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Announcement:

Moody's Affirms Fourteen CMBS Classes of TW Hotel Funding 2005-LUX

17 Jun 2010

Approximately $320 Million of Structured Securities Affected

New York, June 17, 2010 -- Moody's Investors Service (Moody's) affirmed the ratings of fourteen pooled classes of TW Hotel Funding 2005, LLC, Commercial Mortgage Pass-Through Certificates, Series 2005-LUX. The affirmations reflect the positive impact of lower leverage due to loan modification, the inherent value of the asset, strong sponsorship, improving market fundamentals for luxury lodging properties and the offsetting negative impact of the deteriorating performance of the underlying collateral. The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions.

As of the June 15, 2010 distribution date, the transaction's aggregate certificate balance has decreased to $320 million from $345 million at last review. The loan was transferred to special servicing on October 28, 2009 due to imminent default (final maturity date in January 2010). A forbearance agreement was in place till May 2010, when the loan modification was completed. The terms of the modification and extension agreement included the pay down of the trust debt by $25 million, pledge of additional collateral (Montecito Country Club located in Santa Barbara, CA) and a new loan maturity date of January 9, 2011, with a one year extension option. The principal repayment was made on pro rata basis within the trust. The transaction has a modified pro rata structure where payments are made on pro rata basis until the loan balance is reduced to 35% of the initial balance. There is a mezzanine loan of $155 million outside the trust.

The Ty Warner Portfolio Loan ($320 million -- 100% of pooled balance) is secured by four luxury hotel properties totaling 686 guest rooms located in New York, California and Los Cabos, Mexico. They are Four Seasons Hotel, New York, Four Seasons Resort, The Biltmore, Santa Barbara, Las Ventanas Al Paraiso, A Rosewood Resort, Los Cabos, Mexico and San Ysidro Ranch, A Rosewood Resort, Santa Barbara, A Ty Warner Property. The property's operating performance has deteriorated significantly sine 2008 due to their focus on luxury price segment of the market. But each of the properties are market leaders in respective submarkets, and are considered irreplaceable.

The lodging sector experienced unprecedented levels of stress during the last 19 month-period. However, March 2010 was the first month since 4Q 2008, where US lodging segment as a whole, achieved positive RevPAR growth compared to the same period from the prior year. We believe the lodging sector has bottomed out and is on its way to recovery. We anticipate a much stronger rebound to occur in 2011 and 2012.

The upper-end of the lodging properties experienced the most declines since 4Q 2008 but is showing the greatest improvement in demand as we rebound from this cycle. Although, the pool's 2009 year-end performance was significantly lower than historical levels, we do not believe that it is representative of the subject pool's stabilized performance. Furthermore, given the high quality of these assets as well as its strong brand affiliation and consumer recognition, we believe the pool warrants an affirmation at this time.

Moody's weighted average pooled loan to value (LTV) ratio remains at 90%, virtually unchanged from last review of 91%. Moody's stressed debt service coverage ratio (DSCR) for the loan is at 0.58X compared to 1.24X at last review. However, due to low interest rate environment the actual DSCR is very strong, and is in excess of 2.0X. The pool has not experienced any losses since securitization.

Moody's rating action is as follows:

-Class A1, $100,292,927, affirmed at Aaa; previously on January 12, 2006 assigned Aaa

-Class A2, $33,430,976, affirmed at Aaa; previously on January 12, 2006 assigned Aaa

-Class B, $16,696,685, affirmed at Aa1; previously on March 19, 2009 downgraded to Aa1 from Aaa

-Class C, $19,479,466, affirmed at Aa2; previously on March 19, 2009 downgraded to Aa2 from Aaa

-Class D, $9,551,707, affirmed at Aa3; previously on March 19, 2009 downgraded to Aa3 from Aa1

-Class E, $12,785,750, affirmed at A1; previously on March 19, 2009 downgraded to A1 from Aa2

-Class F, $13,011,381, affirmed at A2; previously on March 19, 2009 downgraded to A2 from Aa3

-Class G, $9,551,707, affirmed at A3; previously on March 19, 2009 downgraded to A3 from A1

-Class H, $18,802,573, affirmed at Baa1; previously on March 19, 2009 downgraded to Baa1 from A2

-Class J, $14,590,797, affirmed at Baa2; previously on March 19, 2009 downgraded to Baa2 from A3

-Class K, $20,306,779, affirmed at Baa3; previously on March 19, 2009 downgraded to Baa3 from Baa1

-Class L, $13,537,853, affirmed at Ba1; previously on March 19, 2009 downgraded to Ba1 from Baa2

-Class M, $22,412,668, affirmed at Ba3; previously on March 19, 2009 downgraded to Ba3 from Baa3

-Class N, $15,192,479, affirmed at B1; previously on March 19, 2009 downgraded to B1 from Ba1

Moody's monitors transactions on a monthly basis through two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior review is summarized in a Press Release dated March 19, 2009. The previous review was part of Moody's first quarter 2009 ratings sweep and incorporated assumptions for capitalization rates and stressed cash flows that were outlined in "Rating Methodology Update: US CMBS Conduit and Fusion Review Prompted by Declining Property Values and Rising Delinquencies" dated February 5, 2009.

The principal methodology used in rating and monitoring this transaction is "CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions" published on July 7, 2000, and available on www.moodys.com in the Ratings Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this transaction can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

New York
Eun Jee Park
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms Fourteen CMBS Classes of TW Hotel Funding 2005-LUX
No Related Data.
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