Restoration of the hotel and historic Public Market Building was handled by developer David Taylor. The two-year project is just another feather in the cap of the city's revitalization efforts of the downtown area.
"Sacramento has a strong market place and everyone is aggressively moving forward with development and expansion projects," Aaron Frederick manager of Research Services, Marcus & Millichap told Globest.com "Downtown has a strong business market with more than 100,000 employees in the epicenter and so there is a definite need to meet that business growth."
Indeed, hotel officials say they have already booked more than 100,000 room nights through 2006. As well, according to the Sacramento Visitor's Bureau the city boasts more than 10.5 million tourists a year and has the fastest growth population. In the last decade the city has seen a 19% population growth and the city's 2000 hotel occupancy rate is also growing and reached 69% up more than 5% from 1999.
Frederick also said that other developments are also underway in the downtown area. "The East End Project which is a mixed-use government building is more than 1.4 million sf of space and is less than two block from the Sheraton," says Frederick. "I believe this development along with the many others going on in the area are indicators of the strength of the market and the revitalization of the downtown area overall.
"Businesses are moving here and the population is growing. Sacramento has moved from a government city to a business community and in the last 10 years that growth and expansion has truly impacted the market."
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