Business Journal: Sheraton Deal Announced

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(Sacramento, CA)
Wednesday, February 20, 2008
Developer David Taylor and the CIM Group have made an offer to purchase the Sheraton Grand Hotel in a deal that would provide money to the city of Sacramento for redevelopment projects in downtown. The city and Taylor built the hotel by selling $91 million in 30-year revenue bonds in 1999. The city contributed $8 million and a 700-space parking structure, while Taylor and his partners provided the historic Sacramento Public Market building at 13th and J streets, which became the public space and meeting rooms of the Sheraton. If completed, the deal would generate about $47 million to the city. Half of that money would be given back to Taylor and the CIM Group to develop projects on J, K or L streets in downtown. The council will consider the offer during a closed hearing Tuesday.