,
o t
IT DECLINED IN the
1960's along with the 107-
block area now known
Shaw and w cl ed by the
city 15 yea go beca e of
code violations. A fire in 1981
d troyed the roof.
To make the project work,
Mann Inc., a not-for-profit
community-b ed developer
of affordable housing, put
together low-cost financing
from everal sources. Under
the city's Land Acquisition
and Housing' Development
Opportunity program, the city
bought the land under the
Wllitelaw for S675,OOO and
leased it to Manna for SO years
at S33,000 a year, stipulating
that some of the apartments be
for very-low-income families.
Manna bought the building
hell for S10,000. It used city
low-income-housing and his­
toric preservation tax credits
to get S1.6 million in equity
funding through the nonprofit
Local Initiative Support Cor­
poration National Equity
Fund, based in Chicago.
The fund holds a 99 percent
stake in the Whitelaw Hotel
Limited Partnership, owner of
the project. Manna-Whitelaw
Inc., the for-profit subsidiary
of Manna, is one' percent
owner and general managing
partner.
Manna's equity in the
project is S200,000; it also is
legally responsible for the en­
tire cost. Manna plans to
manage the building for 15
years, then turn it over to the
tenants in the form of a
lim�ted-equity co-op.
SIGNET BANK of Rich­
mond provided a $1.1 million
COnstruction loan. Most of
that will be turned into per­
manent financing of $1.2 mil­
lion, which will come
principally from the
Me'tropolitanLife Foundation.
The building, designed by
Isaiah T. Hatton, was so
deteriorated when construc­
tion began in February that a
20-foot tree was growing from
charred debris OIl the top floor.
But the archi teet, Ronnie Mc­
Ghee, said the basic concrete
and steel structure was sound.
Many of the clay ceiling tiles
remain in place.
BUSINESS 'FINANCE
Rentin on't ppe 1 to
everyone. M ny travelers enjoy
being p mpered by th ervice of
a hotel or re rt. Some rent I in­
clude m id and other t er-
vices, either tand rd feature
or extra-co t options. You c n
often choo e nd p y only for the
service you w nt.
You can find vacation rental
NASHVILLE TENN - Marriott
Corporation and Shoney' , Inc.
announced that Marriott h igned
a definitive agreement to sell 40
Bob's Big Boy restaurants in
Maryland, Virginia and the District
of Columbia to Shoney' , Inc. and
Thompson Hospitality, Inc. (THl),
a Shoney' franchisee.
I II I 've taught
people how to
I get started
with less than
$300, II says
: Prosper.
I
The total purchase price is CX'­
peered to be S17.6 million, with
Shoney's Inc. acquiring nine res­
taurants for S4.5 million and THI
purchasing 31 restaurants for S13.1
million. The parties expect to clo e
the transaction within 90 days.
Under a development agreement
to be entered into with Shoney's
Inc., THI will convert at least 26 of
its 31 units to Shoney's restaurants
within two years. The nine loca­
tions being purchased by Shoney's
Inc., will be converted to Shoney's
o
p
re taurant within four months
fter closing.
"Upon completion of i conver-
ions, TIn will be one of the largest
minority franchi ed b inc e in
the United States," said William J.
Sh w, pre ident of the Marriott
Service Group. "We're delighted
that we could playa part in creating
this opportunity while pursuing our
goal of exiting the family restaurant
business."
Upon completion of the conver­
sions, TIn will become one of the
five largest Shoney's re taurant
franchisees. The company will be
headed by Warren M. Thomp on,
an executive with more than 9 years
experience with Marriott's Res­
taurant Group and its Ho t Interna­
tional subsidiary.
Marriott Corporation, b ed in
Washington, D.C., i a diversified
hospitality company involved in
lodging and contract services.
Sales in 1991 exceeded $8.3 bil­
lion.
Shoney's Inc. is a diversified
food service operator and
franchisor of restaurants, including
more than 800 Shoney's in 29
states, Captain D's, Lee's Famous
Recipe chicken, Fifth Quarter and
Pargo's. Headquartered in Nash­
ville, Tenn., the company had sales
of approximately $1 billion for fis­
cal 1991.
Starting a
business on a
balloon ribbon
Some may laugh at the though of
getting rich off of balloons. But
when Charles Prosper lost his job 13
years ago, that's exactly what he did.
He is now the owner and chief desig­
ner ot a booming company, Balloons
by Prosper in Los Angeles.
"If I have to stand on a street
comer with a visor cap and coin
purse and sell balloons, I'll do it,"
Prosper first 'joke-ct af er bemg aid
off as a bilingual alcohol counselor.
"But after a good night's rest, I
thought it UTe sounded a lot better
than standing in an unemployment
line.
After Prosper sold his first bunch
of balloons on a street comer during
a local parade, he went home with a
$100 profit in his pocket and a deter­
mination to learn all about the bal­
loon business.
HE INVESTED S500 to buy a
helium tank, an instruction book and
it gro ot bauoors.
Today, he is one of the nation's
best-known balloon artists, the 110 t
of a weekly cable how on balloon
decorating, author of a book on how
to become a balloon artist and an
instructor at eminars, community
colleges and trade shows. He is one
of very few African-American bal­
loon designers in the country.
