Fitch Affirms & Removes Salomon Brothers 2001-MM Class D From Rating Watch Negative.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 18, 2003 Fitch Ratings affirms and removes the following class from Salomon Brothers commercial mortgage pass-through certificates, series 2001-MM: -- $10.6 million class D 'A-'. The affirmation and Rating Watch removal is due to stabilizing performance at the Cabana Crowne Plaza (1.9%) and the Sagamore (3.3%). The certificates are collateralized by 32 mortgage loans, consisting of office (68%), retail (16%), multifamily (8%), and hotel (8%). The 32 underlying loans are grouped into eight series of four loans each, of which the aggregate balance (of each four loan group) is divided into a senior and junior portion. The senior portions are pooled. The junior portions are not pooled, but provide credit support to each respective series. The improved performance of the hotel loans mitigates the concern of possible credit quality decline in the lowest pooled class. The Cabana Crowne Plaza is a 194-room full-service hotel located in Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. . Increased bookings, higher food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. revenue, and reduced operating expenses boosted Fitch stressed net cash flow (NCF See National Cristina Foundation. ) to $1.5 million as of trailing twelve months In commerce, the trailing twelve months (TTM) is a moving measurement (for example, an average or a sum) over the 12 previous months, using the most recent data available. Also sometimes known as last twelve months (LTM). (TTM TTM Trailing 12 months. Often used with Earnings Per Share. ) ended Oct. 31, 2003, from $1.3 million as of year-end (YE) 2002. Fitch NCF is based on servicer reported net operating income for TTM Oct. 31, 2003, adjusted for normalized operating and capital expenditures. The Sagamore is a resort hotel located in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . The Sagamore benefited from the overall modest improvement experienced in the hospitality market. Higher average daily rates, and improved occupancy increased revenue per available room (RevPar) to $140.67 as of Oct. 31, 2003 (year to date, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. ) from $132.08 as of Dec. 31, 2002. The recovery in NCF and RevPar signals a positive trend in the performance of the hotels. Fitch will continue to monitor this transaction, as surveillance is ongoing. |
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