|
|
|
|
Fall Owner Newsletter October, 2006 Thank You From Festiva Resorts Thank you for choosing to become an owner with The Atrium Resort and now Festiva Resorts. We hope that you have enjoyed your ownership at The Atrium Resort and we hope to increase your ownership enjoyment now that The Atrium Resort is a full fledged member of the Festiva Family. What does that mean? It means whether you purchased with Festiva Resorts or prior to Festiva Resorts, you now have full Festiva benefits. As most of you are no doubt aware, Festiva Resorts purchased The Atrium Resort and assumed management in October 2005. In the past year we have found that the resort is in need of many things. First and foremost, the resort needs to be able to operate on its own financially. In 2005 The Atrium Resort lost more than $150,000 and is forecasted to lose at least that much in 2006. Festiva has subsidized that loss to date, but we cannot continue to do so. The overall condition of the resort is another critical area of need. Room furnishings, exterior, electrical wiring, generators and many other areas are in need of a full refurbishment as the resort goes into its 14th year. Finally there is the issue of a reserve fund. The resort has never operated at a surplus and therefore has never been able to establish a reserve fund. A reserve fund should be set aside to provide for financial shortfalls, major renovation projects and emergency funds in case of natural disaster. As the operating budget cannot afford hurricane insurance, it is of the utmost importance that a reserve be established to ensure that there are repair funds in case of a disaster. For these reasons Festiva has determined that the operating revenues which are primarily sourced from maintenance fees must increase, that capital funds for renovation and structural improvement must be raised and that a reserve fund must be put in place. Unfortunately, as the new owner and manager of the Atrium, Festiva Resorts must pass along the never welcome news that a 10% increase in your annual maintenance fees and a special assessment fee equal to two times (annual owners) or one times (biennial owners) your annual maintenance fees per unit week are required from you as an owner in order to provide the funds necessary to satisfy the previously mentioned needs. You, as a resort owner, have entrusted your investment in family vacations to the Atrium Resort. Rest assured, we take that responsibility seriously and are making the investments necessary to enhance the resort and resort experience to the level you demand. We trust that you will understand and agree that we must work together in order to maintain The Atrium Resort at the Gold Crown level you expect. We again welcome you to our family of resorts and hope that through Festiva and our partners, all of your vacation dreams come true. As always, should you have any questions or concerns, we are just a phone call away at 1-866-933-7848. Thank you,
Getting Around St. Maarten Dollar Rent a Car has become one of St.Maarten’s premier car rental agencies and now offers its great rates and services to the guests of the Atrium Resort.
Go Ahead, Treat Yourself Welcome to St. Maarten We also offer pedicure and manicure services which includes one of the world’s best foot or hand massages. Miguel is known as one of the top make-up artists in the beauty market. He has worked with theater plays and musicals, television, and magazines like Destination St. Maarten, St. Maarten Nights, Bo & Lupa and Mako just to name a few.
From The Resort Manager In the past we have invested in annual repair projects at The Atrium in order to update the resort and keep the building in good condition. However, there are certain major structural changes required in order to keep the building, rooms and both indoor and outdoor public areas in top condition. A special assessment is needed in order to upgrade the Atrium. In the 14 years the resort has been operating, the rooms have never been refurbished. We will be completely updating the furniture, soft goods, lamps, light fixtures, fans, picture frames, and bathroom lighting. Appliances such as refrigerators, microwaves and dishwashers will be replaced along with most of the air conditioning units in the apartments. The pool deck area, porch furniture and lights around the building need to be updated. The building is also long overdue for exterior painting. We will be setting up a model room using wonderful, high quality furniture that we have chosen for the refurbishments. You will be able to view this room and the sales department will also use it as a show room. Upon approval we hope to have the model room set up by the end of December 2006. The time frame for this installation may change as the furniture is manufactured in the Far East and then shipped to St. Maarten. Unfortunately, this may not be ready in time for our owners using Christmas weeks to enjoy. We will upgrade the hallways and elevators and replace the Atrium awnings above the lobby. We intend to upgrade the lobby and the back porch area so that owners and guests can enjoy both the shade of the porch outdoors and the cool air conditioning inside. Below: Renderings of the new lobby awnings.
Festiva Resorts has decided that it is necessary to purchase a new generator for the main power generator and keep our existing generator as a back up. The new generator will have a higher capacity and will be able to run the entire building, including the elevators. This is very important as we have had a lot of problems this year with our existing generator and our new Maintenance Manager, Max Arndell, has been able to resolve this situation only after several frustrating months of identifying the problems. The electrical lines must be changed as the panels running into the building are in urgent need of replacement. This process requires special charting of the building to get the information set up correctly for the new lines. There are quite a few technical aspects of the building in need of renovations due to the age of the building, as the Atrium Resort opened its doors in October of 1993. As you can see there are many areas of the resort in urgent need of attention which unfortunately require funds to be raised through the special assessment. When you return to St. Maarten we will be more than happy to show you our progress and update you on the changes mentioned above. With your support and a lot of hard work, the Atrium will truly be one of the Caribbean’s most desired destinations. Sincerely,
2007 Maintenance Fee & Special Assessment Information 2007 Maintenance Fee Amounts
Payment accepted by check or credit card.
All payments must be in US Dollars. PO Box 536931 Credit card payments are accepted at 866-933-7848 option 1, through
www.festivaresorts.com or by sending credit card info and payment coupon to:
*Offer good for up to two rooms. Must present coupon upon check in. Reservations on a space available basis. Holidays not included. |
In celebration of Festiva Resorts’ most recent management agreement, Festiva Resorts would like to offer you, as a member of the Festiva Family, a special discount to stay at Blue Heron Beach Resort in Orlando, less than a mile from Disney World. From September 1, 2006 until January 31, 2007, we invite you and your family to
j
oin us in Orlando! Your special rate on a one bedroom/two bath that sleeps six will be $99 per night, $365 for 3 nights and $595 for seven nights. For more information or to make reservations please visit www.blueheronbeachresort.com or call 407-387-2910.