The Port Authority assisted Youngstown Stambaugh Holdings, LLC (YSH) improve and convert the former Stambaugh Building into a hotel facility located in downtown Youngstown. Rehabilitation on the building includes remodeling, equipping, and furnishing the facility. The Port Authority entered into a ground lease and a capital lease with YSH to secure facilities necessary for the project, let a capital lease to YSH to construct the project and operate such facility, issued a $12,000,000 Development Revenue Bond, and passed through the proceeds to YSH for the project.
This project is a watershed for the City of Youngstown: the first hotel in over 20 years. It also created a new face for the downtown with meeting rooms, fine dining, and luxury overnight accommodations.