YOUNGSTOWN - The City of Youngstown has agreed not to foreclose on the building's mortgage that houses Youngstown’s DoubleTree Hotel.

Since late 2019, property owner Youngstown Stambaugh LLC has missed 14 payments on a $700,000 loan from the city, placing the total delinquency at $73,806.

The City Board of Control Thursday agreed to modify the hotel’s loans and waive any potential default.

The city says it could foreclose on its mortgage, which would trigger a default on the bank mortgages and throw the hotel, the banks, and the City into court.

According to city officials, the hotel is currently restructuring its loans with FCB Bank and Chemical Bank.

Noting that the virus crisis has hurt the hotel business, Mayor Tito Brown said no one had not been impacted by the pandemic. "People not going to hotels. They are not traveling," said Brown.

City officials agreed that instead of allowing Youngstown Stambaugh's loan to continue in default, the late payments would be deferred to the end of the loan and added to the balloon payment, including late fees and interest.

The balance of the balloon payment is due in December 2026.

Following a major renovation of the more than 100-year-old building, DoubleTree by Hilton Youngstown Downtown officially opened in May 2018.

21 News called two of the building's owners, the former NYO Property Group now known as Live Youngstown and Pantelidis Brothers, a New York City-based real estate developer. Both declined to comment about the matter.

The owner of restaurant Bistro 1907, which is located on the first floor of the building, says he does not believe the hotel is in jeopardy of closing.

"From talking with them, I think we are on firm ground, and I think everything is going to be just fine. It's an important relationship that we work together in unison to service the clients because they are beneficial to the city, and they spend money at the other restaurants throughout downtown," said Mark Canzonetta, Bistro 1907 owner.