Penn Stroud Hotel project receives $1.69 million state loan
HARRISBURG, Dec. 6 – State Rep.-elect Maureen Madden, D-Monroe, said a $1.69 million low-interest state loan today was approved to help modernize and reopen the Penn Stroud Hotel in Stroudsburg.
The 25-year Building PA loan was awarded to Pocono Mountain Industries on behalf of DK Stroudsburg LLC at today’s meeting of the Commonwealth Financing Authority, which is affiliated with the state Department of Community and Economic Development.
“It’s exciting to see a project such as this one move forward with the help of a state investment, because those dollars will have a positive impact on Stroudsburg Borough’s economy,” Madden said.
The hotel project includes structural renovations and repairs, mechanical system upgrades and replacements, new furniture, fixtures and equipment. The hotel will offer upscale boutique accommodations and amenities and include wireless internet access, conference and meeting rooms and exhibition space.
The project is expected to create 14 full-time and four part-time jobs within three years.
“Reopening this historic hotel will help to facilitate tourism on Main Street in the county seat,” said Stroudsburg Mayor Tarah Probst. “It has been the centerpiece of the central business district for well over 100 years.
“As the mayor of Stroudsburg, I am excited to be working with Representative-elect Madden and council to make the borough the best place it can possibly be. She has proven due diligence that she never gives up and that will be a benefit to local residents and businesses.”