ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, May 23, 1996 TAG: 9605230048
SECTION: BUSINESS PAGE: BUSINESS EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
The former headquarters of bankrupt Krisch Hotels Inc. was auctioned Wednesday for $500,000.
The building, behind the Ramada Inn at 1917 Franklin Road, was sold to New Horizon Limited Co., which is composed of a group of Roanoke investors, according to the winning bidder. He declined to identify them or even to give his own name.
He said, however, that the new owners "have no idea" about how the property will be used. He said they purchased the 37,200-square-foot office building for speculative purposes and plan to lease the space.
According to records filed with the Virginia Corporation Commission, Samuel Brookes is registered agent of New Horizon and the company's address is 2832 Cumberland St. N.W.
Limited liability companies do not have officers or directors.
Brookes, whose occupation was listed as an investor, could not be reached Wednesday afternoon.
About 25 people were present for the auction, mostly real estate agents and bankers.
Thomas Robertson, president of Carilion Health System, attended but did not bid, although Carilion had been rumored to be a potential buyer.
Robertson said he was interested because the location was good for the company, but he said Carilion had no immediate use for the property, which is in the Roanoke River flood plain. Carilion's headquarters and several of its health-care facilities are a few blocks from the former Krisch building.
Hall Associates of Roanoke handled the auction. Edwin C. Hall, head of the company, had said earlier than the property was under water only during the major flood of 1985.
The property also includes two garages, a storage building and a parking lot for 130 vehicles.
LENGTH: Short : 44 linesby CNB