VOL. 129 | NO. 217 | Thursday, November 6, 2014
Courtyard Memphis East Sells for $11.7 Million
Another East Memphis hotel has been sold, this one fetching $11.7 million.
The sale was part of a larger $1.1 billion deal New York City-based NorthStar Realty Finance Corp. announced in September to acquire 52 hotels across the country.
CBM One Hotels LP, which is affiliated with Courtyard by Marriott LP, sold the Courtyard Memphis East/Park Avenue at 6015 Park Ave., at the southeast corner of Primacy Parkway across from St. Francis Hospital, to CMP 1 Memphis Owner LLC, according to a special warranty deed recorded Nov. 4.
Charles R. Latham, managing director of hospitality sector investments for New York City-based investment firm Clarion Partners LLC, signed the deed for the seller.
The buyer, CMP I Memphis Owner, is affiliated with the NorthStar Realty Finance real estate investment trust and filed a $23.3 million loan through JPMorgan Chase Bank NA, according a deed of trust recorded Nov. 4. The $23.3 million loan is part of a much larger $415 million mortgage through JPMorgan Chase that helped fund the purchase of the 52 upscale extended-stay and select-services hotels.
The 76,722-square-foot Courtyard Memphis East was built in 1987 has 146 rooms. The Shelby County Assessor of Property’s 2014 appraisal is $6.1 million.
This is the second major East Memphis hotel to change hands in the past week. The Hotel Memphis at 2625 Thousand Oaks Blvd. was purchased by Jubilee Hotels Group LLC in an Oct. 29 warranty deed.
Source: The Daily News Online & Chandler Reports
– Amos Maki
Memphis Tops List As Most Affordable Big City
The Kiplinger media company has compiled data on the biggest cities in the U.S. with the lowest cost of living and found that Memphis is at the top of the list.
Kiplinger was trying to identify the 10 U.S. cities with populations of more than 250,000 that have the lowest living costs. The ranking says Memphis’ cost of living is 14.6 percent below the national average.
While the list tagged the city with a 9.9 percent unemployment rate, it added that a “saving grace for Memphis is the super-low cost of housing,” with median home values 46 percent below the national median and the average apartment rent of $709 being 21 percent below the U.S. average.
– Andy Meek
Council Votes Down Whitehaven Car Lot
The Memphis City Council voted down Tuesday, Nov. 4, the move of a used car lot on land owned by Graceland to a lot further north on Elvis Presley Boulevard near the new 450-room resort-style hotel Elvis Presley Enterprises is building.
The Hot Wheels car lot had leased space from Graceland. But Hot Wheels lost its lease as Graceland expands in other ways onto property it has long owned on the other side of the mansion’s northern boundary.
In other action, the council approved Mayor A C Wharton Jr.’s nomination of Antonio Adams as the city General Services Division director. Adams had been General Services deputy director under Martha Lott, who left City Hall last month to become director of county government’s Community Services division.
The council approved on the first of three readings the ordinances that would put in place the hybrid pension plan Wharton proposed for all new hires in city government and all employees with less than 10 years of service. Also approved on the first of three readings Tuesday was the alternate proposal by council member Myron Lowery to apply the same hybrid pension plan to new hires only.
Any pension changes approved by the council on third and final reading in December would take effect in January 2016.
The council also approved five resolutions for the management of $100 million in investments from the Memphis Light, Gas and Water Division OPEB (other post-employment benefits) Trust Fund and the MLGW Retirement and Pension fund.
– Bill Dries
UTHSC Doctor Receives Endowed Professorship
Dr. Karen C. Johnson, who has brought more than $40 million in research dollars to the University of Tennessee Health Science Center and is the principal investigator on five currently funded research grants or contracts, has been awarded the UTHSC College of Medicine Endowed Professorship in Women’s Health.
The professorship, conferred because of her excellence in research, her national reputation and her history as a strong collaborator at UTHSC, is supported by the Kathryn Sullivan Bowld Endowment Fund.
In August, Johnson, a professor in the Department of Preventive Medicine, was named to the Thomson Reuters list of “The World’s Most Influential Scientific Minds: 2014.” The distinction is based on the significant number of articles she has published and the frequency of which they are cited by fellow researchers
Johnson is the principal investigator for the UTHSC location of the Women’s Health Initiative, a 40-site clinical trial and cohort study of more than 161,000 women that began in 1993 to look at diseases that affect women and how to help them stay healthier. UTHSC has enrolled more than 4,200 women from Memphis and the surrounding area in the study.
– Don Wade
Activities Planned at RiverFit Trail
Community events continue at the Memphis Grizzlies Riverfront Fitness Trail and Pop-Up Park, also known as RiverFit, including a family-friendly event hosted by the Grizzlies and BlueCross BlueShield of Tennessee in mid-November.
Attendees can join the Grizz Girls and Claw Crew Nov. 18 from 5 p.m. to 6 p.m. to register for a Fitness Trail Passport. Those who complete all six fitness stations will be in the running for prizes, including tickets to Grizzlies opening night and autographed items from Grizzlies players.
In other activities, New Memphis Institute & Leadership Memphis are joining up to exercise Friday, Nov. 7. Employees from each organization will mix to make teams for friendly competition and a relay race utilizing RiverFit equipment. And Teach for America will host a workout and celebration for its corps members Saturday, Nov. 8.
– Don Wade
TVA Taking Closer Look at Energy Efficiency
The Tennessee Valley Authority is taking a closer look at energy efficiency as it works on a long-range energy resources plan.
The Knoxville News Sentinel reports the federal utility is using advanced computer modeling to determine how valuable energy efficiency will be in meeting its long-term power needs.
The agency's Integrated Resource Plan is being revised to determine how much electricity will be needed over a 20-year period and what resources are needed to provide it.
The updated plan will address changes in the economy and the electric utility industry since the existing energy plan was completed in 2011.
TVA is the nation's largest public utility, serving 9 million people in parts of Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.
– The Associated Press