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Albany IDA Project Index

Hilton Albany

Project Number: 01011106

Project Address: 89 State Street

Applicant Name: Albany Hotel, Inc.

Owner(s): LSREF Peach Investment, LLC

Developer: United Capital Corp

Project Description:

The project consists of the acquisition of the underlying fee title from UDC/Empire State Development for $1,000,000 for the Crowne Plaza Hotel property and the investment of more than $10,000,000 to upgrade the facilities in order to maintain a major brand name franchise, as well as the refinance of $12,500,000 in existing debt. The Crowne Plaza Hotel is a 384 room full-service hotel with two restaurants and 24,000 SF of meeting space.

Approval Date: 8/18/2011

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT):

Estimated Employment Impact: 45 construction jobs and 20 full-time equivalent jobs created, 249 full-time equivalent retained

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