Originally Posted by Global Adventurer

Considering the price difference alone, it would be beneficial to stay at the Galeria Plaza Reforma. I've never stayed there and have no first hand knowledge, but they get very good reviews. And skip Marriott Reforma. Hilton Reforma would be a lot better than Marriott, but again the rates will most likely be higher too. You'll only be a 5 minute walk away from the parade and there will be less crowds around the galeria.

What makes Sheraton very good is the location, so during the entire holiday including the Halloween/trick or treat
you can simply just walk outside or look outside your hotel window (depending if you have a Reforma view) and everything is there throughout the day and night, including the night bicycle ride, Halloween costumes, zombie gathering day/parade, the community day of the dead march and other events that start or are held directly at the angel of independence. So, it's not just the parade it's also all the vendor tents and food stalls that will be setup in that entire area throughout the week. Sheraton will have simply the best access.

The day of the dead parade, including all major citywide parades always go up and down Reforma. The only difference has been, is where it might start or the time. So regardless of where you decide to stay you'll be close to the parade route with either location.