YOUNGSTOWN, Ohio (WKBN) – The owners of the DoubleTree Hotel in downtown Youngstown have asked city council for an extension on a loan. Though council was not yet ready to give the OK Wednesday evening, some members are leaning toward voting yes.

A 6 p.m. shadow was being cast Wednesday evening over the DoubleTree Hotel while a quarter mile away at the Covelli Centre, city council considered giving the owners of the building — Stambaugh Hotel LLC — an extension on a loan. Council decided to keep the proposal in the finance committee for now and not vote on it just yet.

“I think at the end of the day, we’re going to be a lien holder and we just want to make sure that we do our due diligence to get everything answered. But also, I think we want to make sure the DoubleTree stays where it’s at,” said Youngstown Mayor Tito Brown.

Stambaugh Hotel has not made one payment on what has grown to be an $845,000 loan that the city granted to build the hotel. The loan was supposed to have been paid off by 2026 but now, council is being asked to extend the loan until 2048. With a 2% interest rate, the total amount owed to Youngstown in 25 years will be $1.1 million.

“I mean, there is a real economic impact to having that hotel here. We have an historic building that’s been preserved. We have a great use there between the university and the community and the business community, and it’s an employer too. I mean, there’s a lot of payroll there. There’s a big impact with that building, so we want to protect that asset the best we can for the residents of the city,” said 4th Ward Councilman Mike Ray.

Reporter Stan Boney: “Nobody likes the idea of extending the loan, do they?”
1st Ward Councilman Julius Oliver: “No, it’s not the ideal situation, but if you owe me, you gotta pay me and the city needs that.”
Boney: “And if it takes a little longer, so be it?”
Oliver: “If it takes a little longer, it cost a little more to you but it benefits the city more, absolutely.”

Some members of council had questions about the totality of the financial situation surrounding the DoubleTree before making a final decision. Brown called the loan extension proposal “a time-sensitive issue” and asked council to make a decision by month’s end.