| 1E - DSCR < 1.20. The loan is secured by a 75 room lodging facility in Vancouver, WA built in 2001. The property was inspected on 10/03/08; rated in Good condition. YE 2008 NCF DSCR is 1.19 with an occupancy of 60%. The decline in NCF was a result of a decline in revenues combined with increased operating expenses . 2008 revenues had declined 4% from YE 2007 due to an occupancy decline. Occupancy in 2007 was 73% and has dropped 13% to current level of 60%. RevPar dropped from $49.00 to $45.50 while ADR slightly rose from $67.53 to $76.34. Per Bwr to primary servicer, the decline in revenues is due to the current US economy combined with current renovation of the property. Per Bwr, these renovations have continued into 2009 due to franchise required updates. After a review of the statements submitted, servicer determined the reported supplies expense contained one time non recurring type items. The YE 2008 analysis was revised. YE 2008 NCF DSCR is now at 1.61. Loan will be removed from the watchlist with October 2009 reporting.
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