ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, May 22, 1996 TAG: 9605220040
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MAG POFF
The building that housed the headquarters of bankrupt Krisch Hotels Inc. of Roanoke is scheduled to be sold at auction today.
The building, which has a 37,200-square-foot interior, is at 1917 Franklin Road, beside and to the rear of the Ramada Inn. The 4-acre tract also includes two small garages, a storage building of 1,100 square feet and a parking lot for 130 cars with access to both Franklin Road and Brandon Avenue.
Edwin C. Hall of Hall Associates Inc. of Roanoke, which is handling the sale, said this is the last property left from the Krisch Hotels - with one possible exception. He said 5 acres adjacent to the Sheraton Airport Inn are under contract, but that sale may not go through.
Krisch Hotels still owns the building and has maintained a small administrative operation there although the company is in bankruptcy.
Hall said there has been "right much interest" in the sale from as far away as Florida, although he did not know how many people would bid on the property. The sale begins at 2 p.m. at the property.
Hall said the tract is suitable for either a single user or as an investment property. It is zoned for office and institutional uses.
The building, which was built in the early 1970s, is in the Roanoke River flood plain. But Hall said it has flooded only once, in 1985, when wide areas of the valley were under water.
Hall said flood insurance is available for the property.
LENGTH: Short : 34 linesby CNB