Plans for the £120m redevelopment of the Royal Bath and West Showground near Shepton Mallet, Somerset, have been unveiled, which will see the site transformed into a major tourist destination.

A masterplan for the showground scheme, which is expected to take up to 15 years to complete, includes a number of tourist and business elements which will provide a boost to the local and regional economy. The project includes the creation of new hotels, a 100,000sq ft (9,290sq m) conference and exhibition centre and an outdoor pursuits centre, which will include climbing, canoeing and adventure areas.

Log cabin holiday homes are also planned as part of the scheme, which will see the whole development linked by a network of footpaths, cycle trails and bridle-paths, and the extension of the existing miniature railway. The Royal Bath and West of England Society (RBWES), which is behind the development plans, hopes that the majority of the tourist elements will be completed by 2012.

The society also plans to make the showground the first in the UK to be completely energy self-sufficient by using renewable technologies. Excess electricity would then be sold back to the National Grid. RBWES chief executive, Jane Guise, said: "We want to transform the showground and create a vibrant, high-quality events venue of a national standard.

"We believe our plans will achieve this and ensure long-term financial stability, raising the investment needed to fund the redevelopment and create a solid and growing revenue stream to safeguard the future." The society will be working with architects Stephen George and Partners on the scheme, as well as LaSalle Investment Management and developer London and Wharfedale.