THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, September 15, 1995 TAG: 9509150547
SECTION: LOCAL PAGE: B7 EDITION: FINAL
SOURCE: ASSOCIATED PRESS
DATELINE: ABINGDON LENGTH: Short : 36 lines
An Atlanta company is buying the historic Martha Washington Inn from United Coal Co., which spent $10 million renovating the hotel a decade ago.
Camberly Hotel Co. President Ian Lloyd-Jones and United general counsel Wayne Bell declined to provide details of the lease-purchase agreement.
``Camberly will be taking over completely,'' Bell said. ``They will operate the hotel as if they own it.''
Lloyd-Jones said his company has no immediate plans for expanding the property or making significant changes in the hotel's operation, equipment or furnishings, all of which are ``in good working order.''
The hotel, built for about $15,000 in 1832, will be known as Camberley's Martha Washington Inn.
The inn has 63 guest rooms and suites ranging from $90 to $430 per night, depending on the type of accommodations and day of the week.
The hotel originally was a mansion where Gen. Francis Preston lived with his wife and their nine children. The property became an elite college for women in 1858 and was converted to a hotel in 1932.
Under federal tax law, companies that buy historic properties are allowed to write off expenses over time for renovation and capital improvements.
Camberley also owns the historic Brown Hotel in Louisville, Ky., and the Camberley Plaza in Tampa, Fla., and manages the Camberley Club Hotel in Toronto. by CNB