Pro per's company now grosses
more than S200,000 yearly and has
developed an assorted clientele. "I
discovered that minorities, especial- ,
ly African Americans and Hispanics
were rapidly becoming my best
clients," says Prosper. "Until I came
along, professional balloon decorat­
ing on a grand scale had never been
done in these .cornmunities."
For this reason, Prosper feels
African Americans are missing out
on a great entrepreneurial oppor­
tunity. "This business does not re- .
quire a lot of start-up money. I've
taught people how to get started with
less than $300 if they decide to start
out of their home," says Prosper.
He also feels that opportunities in
the field are still growing. "Profes­
sional balloon decorating is an infant
industry and there is plenty of room
for more balloon decorators,
deliverers and retailers," he says.
THE UNSTABLE economy
may discourage some from taring a
business, but Prosper assures that
'with balloons, there is not a great
deal of risk.
"Balloon ales are Unaffeeted by
a sluggish economy because people
always have a need to celebrate,"
Pro per says. "Balloons are the per­
feet pick-me-up while waiting for
prosperity to roll back in."
Pro per believes in his work and
strives to teach others that it is a
dream within reach. "Anyone can do
this. With a little faith, perseverance
and best of all, little money, a balloon
busine can be born."
While the exterior and
public areas are being restored
as much as possible to their
Original state, the living areas
are being altered to make the
most of existing space. The
Whitelaw originally had 22
hotel suites and 25 apartments.
Renovation of the ballroom
and dining areas involves
replacing plastered walls and
re-creating plaster molding
from surviving pieces. While
most of the original 22 stained
and hand-painted glass ceiling
panels have survived and will
be re tored, three panels will
have to be replicated.
Separate financing is to be
raised for the glass restoration.
Fr qu nt Flyer Upd
There re currently frequent
flyer pro ra ith over 12 mil-
lion membe . Accordin to
tudy, 75 percent of th frequent
flyer bon e go unredeemed.
Here re om tip on how you
can pic up more bon e: T ke
11 pplicaitons for frequent flyer
membership from the display in
hotel lobbies and fill in your name
nd number where it ays,
"Recommended by ... for bonus
mileage." then return the applicai­
tions to the check-in. Al 0, refer
g •
P ck e tour contai num-
ber of travel rrangemen
bundled together. How can you be
ure p ck ge tour i good
v lue? Th ey. i to find out about
the tour operator. Thi i the be­
hind-the- cene pe on who put
together the componen of the trip
including irfare, hotel, rental car,
nd igh eeing and ell it
through travel gents.
ALTHOUGH THE build­
ing occupies much of the
13,000 square feet that
remains of the once- p cious
grounds, a small garden will
urround the 12th Street
entrance. Parking for 16 cars
will be available nearby.
..
Some que lions to k re: H
the travel agent used thi operator
before? Was the operator' perfor­
mance ati factory? You'll want
to read the tour pac age brochure
Charles Ross is the host of
the nationally syndicated radio
program "Your Personal
Finance" and author of the The
Best o/Your Personal Finance.
Leonard H. Roberts, left, chairman and CEO of Shoney's, Inc., and J.W. Marriott, right, chairman and :
president of Marriott Corporation, discuss development plans of 31 restaurants with Warren Thompson, :
president of Thompson Hospitality, Inc. (THI). Marriott is seiling the units to THI �hich will become the :
largest minority-owned restaurant franchisee In the United States with annual sales estimated at 1
$40,000,000. : :
•
. ,
ADVERTISE YOUR BUSINESS HERE.
CALL EARLEN� (313) 869-0033.
Need Information about Businesses?
Call the Business INFOLINE!
There are over 9 million businesses in the U.S. - and finding
information about them can be virtually impossible, especially
when you need it fast. But now there's a way ... a revolutionary new
service called Business INEQUNEI Need to know the address and
phone number for .XYZ Company· somewhere in Florida, or the
name and phone number of a ·Cadillac Deale ... In Palm Beach?
. Even telephone qgmpany directory assitance can't help you In
these situations ... blnie canl
For .x.mpl •. �.
-Your BMW breaks down on the interstate, and you need to know
, If there's a d8lJ(er In the next town. •
/fAn out-of-town company Is trying to sell you vinyl #dIng for your
house, and you need more Inform tlon about them - ,hOW long
the company has been In bus/neB , and how many employees
they have.·
-You're planning vacation In the Pacfflc Northwest, and you
want to line up things for the kids to do. So you need to ffnd the
amusement parks and zoos In Oregon na WashIngton. "
/fA tttena gave you a tip that -Apex Industrle • would be a good
stock Investment but you want to know more. What do they do?
What are metr approximate annual sa/es?-
,.
The Business INFOUNE is indispensable for home or officel And
the cost is only $3.00 for the first minute and $1.50 for each
additional minute, conveniently billed to your phone number. The
service is available Monday through Friday, 7:00 a.m. to 6:00 p.m.,
Central Time.
A Service of Amerioen
BueI Information
5711 So. 88th CRIe,
Om NE 88127
Dial 1-900-896-0000
Ask for Ext. # 214
