VOL. 132 | NO. 88 | Wednesday, May 3, 2017
New York Firm Pays $23M For 3 Memphis-Area Hotels
AR Global Investments, a New York-based asset management firm, has purchased a trio of Germantown hotels for a combined $23 million from Austin, Texas-based Summit Hotel Properties, according to three warranty deeds filed with the Shelby County Register of Deeds on April 28.
In the most expensive of the three acquisitions, AR Global, doing business as HIT SMT CY Owner, paid $10.7 million for the 90-room Courtyard by Marriott at 7750 Wolf River Blvd. in Germantown. The hotel, which was built in 1997, sits on 2.7 acres on the north side of Wolf River Boulevard east of South Germantown Road, and the Shelby County Assessor’s 2017 appraisal is $5.2 million.
In the other two transactions, the firm purchased the Residence Inn at 9314 Poplar Pike for $8.1 million and the adjacent 80-room Fairfield Inn & Suites at 9320 Poplar Pike for $4.2 million. Those hotels are on the north side of Poplar Pike west of the street’s intersection with Poplar Avenue, and their 2017 appraisals are $4.5 million and $3.3 million, respectively.
Christopher Eng, Summit’s executive vice president and general counsel, signed all three deeds as secretary of Summit Hospitality I Inc.
An $18.4 million mortgage was also filed in conjunction with the three purchases. The mortgage, which was taken out through Citibank, will mature on May 1, 2022.
AR Global is one of the largest external managers of direct investment programs in the U.S. and has raised and invested more than $30 billion in capital, according to the firm’s website. Summit, meanwhile, is a publicly traded real estate investment trust with 82 hotels across 23 states.
– Patrick Lantrip
High Water Closes Arkansas Side of Big River Crossing
The Mississippi River at Memphis is on the rise and the Arkansas entrance to the Big River Crossing closed Tuesday, May 2, as a result.
The flood plain before the West Memphis levee comes each year at about this time and the high water on the Arkansas side of the Mississippi River is the first since the crossing opened on the north side of the Harahan Bridge this past fall.
The Memphis side of the crossing, atop a bluff, remains open to the public from 6 a.m. to 10 p.m. daily. Visitors can only enter and exit the crossing from the Memphis side until the river level drops from its annual rise. Then the West Memphis entrance and exit will reopen.
– Bill Dries
Luttrell Presents Proposed Budget to County Commission
Shelby County Mayor Mark Luttrell will present his budget proposal to Shelby County Commissioners during committee sessions Wednesday, May 3.
The proposal is for the fiscal year that begins July 1. That’s also the goal date for the commission to approve the operating and capital improvement plans as well as a consolidated budget that reflects budgets for the offices of countywide elected officials.
Several county commissioners already have indicated they want to explore a possible cut in the county property tax rate, which currently stands at $4.37.
The rate would be adjusted based on the Shelby County Assessor of Property’s 2017 reappraisal values so that it generates the same amount of revenue county government currently gets. Because of an overall increase in value reflected in the reappraisal, the recertified rate is expected to be lower than $4.37.
– Bill Dries
U of M Ranked Among Top Healthcare Admin Programs
The University of Memphis’ Master in Healthcare Administration program has been ranked No. 12 by the online resource topmastersinhealthcare.com.
The U of M is ranked along with such prestigious programs as Columbia University, Johns Hopkins, George Mason, Seton Hall, the University of North Carolina-Chapel Hill and the University of Southern California.
The University of Memphis is home to the only MHA program in Tennessee accredited by the Commission on Accreditation of Healthcare Management Education. In addition to making U.S. News & World Report’s Best Healthcare Management Degree rankings, the U of M also has appeared on Modern Healthcare’s list of Top 20 MHA Programs.
– Don Wade
UTHSC College of Nursing Launches Innovation Center
The College of Nursing at the University of Tennessee Health Science Center has launched a new Center for Community Partnerships and Nursing Innovation.
Led by Dr. Sara Day, associate professor and assistant dean in the UTHSC College of Nursing, the center is designed to develop sustainable partnerships with clinical, research and service institutions in the Memphis area to advance health care, foster innovative nursing strategies, reduce health disparities and improve patient outcomes.
Day says the center will work to integrate academic nursing into population health initiatives, offer education and support for evidence-based practice, expand academic leadership in clinic practice and grow academic nursing research programs. Among other things, the center will also collaborate with other institutions to establish and support nurse practitioner fellowships, offer guidance in quality improvement initiatives and serve as an accredited provider of continuing nursing education credits.
– Andy Meek
U of M Extends Ticketing, Engagement Partnership
Spectra Ticketing & Fan Engagement, the leading provider of ticketing, fundraising, marketing and analytics solutions in college athletics, announced it has extended its 34-year partnership with the University of Memphis. The U of M has been working with Spectra Ticketing & Fan Engagement since 1983.
With the extended partnership, the U of M will employ Spectra’s industry-specific implementation of Salesforce customer relationship management (CRM) services, the division’s industry-leading PAC Analytics services, and leverage the relationship with StubHub to increase convenience for fans.
The U of M will implement Salesforce CRM to provide staff with a 360-degree view of every season ticket holder, fan and donor. Salesforce CRM provides real-time reports of sales activities and progress, accessible from any device at any time to help staff track relationships and better communicate with fans and donors. Spectra also will work directly with the U of M to develop and implement best practices as part of its PAC Analytics solution.
The U of M continues to use Spectra’s PAC Ticketing and PAC eCommerce platforms to enable fans, donors and students to purchase tickets to ticketed sports and make donations in real-time at gotigersgo.com.
Through Spectra’s partnership integration with StubHub, Tigers fans will access StubHub as the official ticket marketplace of the Memphis Tigers. The service is a fully integrated ticketing platform, which allows ticket holders the opportunity to resell their tickets on the world’s largest ticket marketplace while providing buyers a secure shopping experience.
– Don Wade