| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 93 |
Suburban Lodge - SC |
HT |
$5,638,373 |
149 |
73.2 |
6.108000 % |
| 90+ | 1376 Fording Island Road, Bluffton SC 29910 | | 0.2% | 65% | 0.93x (12 mths) | Bridger |
|  |
| 08/31/09 Suburban Extended Stay is a 149-room hotel improved with two three-story buildings that were originally constructed in 2000 and 2001. Located on the access road into Hilton Head, performance is suffering as better located hotels are cutting rates dramatically. Draft of Reinstatement and Modification Agreement has been approved by Borrower. Agreement would bring the loan current, set up a debt service reserve, fund a Capital Expense Reserve of $214,00 for items in 2009, and pay all costs except for default interest and late fees. Funding and execution of the agreement is expected by September 4th.
|
| 121 |
Sleep Inn - Jackson |
HT |
$3,895,231 |
90 |
61.8 |
5.991000 % |
| | 4351 Lakeland Drive, Flowood MS 39232 | | 0.1% | 53% | 0.99x (18 mths) | Bridger |
|  |
| 1E- DSCR < 1.20, and 1F - DSCR < 1.40 and <= 75% U/W DSCR. The loan is secured by a 90 room hotel in Jackson, MS built in 1998. The property was inspected on 12/02/08; rated in Good condition. YE 2008 NCF DSCR is 1.06 with an occ of 83%, ADR of $74.59, and RevPar of $61.91;TTM NCF DSCR ending 09/30/08 is 1.11 with an occupancy of 63%. ADR and RevPar are $73.76 and $42.61, respectively. The decline in NCF is a result of a room revenue decline of 7% from YE 2007. U/W noted that the property is well located near the Jackson airport, two major highways, and is six miles from downtown Jackson. Per the 2008 inspection report competition includes Country Inn & Suites, America\''s Best Inns, Ramada Inn and Quality Inn. Borrower reported to the primary servicer that the decline in revenues is a result of the downturn in the hotel market. The property is advertised through Billboards, directional signs, Choice Hotel Travel Guide, AAA, Mkt America Travel Guide and the internet. The November 2008 STAR report shows the property is slightly below its competitive set in Occupancy and RevPar but well above the competitive set in ADR. Property occupancy was 58% compared to competitive set occupancy of 61.20%. ADR at the property was $74.04; competitive set was $70.83. RevPar at the property was $42.93; competitive set was $43.36. Bank of America has contacted the primary servicer for further updates; waiting for a response.
|
| 158 |
The Homestead |
HT |
$2,431,591 |
91 |
38.6 |
6.000000 % |
| | 1625 Hinman Avenue, Evanston IL 60201 | | 0.1% | 52% | 0.98x (15 mths) | Bank of America |
|  |
| 1E - DSCR < 1.20, 4B - EGI < 80% U/W EGI, and 1F - DSCR < 1.40 and <= 75% U/W DSCR. The loan is secured by a 91 room limited service hotel in Evanston, IL built in 1927 and renovated in 2005. The property was inspected on 04/22/08; rated in Good condition. The TTM 03/31/2009 NCF DSCR is .98 with an occ of 51.90%, ADR of $94.05 and RevPar of $48.81. The decline in NCF is a result of a revenue decline. Annualized 2009 revenues have declined 69% from YE 2008. Per Bwr, the decline in revenues can be attributed to the property\''s residential component was down 12%. Per Bwr, this was due to the general economic conditions in the US. Property''s residential component is made up of corporate relocation, corporate training, university visiting faculty, medical visits and catastrophe housing. Per Bwr, many of property regular customers have slowed the pace of their activity resulting in fewer extended stay needs. Bwr further noted that the Hotel compenent of the prop was down 22% due to gen economic climate. Per Bwr, property has a full-time sales & mkt employee whose job is to maintain the client base while seeking new business. Property''s biggest account is Northwestern University where property receives most of their business combined with local businesses. Per Bwr, they are constantly looking for new business and more business from property''s existing clients; but Bwr has also spent time over the past nine months trying to contain costs to make sure the property remains profitable. Property is mkt/adv via community guide, CVB destination guide, and local musical and theatrical performances. Per the CVB report provided by the Bwr, the property is above the competing property in occ and ADR. Property Q1-09 Occ and ADR were 49.3% and $95.23 respectively. Competing prop occupancy and ADR were 45.3% and $95.33 respectively. Bank of America will continue to monitor the loan.
|
| 162 |
Ramada Inn - Savannah |
HT |
$2,302,970 |
60 |
62.2 |
6.508000 % |
| 30 | 17007 Abercorn Street, Savannah GA 31419 | | 0.1% | 50% | 0.97x (12 mths) | Bridger |
|  |
| 08/31/09 This 56 unit Ramada Inn, is located in Savannah, GA. Default letter sent to borrower on 3/18/09. The borrower has been supporting monthly DS payment shortfalls out of pocket as the property is not generating sufficient cashflow to meet the full debt service. The borrower is preparing a request for debt service relief. The loan remains current.
|