Jun 28, 2024

New Hotel to Expand Long Island’s Tourism and Hospitality Sectors and Grow Tax Base

Hauppauge, NY (June 28, 2024)— The Suffolk County Industrial Development Agency (IDA) has approved a transaction that will allow Broadhollow Road Hotel, LLC to invest in the construction of a 106,016 square-foot four-story hotel with 143 rooms and 148 surface parking spots on three acres of land at 500 Broadhollow Road in Melville, NY. With an investment of more than $49.5 million into the community, the development of this project is expected to create 32 jobs with an initial payroll of more than $1.3 million as well as create 500 construction jobs and generate more than $500,000 per year in hotel taxes alone.

“Some of the principals behind this project have previously collaborated with the Suffolk IDA on the Huntington Hotel project, a successful addition that has enhanced the community,” said Kelly Murphy, Executive Director of the Suffolk IDA. “This substantial investment not only builds upon Suffolk County’s thriving tourism sector, but revives a vacant site surrounded by active office buildings along the 110 corridor into a tax generator. We are proud to support Broadhollow Road Hotel, LLC for this venture and eagerly anticipate its groundbreaking.”

To prepare for the new building, the Broadhollow Road Hotel, LLC project has conducted the demolition of an existing underutilized and vacant 6,695 square-foot office building on the site. This demolition has paved the way for the 106,016 square-foot, four-story building, which will include 143 rooms, 620 square feet of meeting space, outdoor space with a bar-b-que area, a dining area, a fitness room and an outdoor pool. The site of the vacant office building was generating approximately $26,000 in annual property taxes. This project, even with support from the IDA, will pay $100,000 more in taxes in the first year alone and will grow to more than $425,000 once the 15-year PILOT expires.

“We look forward to embarking on this exciting project for the region that is only made possible thanks to the support of the Suffolk County IDA,” said Lou Giaquinto, of Broadhollow Road Hotel, LLC, “The development of this hotel will elevate the attractions and accommodations across Long Island for the millions of visitors to the region, while also creating jobs and supporting local businesses along this thriving corridor.”

While the Broadhollow Road Hotel, LLC project will benefit the tourism industry on Long Island—which is expected to see an estimated eight-percent growth in occupancy over the next five years, according to the HVS Consulting study—it will also serve the existing and expanding business community in Melville and surrounding areas. The project will be located within the vicinity of Republic Airport, SUNY Farmingdale, Bethpage State Park, Huntington’s thriving downtown and many businesses along the 110 Corridor, including Canon USA North American Headquarters, Estee Lauder, Henry Schein, D’Addario and many more. Based on the seasonal nature of Long Island’s tourism and limited hotel capacity, visitors must often seek outside lodging in surrounding areas, such as New York City. Bringing more local lodging options will keep Long Island’s visitors local and supports local businesses by taking advantage of the county’s extensive roster of indoor and outdoor attractions and activities.

About the Suffolk County IDA

The Suffolk County Industrial Development Agency (IDA) is a public benefit corporation of the State of New York. The purpose of the agency is to promote economic development within Suffolk County. The operations of the agency are not supported by taxpayer funds, but rather fees generated by the applicants. The Suffolk County IDA works in synergy with Suffolk County Executive Edward Romaine and the Suffolk County Department of Economic Development and Planning to foster positive economic development within the County. For more information regarding the Suffolk County IDA log on to www.suffolkida.org.