Councilor Damian Gannon told C&IT that the proposal to build more hotels on the site is part of a bid to attract more events to the area.
He said: "Conferences are a key part of the arena business and this is what our focus will be on.
"The events that have already been held at the Ricoh Arena have proven to be successful, but in order to push onto the next level we need more hotels and more conference facilities.
"In the next five years we want the Ricoh Arena to be a national destination for events that is able to compete with other leading UK venues."
Currently the Ricoh Arena site, which was the former home of Coventry City Football Club, features a 121-room De Vere Hotel, but Gannon admits that this only offers limited conference facilities.
The plans to develop a series of new hotels are in the early stages, with precise models and several hotel operators still being considered.