Summit Hotel Properties

Buys Two Memphis Hotels

Summit Hotel Properties LLC has purchased a Residence Inn at 9314 Poplar Pike for $5 million and a Fairfield Inn at 9320 Poplar Ave. for $2.8 million from ER Johnson Road Hotel Investors LLC. Summit financed the properties for $6.4 million and $3.6 million, respectively, through First National Bank of Omaha. The hotels were completed in 1999.

Source: The Daily News Online & Chandler Reports

Jabil Memphis Plans

to Grow Memphis Plant Florida-based Jabil Circuit Inc. plans to add 500 people to its Memphis staff by years end, the company announced. Jabil Memphis, which provides design, manufacturing and product management services to global electronics and technology companies, is expanding its operations to support manufacturing, assembly and material handling of electronic cash registers and self-serve kiosks for an unnamed client. Jabil plans to more than double the size of its Memphis facility, located at 5238 Lamar Ave.

Memphis International

to Install Surveillance System

Memphis International Airport plans to install an Aviation Perimeter Intrusion Detection System developed by Stanley Security Solutions Inc. to enhance perimeter security and protect against threats to the airport and arriving and departing aircraft. The system will feature software by Reston, Va.-based ObjectVideo that will be integrated with closed-circuit TV cameras to detect threats along the airports 34,000-foot fenced perimeter.

May Home Sales

Rise by 11.2 Percent

Memphis-area home sales increased by 11.2 percent to 1,589 in May from 1,429 in May 2004, the Memphis Area Association of Realtors reported. Median sales price rose 7.8 percent to $138,000 and average price rose 10.2 percent to $166,400 from the same period in 2004, according to MAAR.