Marchionda no longer managing hotel project
YOUNGSTOWN — Dominic Marchionda, head of downtown development firm NYO Property Group, resigned as managing member of the downtown hotel project a month after he was indicted on more than 100 counts including theft, tampering with money records and laundering.
Concern about the indictment led to Marchionda stepping down from the project, he told The Vindicator today.
“I resigned as managing member to focus on what needs to be focused on,” Marchionda said today. “I am still in management. I am still very much a part of the program. I am still very involved. I might not be the chauffeur but I am on the bus.”
Marchionda resigned as manager of Stambaugh Holdings LLC on Nov. 15, according to a letter sent to the City of Youngstown that The Vindicator obtained today.
Marchionda’s business partner on the downtown hotel project George Pantelidis of Pan Brothers Associates, a real-estate services company in New York City, is now serving as manager.
The partners are turning the historic Stambaugh Building, 44 E. Federal St., into a 124-room DoubleTree by Hilton Hotel. The hotel is set to open at the end of March.
Marchionda was adamant that the project will be finished a hotel will open in downtown Youngstown.
“We are almost done,” Marchionda said. “In the next 30-45 days that project will be done. It’s going to get delivered.”
While court records specifically document alleged abuse of funds Marchionda received for the Flats at Wick, Erie Terminal Place and Wick Tower projects, it does not mention the hotel project.