Marchionda steps down as manager of downtown hotel company
By Kalea Hall
Concern from others about his indictment led Dominic Marchionda to voluntarily resign as manager of the company connected to the downtown DoubleTree Hotel project.
“The project isn’t about me,” he told The Vindicator Friday. “It’s about what it does for the community. 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.”
George Pantelidis of Pan Brothers Associates Inc., a New York City-based real-estate services firm that is partnered with Marchionda’s NYO Property Group to develop the hotel, is now manager of Youngstown Stambaugh Holdings, according to documents dated Nov. 15 delivered to the city. The Vindicator obtained the documents Friday.
Pantelidis was not available to comment Friday.
In October, a Mahoning County grand jury indicted Marchionda on 102 criminal counts, including theft, tampering with money records and laundering.
After the indictment, through his attorney, John F. McCaffrey, Marchionda rejected the state’s characterization of his redevelopment projects and efforts as “Ponzi schemes” and said he plans to defend his years of development work in court.
The court records specifically document alleged abuse of funds Marchionda received for the Flats at Wick, Erie Terminal Place and Wick Tower projects, but do not mention the hotel project.
Marchionda and his 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 the project will come to fruition.
“We are almost done,” he said. “In the next 30 to 45 days that project will be done. It’s going to get delivered.”
Outgoing Mayor John A. McNally said he has total confidence in NYO and its partners to finish the project and when it is finished the hotel will be a positive addition to downtown Youngstown.
“There’s going to be ample demand for the hotel facilities,” McNally said.
Incoming Mayor Jamael Tito Brown, who will be sworn in at 1 p.m. today at New Bethel Baptist Church, is also not concerned about the project.
“There [are] so many other people involved in the hotel deal making sure it will happen,” he said. “We need it. It’s been years since we’ve had a downtown hotel. I’m not concerned with the completion of the project. I’m more concerned with how and when it will be completed.”
The hotel project, first unveiled in November 2014, is a long time coming. The partners on the project started to work on it in 2012. Initially, the hotel was to open in June 2016, according to The Vindicator files.
Now, it is set to officially open in late March with two restaurants, a coffee shop, a bank, a large conference space and a smaller conference space and later a rooftop bar as some of the amenities.
In the early 1900s, the Stambaugh Building was designed by Albert Kahn of Detroit and financed by John and George Stambaugh.