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

DATE: THURSDAY, December 1, 1994                   TAG: 9412010087
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Roanoke builder Lewis Jamison has purchased five acres near Lewis-Gale Hospital for a proposed hotel, according to the seller, G.L Mattern. Jamison, president of Heritage Builders Ltd., declined to give details of the plan, pending completion of financing. He is one of several developers involved in the project.

The hotel, to be called Ridgewood Inn, would be built on Keagy Road, just across Virginia 419 from the hospital. Mattern said Wednesday that the hotel may be completed by next fall.

It is the second such project proposed in recent years for the area near Lewis-Gale. J. Robert Carlton, president of LGH Development Co., earlier planned to build a 230-suite hotel on the grounds of Lewis-Gale Hospital, but those plans are no longer active, according to an investor.

- Staff report

Securities loss at Central Fidelity

Central Fidelity Banks Inc. of Richmond said Wednesday that it expects to take about a $30 million pre-tax charge against its fourth-quarter earnings, resulting from an effort to restructure its securities portfolio. The losses will result from the anticipated sale of approximately $500 million of fixed-rate investment securities having an average yield of 6.06% and an average maturity of four years.

Proceeds of the sale will be used to reduce short-term borrowings by $100 million and to invest in adjustable-rate investment securities.

- Staff report

Profits go up at Fleetwood

Fleetwood Enterprises Inc., Riverside, Calif., maker of manufactured housing and recreational vehicles with operations in Rocky Mount, reported net income of $21.2 million, or 45 cents a share, on revenue of $710.4 million, for its second quarter ended Oct. 30, compared with year-earlier $17.1 million, or 37 cents a share, on $567.4 million. For the six months, net income was $50.5 million, or $1.08 a share, on revenue of $1.47 billion, compared with $30.7 million, or 67 cents a share, on revenue of $1.1 billion.

|- Staff report

Rowe Furniture to sell warehouse

Rowe Furniture Corp., Arlington-based manufacturer with operations in Salem, said Wednesday its Rowe Properties Inc. subsidiary has agreed to sell or exchange for other real estate its 175,000-square-foot warehouse in Sylmar, Calif. The sale, to a California limited partnership called 35 Lake Avenue, is worth $6.9 million with an after-tax gain to Rowe of about $3 million.

The property has been used by Rowe Properties as a source of rental income. A long-term lease on it expires Dec. 31.

Rowe Properties intends to secure other rental income-producing property in a tax-deferred exchange. The sale is scheduled to close Feb. 23.

- Staff report