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

DATE: TUESDAY, June 15, 1993                   TAG: 9306150032
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Short

HOTEL AVOIDS SALE

Andrew Jubelt, president of Affirmative Equities Inc. of New York, said the financing package for nearly $5 million has been placed in New York. It will be closed at the end of the month.

Most of the money will be used to pay off the Monterey Corp. of Parkersburg, W.Va., the downtown Roanoke hotel's prior owner, which financed the purchase by Affirmative Equities in 1990. Monterey had advertised foreclosure of the hotel in May, but abandoned it after the first legal notice appeared.

Jubelt said Affirmative Equities and Monterey have reached an agreement that covers payment of the loan by next month.

Affirmative Equities may at the same time finance purchase of another hotel in Charlotte, N.C., Jubelt said. He declined to identify the property pending completion of negotiations.

About $500,000 of the financing package will be used for further renovation of the Radisson Patrick Henry. William Carder, manager, said guest rooms on the fourth floor will be upgraded to the same standard as the other floors, which were modernized and redecorated in 1990.

Also, he said, the ballroom, Jefferson Room and other meeting rooms will be redecorated.

The hotel opened in 1925 and was expanded in 1931. Monterey acquired it in 1968 and undertook renovations that reduced the number of rooms from 300 to 120, each with a kitchenette.