| 08/11/09: Q1 2009 financial reporting has been received and is being reviewed. Casual review indicates that gross revenue and NOI have declined. Servicer will report results shortly.06/01/09: The Residence Inn - Livermore loan is secured by a 96-room limited service/extended stay hotel, located in Livermore, California approximately 45 miles east of San Francisco, 30 miles southeast of berkeley/Oakland, and 40 miles southwest of Stockton in what is known as the Tri-Valley area. Built in 1989, the hotel consists of thirteen 2-story buildings situated on a 3.07-acre site. The unit mix consists of 50 Studios, 10 Studio Doubles, 20 Penthouses, and 16 Two-Bedrooms.FYE 2008 DSCR NCF is 0.85x vs 1.43x UW. UW DSCR was calculated based on Earn out Achievement holdback amount of $1,150M deducted from the applicable loan amount. Based on this calculation, FYE 2008 DSCR NCF would be 0.97x. Revenues were UW at 76% occupancy. T-12 occupancy for the property was 62.7% and 38.90% for the month of December, resulting in a 14% drop in revenues vs UW. Also, FYE 2008 Dept income was $1,894,806 vs $2,206,377 at UW.
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