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VOL. 121 | NO. 160 | Tuesday, August 15, 2006

Daily Digest

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Hampton Inn Sells For $7 Million

     VMN Memphis LLC has bought Hampton Inn-Memphis at 2700 S. Perkins Road north of American Way from Perkins Hotel Partners LP for $7 million. Built in 1994, the 63,778-square-foot hotel has 132 units on five stories. The seller, Perkins Hotel Partners, spent $616,524 in 1993 to buy the 2.16 vacant acres on which the hotel now stands, and the Shelby County Assessor's 2006 appraisal was $4.4 million. VMN financed the purchase with a $6 million mortgage through Countrywide Commercial Real Estate Finance Inc.
     Memphis-based Hampton Inn and Hampton Inn & Suites are members of the Hilton family of hotels. Hilton's other Memphis-based brands are Embassy Suites and Homewood Suites by Hilton.

Greenway Forms Partnership With Health Choice LLC

      Georgia-based Greenway Medical Technologies is teaming up with the largest physician network in the Mid-South, Health Choice LLC. Health Choice is a partnership between MetroCare Physicians and Methodist Healthcare.
     Greenway makes electronic health record (EHR) and practice management software. Through the partnership, Greenway's technology will be available to the more than 700 practices in the Mid-South.
     A new Methodist venture, My M.D., was launched Aug. 7 in Oakland about 25 miles east of Memphis, and was the first Methodist practice to open using the software. (See today's focus story on Page 1 for details.)
     "The electronic record and practice management software made this first week so much easier," said Karen Williams, director of practice management for Methodist.
     Greenway is based in Carrollton, Ga., and was established in 1998. The company employs more than 180 people.

Judicial Selection Committee Challenges Bredesen Decision

     Judging by their vote last week, members of Tennessee's Judicial Selection Committee appear miffed at Gov. Phil Bredesen over his handling of the group's slate of nominees for the state Supreme Court.
     The commission voted 10-4 last week to ask the governor to "clarify in writing" whether his letter to the group in July - which asked for a new slate of Supreme Court nominees - was a wholesale rejection of the slate the group already sent on to the governor, according to The Tennessee Journal, an insider newsletter on Tennessee politics and government.
     If his letter was a rejection, the group wants Bredesen to spell out his reasons why.
     Two of the five members of the state's Supreme Court are retiring after Aug. 31. They are Justice Riley Anderson and Justice Adolpho Birch.
     Bredesen already has appointed Court of Appeals Judge Gary Wade - who is from East Tennessee - to fill one of those vacancies.
     What might influence the filling of the second vacancy is something Bredesen mentioned in his July letter, the idea that "diversity is a significant factor that I believe should be considered."

Bioworks Foundation Offers Souvenir Bricks From Baptist

     The Memphis Bioworks Foundation is selling a limited number of bricks from the former Baptist Memorial Hospital building on Union Avenue.
     Bricks from the 21-story building, which once housed one of the largest private hospitals in the nation, will come with a letter of authenticity from the Memphis Bioworks Foundation.
     The hospital, which officially closed in November 2005, was the site of many notable firsts. The first Mid-South CAT scan was performed there in 1974, as well as the first heart transplant in 1985. Elvis Presley also was pronounced dead in the hospital's emergency room on April 16, 1977.
     Baptist Memorial Health Care donated the property in the Memphis Medical Center to the foundation for the future site of the UT-Baptist Research Park. The facility will be completed in six phases, opening in 2016.
     The bricks cost $25 if picked up from the foundation and $40 if shipped.
     For more information about the bricks, contact the Memphis Bioworks Foundation at 448-8897 or e-mail jthompson@memphisbioworks.org.
PROPERTY SALES 67 67 16,128
MORTGAGES 81 81 18,637
BUILDING PERMITS 213 213 33,603
BANKRUPTCIES 52 52 10,366