I contacted the general manger of the downtown Sheraton Hotel, and asked him what the future plans were for the Century Center. Here is his response:

Patrick,
We are going to do about a 200K face lift on the interior. The work will begin within the next thirty days and will include paint and carpet. Our plans are to convert a portion of the space to additional meeting and exhibition space. The balance of the space, mainly street frontage will be actively marketing for lease space.
Have a good week,

Well, sounds like a decent short-term solution.

I hope in the near future demand will be such that that property be put to a higher and better use.

Seems like the frontage of the Main Street Parking Garage across the street is full. So the demand is definitely there. Being across the street from the Cox Center helps as well. What needs to happen, is the Sheraton needs to open up the frontage of the Century Center a little more, with windows and store fronts. The hall way in the interior needs to be converted to ballroom space, while the store fronts needs to be reversed from the interior towards the street side.