| 1E - DSCR < 1.20. The loan is secured by a 111 room full service hotel in Sarasota, FL built in 1999 and renovated in 2004. The property was inspected on 07/11/08; rated in Good conditon. The YE 2008 NCF DSCR is 1.08 with an occ of 60%. The decline in NCF is a result of a revenue decline. YE 2008 Gross Profit/EGI has declined 9% from YE 2007. 2008 Occ, ADR, and RevPar have declined 5%, 4% and 9% respectively. The 06/09 STAR report indicates that the property occ, ADR, & RevPar were 57.4%, $90.55 & $51.96, respectively. Comp Set Occ, ADR, & RevPar were 62.4%, $90.07 & $56.17, respectively. Bwr indicated to primary servicer that the market in the area is very slow; and bookings/Reservations have continued to decrease during Q2- 2009. Bwr stated that three new hotels have entered the market and within close proximity of the property; thus affecting property occupancy and revenues. Effective 07/31/2009, the loan has been transferred to the Special Servicer due to Borrower request for a modification of the loan. Loan will be removed from the watchlist with Sept 2009 reporting.
|
