Fantastic!
I have numerous times had travel passing through Santa Cruz and thought great I'll stopover there.
However the Fairfield always was either fully booked, or priced so high I skipped it. Adding some rooms will relieve that pressure, and I'll take the C&P at a Cat1 in a second. I sincerely doubt it will remain a Cat1 for long though in that location.
This quote from the 2014 piques my interest:
Criticism of the hotel included concerns over additional traffic in the crowded neighborhood, lack of adequate parking, alcohol use by hotel guests and a commercial building simply not meshing with a neighborhood that faces significant public safety issues such as illegal drug sales and prostitution.
In Santa Cruz?