ROANOKE, VA— The historic Patrick Henry hotel here is reportedly ready to be sold with the possibility of being transformed into a residential center for senior citizens. Affirmative Equities Inc. of New York, the owner of the downtown property built in 1925, is expected to ink an agreement with Hoosier Care, Inc. an Indiana-based nonprofit operator of assisted living homes, that would reportedly allow the deal to be finalized by April. The hotel’s restaurant, as well as public areas are expected to remain available for social functions such as weddings and meetings According to a report in The Roanoke Times, the hotel’s occupancy has been impacted by the Hotel Roanoke and Conference Center, which was renovated and reopened in 1995 and which grabs significant market share. Local observers contend there doesn’t appear to be enough business to support both hotels. According to the report, Affirmative Equities has been examining the possibility of turning the 120-room hotel into senior housing for several years as occupancy rates declined. Another avenue would have been to renovate to keep the facility operating as a hotel, which may remain a possibility if the current deal doesn’t materialize. Source: The Roanoke Times
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