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Fairfield Inn Hotels Facing Imminent Default

Dec 24, 2009 | Reprints | Print

A nine-property portfolio of Fairfield Inn hotels, including properties in Amesbury, Tewksbury and Woburn, was transferred to special servicing Wednesday because it is in danger of imminent default, according to Fitch Ratings.

Fitch said the $63.7 million loan, which was originally issued by Credit Suisse, was transferred to special servicer Centerline Capital Group.

According to Fitch, owner Och-Ziff Real Estate purchased the nine-property portfolio in 2007 for $61.7 million. In addition to the three Massachusetts hotels, the portfolio also includes Fairfield Inn properties in Portsmouth and Manchester, N.H.; Milford and Wallingford, Conn.; East Greenbush, N.Y.; and Williston, Vt.

Fitch data shows that since Och-Ziff’s purchase, occupancy rates in the portfolio have fallen from 60 percent to 54 percent, room rates have fallen, and debt service coverage ratios have plummeted.

Commercial & Industrial