The scheduled opening of the $64-million downtown Hyatt Regency hotel in April is expected by its developers, officials of the Sacramento Housing and Redevelopment Agency and the business community to stimulate the capital’s already-booming convention business and provide at least 500 new area jobs.
The 16-story, 508-room hotel is adjacent to the city’s expanding convention center and across the street from the state capitol.
It represents a commitment that Andy Plescia, deputy executive director of the city/county agency refers to as “a $13.3-million investment that’ll return about $28.5 million to local government within the decade.”
Those returns will come in the form of tax revenues, a lease-back parking arrangement involving the city government, the city/county agency and the developers, and from expected land sale profits (under the terms of the 55-year ground-site lease, developers may opt to buy the property outright after the ninth year).
Sam Burns, director of the Sacramento Convention and Visitors Bureau, thinks the Hyatt Regency will help attract another 25,000 convention delegates a year and generate $1 million in room tax for the city and $25 million for the local economy.
Some of the Hyatt’s particulars:
--The gross building area will be more than 378,000 square feet.
--There will be a parking garage with 631 spaces--305 for public use, and 326 for the hotel’s.
--The hotel will feature 27,000 square feet of meeting and banquet space, and a Regency Ballroom with 15,544 square feet, with seating for up to 1,800 people.
--Two restaurants are being built, and some pricey retail space will be available for lease.