bokomlaskova, Sophie Lightbody and Peter Rae