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The Pyramid Cos. is seeking $2.4 million in tax exemptions for a proposed 192-room hotel at its Crossgates Mall in Guilderland near Albany.

(Photo courtesy of Crossgates Mall)

Guilderland, N.Y. -- Syracuse-based Pyramid Cos. is seeking $2.42 million in tax breaks for a proposed $31 million, 192-room hotel at its Crossgates Mall near Albany.

A Pyramid entity, Hotel Devco LLC, has applied to the Town of Guilderland Industrial Development Agency for $1.39 million in property tax discounts, and exemptions worth $800,000 from sales taxes on construction materials and $230,000 in mortgage recording tax.

Destiny USA is building a $48 million, 209-room Embassy Suites hotel near the Syracuse shopping mall. The mall's owner, The Pyramid Cos., is proposing to build a $31 million, 192-room hotel near its Crossgates Mall in Guilderland near Albany.

The company said the project would create 55 construction jobs and 50 permanent jobs.

The hotel would be built at 1 Lehner Road in Guilderland, close to the Western Avenue entrance to the mall.

In its application to the development agency, the company said the hotel would help boost tourism by attracting visitors for longer stays. It said the hotel would generate $800,000 in sales and room-occupancy taxes in the first year.

Crossgates opened in 1984 and, according to Pyramid, attracts approximately 20 million visits a year. (One person visiting the mall one time equals a visit.)

Pyramid is building a 209-room, $48 million Embassy Suites hotel near its Destiny USA mall in Syracuse. The hotel, which is scheduled to open in the fall, is receiving $6.84 million in exemptions from property taxes and from sales taxes on construction materials.

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