ROANOKE TIMES 

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

DATE: TUESDAY, March 26, 1991                   TAG: 9103260150
SECTION: BUSINESS                    PAGE: A3   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

FILING STALLS DAYS INN FORECLOSURE SALES

Foreclosure sales for Days Inns in Roanoke, Christiansburg and Staunton have been stopped by the owner's petition in a Miami, Fla., bankruptcy court for protection from creditors.

Sales had been scheduled for the Roanoke motel Monday, the Christiansburg inn on April 4 and the Staunton property on April 5.

Richard Roberts Hotel Income Properties Ltd., an investor group in Avon, Conn., that owns the properties, asked for reorganization under protection of the bankruptcy law on Thursday, according to Michael Smeltzer, trustee for the sales.

The petition gives the company an automatic stay of the sales until a reorganization plan is filed. The motels continue to operate, Smeltzer said. He said the Connecticut group owes about $20 million on these inns and two others in Maryland and Georgia. - Staff report 


 by CNB