Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, May 18, 1990 TAG: 9005180197
SECTION: BUSINESS PAGE: B4 EDITION: METRO
SOURCE: MAG POFF BUSINESS WRITER
DATELINE: LENGTH: Medium
Affirmative Equities Inc., through its subsidiary Patrick Henry Hotel Investors, paid $3 million for the downtown Roanoke hotel.
Andrew Jubelt, president of both companies, said more than $1 million will be spent remodeling the building. It will continue to operate as a hotel.
The Patrick Henry is structurally sound, Jubelt said, and the rooms are in good condition. The money will be spent primarily on decorating and new furnishings.
Jubelt and Michael Murphy, a principal in the company, said they plan to work with local historic-preservation groups in the refurbishing.
The company is sensitive to needs of both the community and travelers, he said. He will listen to people familiar with the hotel before finalizing plans in about 60 days.
Affirmative Equities, he said, is interested in the relationship between historic properties and the community.
If the Patrick Henry has the right decor and support of the local community, Jubelt said, it can become "the jewel of the downtown area."
Frederick Kimbrough, executive director of Downtown Roanoke Inc., said he welcomed the purchase as a positive addition for downtown.
He described Jubelt's plans as quite ambitious with a high probability of success.
The firm has worked on renovations in major cities and in rural settings.
Its latest project was the rescue of a 19th century mill from demolition in Little Falls, N.J. Affirmative Equities created an $80 million condominium development within its shell.
Affirmative also recently completed restoration of a certified landmark industrial building in New York City's SoHo district. That work was done under supervision of the U.S. Department of the Interior, which monitors all certified historic structures.
Jubelt said his company owns 1,500 residential units in several Florida cities and has projects from there to New England worth $140 million. The Patrick Henry is its first Virginia project.
He said the firm is involved in development, construction management, property management, marketing and consulting with banks on use of under-performing buildings.
Affirmative looked at the Patrick Henry several years ago when the former owners were trying to market the building as a retirement center.
Jubelt thought that type of project was viable but felt the proposal lacked wide community support.
The closing of Hotel Roanoke last November presented "a window of opportunity" for the Patrick Henry to take advantage of a very strong downtown market, he said.
He believes that Roanoke residents want the Patrick Henry restored to its pre-eminent position as a downtown hotel.
"Everybody is interested in this hotel," Jubelt said. "Our approach is simply being sensitive to their preferences."
The restoration, he said, will be "very tasteful" and economically viable.
Originally owned by New Hotel Corp., the Patrick Henry opened Nov. 10, 1925, and was expanded in 1931.
It was sold at auction in March 1968 to the Monterey Corp. for $342,000. Monterey, owned by a Parkersburg, W.Va., family, spent about $2.5 million upgrading the hotel.
That remodeling reduced the number of rooms from 300 to 120, each with a kitchenette. About 20 of those rooms have permanent residents.
The kitchenettes will be retained. Jubelt said the Patrick Henry pioneered - but never marketed - the suite concept.
by CNB