The Medina Hospitality Group (a team of investors from St. Mary’s, PA led by Todd “Booka” Hanes) hit a snag in construction at the Cobblestone in Medina when the federally funded Small Business Administration suddenly made changes in the rules on application for receiving a loan.
Medina Mayor Mike Sidari took time to comment, “I don’t think it was intentional from what I’m told.”
He continued, “From what I’ve heard, the investors who are building the hotel (Medina Hospitality Group) went and got all of their funds, bank loans and everything that has to go to the SBA for approval. I heard there were some rules that got changed in the meantime and kind of held things up, but supposedly all of that’s been taken care of.”
The Mayor shared it’s just a matter of paperwork and signatures being exchanged between investors and the SBA at this point. Lastly, adding, “I suspect, once they get started, it will be six to eight weeks before it’s complete.”
Gabrielle Barone, Vice President for the Economic Development Agency of Orleans County, also made time for comment on the worksite gone quiet, echoing the Mayors sentiments, “They had an SBA application, and the SBA was delayed a bit to due to contractual issues.”
Barone made it clear her enthusiasm for the popular midsize hotel chain has not diminished, “We’re very excited. We are slightly disappointed in the delay, but this is the hotel for us, and we’re all going to be very pleased as it comes together.”
According to the Cobblestone’s website, this is the first site they’ve chosen to build in New York State. Already existing in 21 other states, with 125 locations and 75 sites under development, this chain has grown as an alternative to the larger chains over recent years, as Holiday Inn’s and other larger hotel names typically won’t develop in smaller communities.
The absence of lodging at tourist spots tucked into rural communities like Medina has opened a market for this midwestern chain to thrive upon nationally.