Filed under: Real Estate Developments
The company does not have enough income to pay the necessary expenses for the Patrick Henry and so the lender Potomac Realty Capital of Delaware, is moving forward with a foreclosure sale. No sale price has been set but at the time of the sale a deposit of $275,000 or 10 percent of the price, whichever amount is lower, is required with a 30-day closing. The building and its land are assessed at about $3.7 million, according to city real estate records. Affirmative Equities bought the hotel in 1990 for $3 million with plans to turn it into senior housing.
What will become of the historic property? Many Roanoke residents are hoping that the property can be turned into some kind of business. In the past the building has held retail businesses and a restaurant in addition to a hotel. It is in need of major renovation named one of the Roanoke Valley's endangered sites and a neglected property by the Roanoke Valley Preservation Foundation.
UPDATE: The property has sold for $2 million to Kristin Duffy of Potomac Realty Capital who was the only bidder.
Gallery: Hotels and Inns for Sale