Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, April 2, 1995 TAG: 9504150009
SECTION: HOTEL ROANOKE PAGE: 7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Formed in 1992 to receive tax-deductible donations for restoration of Hotel Roanoke. It raised $7 million, including a $2 million gift from Norfolk Southern Foundation, $1 million from Carilion Health Systems and a $1 million loan from Carilion. It has a one-third ownership in the property. Any profits it receives from operation of the hotel and conference center are pledged to be used in Gainsboro area surrounding the hotel.
VIRGINIA TECH FOUNDATION
The foundation is the corporation that receives and manages private monies on behalf of the university. It accepted the gift of the hotel from Norfolk Southern Corp. and set up the Virginia Tech Real Estate Foundation to own it.
VIRGINIA TECH REAL ESTATE FOUNDATION
Created to own the hotel, but there is no recourse to the foundation for any debt on the property or any operating losses. It sold land to Roanoke for the city's conference center for $3 million and reinvested that and another $1 million in Hotel Roanoke renovation through a subsidiary, HR Foundation Inc.
HR FOUNDATION INC.
Is a subsidiary of Virginia Tech Real Estate Foundation and owns 67 percent of the project with Renew Roanoke, which owns 33 percent.
HOTEL ROANOKE LIMITED LIABILITY CO.
Was set up to bring Renew Roanoke Inc. and HR Foundation Inc. together so they could contract for renovation and operation of the hotel. Accepted $1 million loan from Doubletree Hotels Corp.
HOTEL ROANOKE CONFERENCE CENTER COMMISSION
Legal public entity set up by act of General Assembly to oversee the operation of the Hotel Roanoke Conference Center, but not the hotel. Has three members from Virginia Tech University and three from Roanoke city.
CITY OF ROANOKE
Funded conference center construction through sale of bonds and has equal representation with Virginia Tech on the Hotel Roanoke Conference Center commission.
VIRGINIA TECH
Has representation on commission to oversee operation of conference center and is responsible for continuing education programs through its Center for Organizational and Technological Advancement (COTA) set up to run special training conferences at Hotel Roanoke Conference Center.
ROANOKE REDEVELOPMENT AND HOUSING AUTHORITY
Loaned $6 million to Hotel Roanoke LLC and was avenue for $6 million Housing and Urban Development Loan to the project.
DOUBLETREE HOTELS INC.
Hired to manage both hotel and conference center; loaned $1 million to project.
by CNB