The development group, known as 15th and L Investors, says the hotel will be named for a national chain that will be announced next month. The 187,000-sf hotel development cost is estimated at $35 million. If approved, construction could begin as early as next spring.
The group purchased the .59-acre site, which is located on 15th and L streets, from the Allen Group, a local developer that is building Meridian Plaza, a 12-story office complex for an undisclosed price.
Downtown Sacramento has celebrated the grand opening of two hotels in the last two years. Last year, the Sheraton Grand Sacramento opened and this year, the Embassy Suites Hotel Riverfront Promenade opened, bring more than 700 rooms to the area.
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