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VOL. 121 | NO. 10 | Wednesday, January 4, 2006

Daily Digest

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Summit Hotel Finances Courtyard by Marriott

Summit Hotel Properties LLC has financed Courtyard by Marriott-Lenox Park through ING Life Insurance and Annuity Co. for $12 million. The 96-unit hotel, built in 1998, is on 2.57 acres at 3076 Kirby Parkway in Lenox Corporate Park. Summit purchased the property from ER Lenox Hotel LLC in June for $4.9 million.

Evolve Changes Bank Names, Opens New Offices

Delaware-based Evolve Financial Group Inc., a bank holding company with corporate offices in Memphis, recently took steps to solidify its brand by changing the names of two First State Bank locations in Arkansas that it acquired Aug. 1. Both locations - one in West Memphis and the other in Parkin - will now be known as Evolve Bank & Trust. The parent company also just opened a new Evolve Mortgage Services office at 1000 Ridgeway Loop Road in East Memphis. It is also in the process of opening an Evolve Bank & Trust loan office at 8000 Centerview Parkway in Germantown. The Germantown location should be open by Jan. 31.

Realtor Group Offers New Guide Online

The Memphis Area Association of Realtors has launched a "Welcome Home Memphis" resource guide on its Web site for prospective buyers and homeowners with moderate or low incomes. The guide, at www.maar.org/whm provides information on the home-buying process and affordable housing programs. It also offers more advanced content for seasoned homebuyers and real estate professionals.

Walgreens Reports Record Earnings in First Quarter

Walgreens Co. announced Tuesday its net earnings for the quarter that ended Nov. 30 were up 5.2 percent to $345.6 million or 34 cents a share (diluted). That's up from $328.6 million or 32 cents a share (diluted) at the same time last year. Walgreens has more than 30 locations in Memphis.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 328 20,960
MORTGAGES 58 387 24,132
FORECLOSURE NOTICES 6 54 3,101
BUILDING PERMITS 170 842 43,435
BANKRUPTCIES 50 288 13,468
BUSINESS LICENSES 34 90 6,712
UTILITY CONNECTIONS 16 110 7,899
MARRIAGE LICENSES 32 91 4,734