Hotel Courtyard by Marriott - Nashville, TN: $4,600,000 Dexia funded this $4,600,000 loan secured by a 94-room hotel located in Nashville, Tennessee. The subject benefits from its location off of the parkway that loops around Nashville. The subject has consistently outperformed competing properties in average occupancy, reaching an average of 75.3% in 2004. Reserves were established for taxes, insurance, and capital expenditures. Additionally, a non-interest bearing seasonality reserve will be collected during the ten peak months to be available for debt service payments during the months that occupancy typically drops. The loan was structured with a 10-year term amortizing over 25 years. The loan was underwritten to a 1.73 DSCR and a 64% LTV.  Courtyard by Marriott - College Station, TX: $7,600,000 Dexia funded this $7,600,000 loan secured by a newer 125-room hotel located in College Station, Texas. Reserves were established for taxes, insurance, and capital expenditures. Additionally, a non-interest bearing seasonality reserve will be collected during the ten peak months to be available for debt service payments during the months that occupancy typically drops. The loan was structured with a 10-year term amortizing over 25 years. The loan was underwritten to a 1.50 DSCR and a 74% LTV.  Country Inn and Suites: $8,000,000 Dexia funded this $8,000,000 loan secured by a Country Inn and Suites hotel located in Sarasota, Florida. The subject property is a four-story building with a total of 100 guestrooms. Common areas include a lobby, offices, laundry facility, breakfast lounge, fitness center, and a large meeting room. The subject benefits from its location in a neighborhood with a heavy concentration of office development and close proximity to beaches. Reserves were established for taxes, insurance, and capital expenditures. An additional reserve was established to mitigate seasonality risk. The loan was underwritten to a 1.88 DSCR and a 69% LTV. The loan was structured with a 10-year term amortizing over 25 years. |