Youngstown OKs loans for DoubleTree by Hilton hotel at vacant Stambaugh Building

YOUNGSTOWN

City council agreed today to have the municipality loan $2,050,000 to the owners of a proposed downtown hotel with $750,000 of it forgiven and the remainder borrowed without interest under certain conditions.

Council vote on the two separate loans came as somewhat of a surprise as city administrators said only two days prior that they’d ask the legislators to wait to hear the proposal at a special meeting next week before a Dec. 21 vote on the financial package.

Mayor John A. McNally said he and members of his administration spoke with council on Monday and Tuesday about the urgency of finalizing the plan for Youngstown Stambaugh Hotel LLC, a subsidiary of the NYO Property Group, as soon as possible.

“Council was comfortable with the plan and decided to move ahead with it” today, McNally said.

The company is building the $35.4 million 130-bed DoubleTree by Hilton hotel at the vacant Stambaugh Building at 44 E. Federal St.

For the complete story, read Thursday’s Vindicator.