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DoubleTree Hotel rising downtown Youngstown
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Brothers and developers James, left, and George Pantelidis and Dominic J. Marchionda of NYO Property Group discuss the plans for a hotel in downtown Youngstown at the First National Bank Building. The collaborators announced Wednesday that Marshall Hotels and Resorts Inc. will operate the building as DoubleTree Hotel, a Hilton brand.
By BRANDON KLEIN
bklein@vindy.com
YOUNGSTOWN
Light can be seen at the end of the tunnel for the Stambaugh Hotel Project after the announcement that Marshall Hotels and Resorts Inc. will operate a DoubleTree Hotel at the site beginning in June 2016.
That announcement was made by the NYO Property Group during a downtown development meeting hosted by Dominic J. Marchionda, managing member, on Wednesday.
The project makes this “a very exciting time” for Youngstown, Marchionda said.
The current Stambaugh Building, 44 E. Federal St. will be converted to a 120-bed hotel that will include a restaurant and a banquet facility.
The DoubleTree Hotel brand is part of the Hilton Hotel chain.
“This [hotel] is the right fit ... for downtown,” Marchionda said.
The lease for Warehouse 50, a restaurant and bar that uses the ground floor of the Stambaugh Building, will be honored until renovations begin, he added.
Scott McMahon, of Marshall Hotels , based in Salisbury, Md., said a DoubleTree Hotel would bring “out the character of the [Stambaugh] building.”
With the DoubleTree as a three-and-a-half star hotel, the rates would be appropriate for the Youngstown area, he added.
McMahon said the average rate for a room would range from $125 to $130 a night and expects business to stabilize in its second year of its operations.
Marshall Hotels operates about 55 to 60 hotels, he said.
The multi-million dollar project was a collaboration between NYO Property Group and the Pan Brothers Associates, a real estate services company in New York City.
George Pantelidis, a co-founder of the Pan Brothers, said they “saw the architecture and possibilities” in Youngstown, which attracted them to acquire properties in the area seven years ago.
Members from the community noted the benefits of having a hotel downtown.
Sarah Boyarko, vice president of economic development for the Youngstown/Warren Regional Chamber, said having a hotel in downtown would help the Chamber’s work to attract businesses. Many of them in the past inquired about lodging in downtown because they want to experience the city’s high traffic area, she said.
“It’s a place downtown for them to stay and enjoy the nightlife,” she said. “Everything is in walking distance.”
Boyarko said the Youngstown Business Incubator and America Makes will benefit by having a hotel near them.
Additionally, a hotel in downtown would relieve the burden of finding such accommodations in the suburbs, Mayor John McNally said.
“We’re very proud to see a DoubleTree come to Youngstown,” he said.
The 16- to 18-month project will break ground in 2015.