The marketplace attracted many foreign traders, most notably from Hamburg and Bremen, who came to sell their goods (mostly beer) to the local population in return for butter and cheese. This also brought three brothers from Hamburg to the area, who recognized its convenient location and decided to each build an inn near the marketplace to increase the sale of their beers. The construction of these buildings was completed in 1316 and led to the expansion of the settlement, as more merchants from Northern Germany and Denmark now visited the place to trade. As a result, the settlement quickly developed into a village, which was then given the name of Hoorn. The town officially became a city in 1357, when Hoorn was awarded city rights by William V, Count of Holland, after a lump sum payment of 1,550 schilden.