Moody's: No Rating Impact on EQTY 2014-INNS Following a Permitted Transfer of Ownership and Assumption of Debt for Equity Inns
2015-02-26 17:44:03.867 GMT
New York, February 26, 2015 -- Moody's Investors Service (Moody's) was
informed of a permitted transfer of ownership and assumption of debt
request from the current borrowers of the Equity Inns Portfolio loan in
EQTY 2014-INNS Mortgage Trust, Commercial Mortgage Pass-Through
Certificates. Ten (10) newly formed Delaware LLC and LP entities each to
be owned indirectly by American Realty Capital Hospitality Portfolio
Member, LP (Proposed Borrower) will take ownership and assume debt from
W2007 Equity Inns Realty, LLC and W2007 Equity Inns Realty LP (Current
Borrowers). Concurrently, with the closing of the transfer of ownership
and assumption of debt, ARC Hospitality Portfolio Mezz, LP, a Delaware
limited partnership will assume mezzanine debt from WNT Mezz I, LLC.
American Realty Capital Hospitality Operating Partnership, LP and
American Realty Capital Hospitality Trust Inc. will be Replacement
Guarantor. Whitehall Street Global Real Estate Limited Partnership 2007
and Whitehall Parallel Global Real Estate Limited Partnership 2007 will
remain as Loan Guarantors.
The proposed transfer and assumption will become effective upon
satisfaction of the conditions set forth in the governing documents and
such other terms as the loan servicer for the trust may require.
Moody's has reviewed the proposed transaction and determined that this
action will not in and of itself and as of this date, result in a
downgrade or withdrawal of the current ratings of any class of
certificates rated by Moody's for EQTY 2014-INNS Mortgage Trust,
Commercial Mortgage Pass-Through Certificates. Moody's opinion addresses
only the credit impact associated with the proposed amendment, and
Moody's is not expressing any opinion as to whether the amendment has,
or could have, other non-credit related effects that may have a
detrimental impact on the interests of holders of rated obligations
and/or counterparties.
The last rating action for EQTY 2014-INNS was taken on June 20, 2014.
The principal methodology used in this rating was "Moody's Approach to
Rating CMBS Large Loan/Single Borrower Transactions" published in July
2000. Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.
Moody's will continue monitoring the ratings. Any change in the ratings
will be publicly disseminated by Moody's through appropriate media.
This publication does not announce a credit rating action. For any
credit ratings referenced in this publication, please see the ratings
tab on the issuer/entity page on www.moodys.com for the most updated
credit rating action information and rating history.
EunJee Park
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
