Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

Convention Activity
2009. However, beginning in the fourth quarter of 2009, the pace of job losses
slowed dramatically and the national economy began to exhibit positive trends.
Job growth resumed in January of 2010, and excluding the fluctuations related to
the loss of temporary jobs associated with the 2010 Census collection of data, the
pace of job growth improved during the remainder of 2010, with the
unemployment rate declining to 9.4 for 2010. Non-farm employment payrolls
showed job growth for eight of the twelve months of 2010. Forecasts for 2011
anticipate an accelerating pace of job growth throughout the year, barring any
unforeseen international economic crisis. Nevertheless, it is expected to take
several years to regenerate the jobs that were lost during the recession, and most
economists expect unemployment to remain heightened over the near term.
Locally, the unemployment rate was 14.8% in 2009; for this same area in 2010, the
most recent month’s unemployment rate was registered at 16.0%, versus 15.7%
for the same month in 2009, indicating the local pace of job losses slowed in the
past year.
A convention center serves as a gauge of visitation trends to a particular market.
Convention centers also generate significant levels of demand for area hotels and
serve as a focal point for community activity. Typically, hotels proximate to a
convention center will benefit the most. Hotels serving as headquarters for an
event benefit the most by way of premium rates and hosting related banquet
events. During the largest of conventions, peripheral hotels may benefit from
compression within the city as a whole.
The Redding Convention Center is a multipurpose facility situated in a park-like
setting near the Sacramento River’s edge just off Highway 299 west, adjacent to
the subject site. The facility contains 38,000 square feet of meeting space, with the
capacity to seat 2,082 and to feed 1,800 convention delegates at a time. The
convention center works very closely with the Redding Visitors Bureau to ensure
that the facility remains the principal location for convention business, trade
shows, cultural events, sporting events, and various entertainment activities in the
Redding area. Historical convention attendance data were not provided upon
request. However, according to convention center officials, the past two years
were dramatically impacted by the decline in regional association and social event
activities, as well as music concerts. Convention officials stated optimism in their
2011 outlook, as the pace of group bookings at the center began to increase in the
latter part of 2010. Visitors Bureau officials also acknowledged an improvement in
booking pace. The bureau underwent a management transition in mid-2010 and
new marketing strategies are being deployed to bring in more groups and
conventions to Redding.
February-2011 Market Area Analysis
Sheraton Hotel Redding At Sundial Bridge – Redding, California 40