The recent renovation of the 81-year-old Stonewall Jackson Hotel, a local landmark in Staunton, was financed in part with tax-exempt bonds, the Virginia Economic Development Review reported in its November issue.
The city issued $10 million in tax-exempt debt for the $21.1 million project. The hotel cost $440,000 to build in 1924.
The hotel, which now contains 124 deluxe guest rooms, had deteriorated in recent decades. Part of it had been used in recent years as an assisted-living facility.
McLean-based Crestline Hotels and Resorts will operate the hotel.
