The American Film Market announced today that it will stay in Santa Monica through 2017. The market is one of the film industry’s largest local events.

The Independent Film & Television Alliance in Westwood, which operates the market, had a deal to keep it in the Loews Santa Monica Beach Hotel through 2012, but had considered moving to the downtown L.A. Convention Center for 2013.

The possible move was met with widespread disapproval from this year’s attendees, many of whom are foreigners who buy overseas distribution rights. The eight-day market brought in about 8,000 attendees during November, including media buyers, lawyers and financiers.

The alliance cited a 12-screen multiplex that is under construction and renovations to the Santa Monica Civic Auditorium as reasons for staying in the beach city. Both projects are expected to be completed by 2015.

“Our stated goal from the start of this process has been to provide the best environment, resources and value for the world’s buyers and sellers and, after long and careful deliberations, we believe remaining in Santa Monica will achieve all of those goals,” said Jean Prewitt, chief executive of the alliance, in a statement.

The market is expected to generate more than $100 million for the local economy over the next six years, according to the Santa Monica Convention and Visitors Bureau.