Sheraton Grand Hotel    Sacramento, CA

Project Description:

The Sacramento Sheraton Grand Hotel is a 502-room, 26-story, four-star hotel located in the heart of Downtown Sacramento, adjacent to the Sacramento Convention Center, steps from California's State Capitol building and the K Street Pedestrian Mall. Phelps Development and David S. Taylor Interests, Inc. co-developed the project. The Phelps Development / David S. Taylor Interests, Inc. team managed the financing and development of the hotel to accommodate the City of Sacramento's need for a Convention Center Hotel facility.

The Sheraton Grand Hotel was financed using an innovative Non-Profit Public Benefit Corporation financing approach. Phelps Development / David S. Taylor Interests, Inc. continue to be involved with the hotel under a management agreement with the Sacramento Hotel Corp. (a Not-For-Profit City Hotel Corporation). Under the current hotel management agreement, the Phelps Development / David S. Taylor Interests, Inc. team also lease and manage an adjoining 900-car parking garage from the City of Sacramento, and act as the Corporate Asset Manager.

Project Team:

Developer: Phelps Development / David S. Taylor Interests, Inc.
General Contractor: Hensel Phelps Construction Co.

Project Cost:

Total: $110,000,000
Total Construction Cost: $56,000,000

Financing Structure:

The project was financed using Tax Exempt Revenue Bonds.