ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Saturday, July 20, 1996                TAG: 9607220169
SECTION: BUSINESS                 PAGE: A-4  EDITION: METRO 
SOURCE: JEFF STURGEON

PATRICK HENRY AUCTION BLOCKED

As they pledged, owners of the Patrick Henry Hotel in Roanoke blocked a scheduled foreclosure sale Friday and stayed in control of the landmark hotel.

The auction was called off when Affirmative Equities Inc. of New York caught up on a loan being collected by the federal government.

"It is our intention to be here for many years to come," Andrew Jubelt, president of Affirmative Equities, said in a statement.

The Department of Housing and Urban Development had accused the owners of defaulting on a $1.5 million loan left over from a 1975 renovation job.

Affirmative Equities did not explain the reasons for the default.

The area's most expensive hotels, such as the 124-room Patrick Henry, have struggled to rent a steady number of rooms since the April 1995 opening of the Hotel Roanoke and Conference Center.

"We continue to be the premiere choice for weddings, with over 80 such events booked for the remainder of 1996," General Manager Bill Carder said.

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