| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 13 |
Great Escape Lodge |
HT |
$32,397,882 |
200 |
63.9 |
6.720000 % |
| Gasping for air | 89 Six Flags Drive, Queensbury NY 12804 | | 1.6% | 56% | 0.85x (13 mths) | GACC |
|  |
| 08/11/09: Q1 2009 operating results report a NCF DSCR of .95X and occupancy average of 61% for the period. ADR for the period is also showing weakness.06/15/09: On 6/13/09 Six Flags, Inc. filed a voluntary Chapter 11 bankruptcy petition. Six Flags, Inc. is one of the indemnitors under the loan. The Borrower was not among the entities filing for bankruptcy protection, and per the Borrower the property continues to perform reasonably well given the economic environment, and they do not anticipate any operational issues at this time due to bankruptcy filing by Six Flags (borrower is 40.795% owned by Six Flags, Inc.).Property is a 200-room, full-service, all-suite hotel and a 38,500 sf indoor water park located in Queensbury, NY, in the Lake George area of the Adirondacks, approximately 60 miles N of Albany and 200 miles NW of NYC. Nearby attractions include Adirondack State Park which occupies six million acres of public and private land and is the largest wilderness park in the nation, Gore Mountain Ski Area, a popular winter destination and Six Flags Great Escape Theme Park, an amusement park located directly across from the subject.FYE 2008 NCF DSCR of 1.08x driven by a number of factors. Revenues were down $1.1MM vs budget due to a norovirus outbreak in the area that had a negative impact on March and April revenues, and one of the food and beverage outlets closed in February 2008 and was replaced by Johnny Rockets, which began construction in February but didnt open until June. Also, the general economic conditions and impact on travel had a big impact in the late 3rd quarter and 4th quarter. The borrower had originally projected improving performance in 2009, but now anticipates that 2009 performance will likely be flat compared to 2008 as they have continued to see the impact of the slowing economy over the holidays.The Borrower recently stated that the property has performed relatively well in the current environment and has been 83% occupied in March and they anticipate decent cash flow this year.The loan is structured with a $1MM Seasonality Reserve which the Borrower funded by providding Lender with a Letter of Credit at loan closing. No draws upon the reserve will be allowed. In ttthe event of a default under the loan documents, Lender may use the funds in the Seasonality Reserve to pay debt service or other amounts due to Lender under the loan documents.
|
| 54 |
Residence Inn - Livermore, CA |
HT |
$8,784,882 |
96 |
68.1 |
6.120000 % |
| | 1000 Airway Boulevard, Livermore CA 94551 | | 0.4% | 39% | 0.85x (UW) | Artesia |
|  |
| 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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