DBRS Confirms Extended Stay America Trust, Series 2010-ESH

DBRS has today confirmed the following Commercial Mortgage Pass-Through Certificates, Series 2010-ESH ratings of Extended Stay America Trust, Series 2010-ESH (ESA 2010-ESH) with Stable trends:

– Class A at AAA (sf)
– Class XA-1 at AAA (sf)
– Class XA-2 at AAA (sf)
– Class B at AA (sf)
– Class C at “A” (sf)
– Class D at BBB (sf)
– Class XB-1 at BBB (sf)
– Class XB-2 at BBB (sf)

This transaction consists of a $1.9 billion loan secured by the fee interest in a portfolio of 664 extended-stay hotels located across 46 states in the United States and two provinces in Canada.

Since the initial DBRS rating, the borrower has reported financials for the 12 months ending June 30, 2011 (T-12 June 2011). Based on the T-12 June 2011 operating statement analysis report (OSAR), portfolio revenue and net cash flow (NCF) grew 4.4% and 6.9%, respectively, over YE2010.

DBRS continues to monitor this transaction on a monthly basis, with updates and more detail available in the Monthly CMBS Surveillance Report.

Notes:
All figures are in U.S. Dollars unless otherwise noted.

The applicable methodologies are CMBS Rating Methodology and CMBS North American Surveillance Methodology, which can be found on our website under Methodologies.