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VOL. 128 | NO. 50 | Wednesday, March 13, 2013

Daily Digest

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Macon Cove Hotel Sells for $1.9 Million

The 129-room hotel at 6068 Macon Cove near Sycamore View Road and Interstate 40 has sold for $1.9 million.

Sycamore View Hospitality LLC bought the hotel, formerly branded as a Quality Inn and La Quinta Inns & Suites, March 8 from Harsha Patel.

No financing was associated with the sale.

Built in 1986, the 56,115-square-foot hotel sits on 2.21 acres on the north side of Macon Cove, southwest of the junction of Interstate 40 and Sycamore View. The Shelby County Assessor of Property’s 2012 appraisal was $1.7 million.

The hotel last traded hands in March 2010 when A&P Hotel Funding LLC sold it for $1.8 million to Patel, who had financed the transaction with a $1.6 million loan through United Central Bank.

Source: The Daily News Online & Chandler Reports

– Daily News staff

First Tennessee Bank Grows Outside Tennessee

First Tennessee Bank, a subsidiary of Memphis-based First Horizon National Corp., is moving its Raleigh, N.C., office to a larger and more prominent location.

It’s a move related to the bank expanding its presence and enhancing its services in the North Carolina, South Carolina and Virginia markets. On an organizational level, the bank recently created the Mid-Atlantic Region to join its existing regions of West, Middle and East Tennessee.

John Fox, executive vice president, leads the new regional division.

The new Raleigh office, led by senior vice president Ken Reece, will support expanded services and new relationships in its business lines of private client, wealth management, corporate and commercial lending and commercial real estate. First Tennessee will add jobs to manage increased business, especially private client and commercial bankers.

First Tennessee Bank expects to move into its new Raleigh office space in mid-April.

The building will bear “First Tennessee Bank” signage and offers room for up to 10 additional employees, including a teller position.

– Andy Meek

Senate Panel Delays Vote on Supermarket Wine Bill

A proposal to allow local referendums on whether grocery stores should be able to sell wine has been delayed in its final Senate committee to consider several changes desired by groups newly interested in negotiating over the measure.

A special subcommittee was appointed on Tuesday to work out a final version of the bill sponsored by Republican Sen. Bill Ketron of Murfreesboro. A full Senate Finance Committee vote was rescheduled for next week.

Among the issues supporters want to hammer out is whether the bill should also allow liquor stores to sell beer, which hours wine would be available for sale and the exact start date of supermarket wine sales after it is approved by voters.

The bill has been opposed by liquor wholesalers and package store owners.

– The Associated Press

HealthSouth Memphis Honored by Industry Group

HealthSouth Memphis has been recognized by the nonprofit group Uniform Data System for Medical Rehabilitation for its delivery of patient-centered care.

This is the second consecutive year the 80-bed inpatient rehabilitation hospital has received the honor. The hospital ranked in the top 10 percent of rehabilitation hospitals for both 2011 and 2012.

Uniform Data System, a nonprofit affiliated with the University of Buffalo, tracks a patient’s progress through the rehabilitation process to measure the efficiency and effectiveness of rehabilitation hospitals across the country.

At HealthSouth Memphis, the average length of a patient’s stay was 12.9 days and about 80 percent of patients were able to go home after they were discharged, for the 12-month period ended Dec. 31.

HealthSouth Memphis is owned by Birmingham, Ala.-based HealthSouth Corp.

– Jennifer Johnson Backer

Johnican Services Set for Saturday

Funeral services for former Shelby County Commissioner, Memphis City Council member and Criminal Court Clerk Minerva Johnican will be held Saturday, March 16, at noon at Parkway Garden Presbyterian Church, 1005 E. Shelby Drive.

Johnican died Friday at age 74 just three years after her last bid for public office, a run to return to the Criminal Court Clerk’s office.

– Bill Dries

Mudbugs in March Returns to Court Square on March 16

Mudbugs in March will return for the third year to Court Square in Downtown Memphis on Saturday, March 16, from 2 p.m. until 8 p.m.

The day-long festival features an authentic Louisiana crawfish boil, drink specials, twisted mac from Hard Rock Café, a gumbo contest, barbecue from 2011 Memphis in May champion Fat Side Up, and live music from The Mason Jar Fireflies and FreeWorld.

The event is produced by BCB Entertainment, which is comprised of husband-wife team Joey and Stephanie Brown and their business partner Dennis Cheshier. The group decided to produce the event because they all grew up with crawfish boils and love all things New Orleans.

BCB Entertainment has been producing events and private parties for 10 years. The event has grown from year to year, with attendance last year reaching 2,000.

Event sponsors are Q107 and Hard Rock Café. Special guests include The Grizz Girls, Memphis Mayor A C Wharton Jr. and Shelby County District Attorney General Amy Weirich.

General admission tickets are $5. VIP tickets are $35, which provides access to all-you-can-eat crawfish, VIP beer tenders and close proximity to the performance area.

For more information, visit www.bcb-entertainment.com or follow Mudbugs in March on Twitter and Facebook.

– Sarah Baker

AP: Applying for Health Care Benefits Not Easy

Applying for benefits under President Barack Obama’s health care overhaul could be as daunting as doing your taxes.

The government’s draft application is now on the Internet.

It runs 15 pages for a three-person family. The online version has 21 steps, some with added questions.

At least three major federal agencies, including the IRS, will scrutinize your application.

That’s just the first part of the process, which lets you know if you qualify for financial help.

You would still have to pick a health plan.

Some fear that consumers will be overwhelmed and give up. Administration officials say the application form is being refined.

Still, the idea that picking a health insurance plan could be as simple as shopping on the Internet is starting to look like wishful thinking.

– The Associated Press

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PROPERTY SALES 106 106 10,157
MORTGAGES 95 95 11,906
BUILDING PERMITS 166 166 21,532
BANKRUPTCIES 53 53 6,753

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