Also means
ceremony
Usage Note
Celebración covers both a festive event (la celebración del cumpleaños) and the formal holding of an event such as a meeting or election (la celebración de elecciones). The second sense, 'holding/convening,' is very common in formal Spanish and has no direct one-word equivalent in English. The verb celebrar shares both senses.
Examples
"La celebración duró toda la noche."
Natural Translation
The celebration lasted all night.

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