
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, March 13, 1991                   TAG: 9103130132
SECTION: BUSINESS                    PAGE: C-5   EDITION: METRO 
SOURCE: GEORGE KEGLEY BUSINESS EDITOR
DATELINE:                                 LENGTH: Short

3 DAYS INN MOTELS TO BE AUCTIONED OFF

A Kansas City lender has ordered foreclosure auctions for three Virginia Days Inns, including one on Orange Avenue in downtown Roanoke, and others in Christiansburg and Staunton because they are delinquent in payments.

Richard Roberts Hotel Income Properties Ltd., an investor group in Avon, Conn., has $20 million of debt on five Days Inns - the three Virginia motels and properties in Maryland and Georgia - according to Michael Smeltzer, trustee for the auctions.

Smeltzer, a Roanoke lawyer, represents Home Savings Association of Kansas City, the holder of notes against the Roberts group.

The auction dates are the Civic Center Days Inn in Roanoke, March 25, 11 a.m.; the Christiansburg Days Inn, April 4, 10 a.m.; and the Staunton Days Inn, April 5, 10 a.m.

Foreclosure was planned 2 1/2 years ago, but the Roberts group was able to restructure its debt and extend the notes, Smeltzer said.

The Roberts group bought the motels in 1982. The Roanoke Days Inn has 260 rooms, and the Christiansburg and Staunton properties each have 122 rooms.

Smeltzer said the units appear to be "reasonably filled" with travelers. The limited partners in the Roberts group have a contract with a management company to run the motels, he said, and they are unwilling to put more money into the operations when additional financing is needed. Robert M. Haynes III of Avon, Conn., endorsed the notes.

by CNB