SREP is based in San Francisco and purchased the hotel via an online bid. The organization could use brochure printing in Stockton to promote their new building. Brett Miles of SREP has told the Sacramento Business Journal:
“The location is unbelievable. And there’s some work we can do to enhance the quality of the product.”
The size of the bid for the hotel has not been disclosed. However, some individual executives involved in the deal have revealed that an estimate of $30 million might not be wholly inaccurate.
The idea is that the structure will continue to be employed as office space. However, it has been reported that considerable work will be done on the building.
In practice, this means that SREP aspires to have external renovation done. In addition, it has come up with a vision that includes a restaurant, a health center and several conference rooms. Architects are assisting the business to formulate detailed plans.
The building was opened in 1924, but closed during 1979. It has nine levels. After 1980, it was no longer used in the hotel business. However, its career as office space was interrupted by the onset of the international economic crisis. As a result of the recession, ownership passed to a bank.