Fitch Affirms COMM 2013-THL Commercial Mortgage Pass Through Certs Series, 2013-THL

NEW YORK--()--Fitch Ratings has affirmed nine classes of COMM 2013-THL Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2013-THL. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are based on stable performance of the underlying collateral pool since issuance. As of first quarter 2014, the 152 hotel portfolio's trailing 12 month (TTM) occupancy and revenue per available room (RevPAR) was 69.7% and $71.71, respectively, compared with first quarter 2013 of 68.9% and $69.19, respectively. The issuer's underwritten RevPAR was $71.98. Sixty-one properties experienced a decline in TTM occupancy, while 53 properties had a decline in TTM RevPAR.

The portfolio exhibits significant geographic diversity across secondary markets in 32 states. The largest state exposure is California with 23 hotels. The servicer reported four hotels have changed flags and 13 have changed management companies since issuance. The portfolio is comprised of nine different franchises that are split up among 21 different flags. The majority of the portfolio is limited service or extended stay properties, with the three largest flags consisting of Fairfield Inn, Residence Inn and Courtyard.

The transaction is sponsored by Whitehall Street Global Real Estate Limited Partnership 2005 and Whitehall Street Global Employee Fund 2005 (Whitehall).

RATING SENSITIVITIES

The Rating Outlook for all classes remains Stable. No rating actions are expected unless there are material changes to the portfolio occupancy and cash flow. Additional information on rating sensitivity is available in the report 'COMM 2013-THL Mortgage Trust' (July 26, 2013), available at www.fitchratings.com.

Fitch affirms the following classes:

--$77.5 million class A-1 at 'AAAsf'; Outlook Stable;

--$280.3 million class A-2 at 'AAAsf'; Outlook Stable;

--Interest-only class X-CP at 'BBB-sf'; Outlook Stable;

--Interest-only class X-EXT at 'BBB-sf'; Outlook Stable;

--$108.1 million class B at 'AAsf'; Outlook Stable;

--$79 million class C at 'A-sf'; Outlook Stable;

--$78.4 million class D at 'BBB-sf'; Outlook Stable;

--$122.5 million class E at 'BB-sf'; Outlook Stable;

--$29 million class F at 'Bsf'; Outlook Stable.

A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following report:

--'COMM 2013-THL Mortgage Trust - Appendix' (July 26, 2013).

Additional information is available on www.fitchratings.com.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 20, 2013);

--'COMM 2013-THL Mortgage Trust' (July 26, 2013);

--'COMM 2013-THL Mortgage Trust - Appendix' (July 26, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718468

COMM 2013-THL Mortgage Trust

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=713076

COMM 2013-THL Mortgage Trust - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=714176

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=834579

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Contacts

Fitch Ratings
Primary Analyst
Jeffrey Diliberto, +1 212-908-9173
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Jeffrey Diliberto, +1 212-908-9173
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com