DATE: Monday, June 16, 1997                 TAG: 9706160065

SECTION: LOCAL                   PAGE: B4   EDITION: FINAL 

SOURCE: ASSOCIATED PRESS 

DATELINE: WILLIAMSBURG                      LENGTH:   29 lines

COLONIAL WILLIAMSBURG'S INNS REPORT STRING OF LOSSES IN '90S

The hotel and restaurant subsidiary of the Colonial Williamsburg Foundation lost nearly $31 million between 1991 and 1995, according to tax records.

The Richmond Times-Dispatch reported Sunday that Colonial Williamsburg Hotel Properties Inc., which runs the Williamsburg Inn, Williamsburg Lodge and two other motels along with their restaurants and golf courses, has lost money for at least most of this decade.

Colonial Williamsburg Foundation officials hope to have the hotel subsidiary breaking even in 1998 and showing a profit the following year, said Nancy J. Carter, the foundation's controller.

According to tax returns, the hotel subsidiary lost $3.2 million in 1995, the most recent year for which returns are available. It lost $4.7 million in 1994; $6.8 million in 1993; $9 million in 1992 and $7 million in 1991.

Carter said that a significant portion of the subsidiary's expenses were actually payments to the nonprofit foundation. The foundation performs all corporate administrative work for the for-profit subsidiary under contract, she said, and also owns the buildings, golf courses and other property.

In the 1996 financial review that will be published this summer as part of its annual report, Colonial Williamsburg says that its revenues rose 9 percent over 1995 levels, to $173.2 million.

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