Dear Fellow Owners,
I hope your summer has been going well and this letter finds everyone in good health and high spirits. I would like to update everyone on a few of the things happening at the property.
Hot Tub
The hot tub closest to the road has a leak and is currently out of order. We brought in a professional team to perform repairs, however, the issue is more extensive than originally thought. To avoid construction disruption during the busy summer months, repairs have now been rescheduled for the fall. For safety reasons, I just want to remind everyone of our most important hot tub rules concerning children.
Children age 6 and under are not permitted in the hot tub
Children age 7 to 12
• Allowed if they meet the minimum height requirement*
• Not wearing diapers
• Accompanied by an adult at all times
• May not exceed one 15-minute cycle
Children under 10
• Allowed if they meet the minimum height requirement*
• Must avoid full body immersion in the hot tub: they should sit with at least half of their body out of the hot water at all times
*No child can use a hot tub until they are tall enough to have their head completely above water when they’re standing on the bottom of the deepest point of the tub.
Visit our New Pizza Bar
We are currently trying a different concept for our bar area. It’s more of an owner-centric setting with the hope of getting owners and their guests to the area for conversation, food, and drinks at some of the most reasonable prices in Aspen. We have a full bar serving wine, beer, and mixed beverages, and new pizza ovens for hand-crafted pizzas. We hope you give it a try soon!
Weekly Owner Activities:
Susan and team have been working on ways to get our owners together to socialize and have fun. They have expanded the list of complimentary summer activities for owners and immediate family, and are available to guests for a fee.
• Historical downtown walking tour with The Aspen Historical Society
• Stand Up Paddle Board or tube float through North Star Nature Preserve with Aspen Adventure Company
• Tour of world-famous Smuggler Mine
• Private E-bike tour to Maroon Bells hosted by Susan
Program Use of Elite Alliance Exchange
Owners using EA for exchange has continued to increase since last summer.
• 137 weeks have been deposited for points
• 48 vacations have been taken to 37 locations including Italy, Mexico & Bermuda
• 10% of our owners have used the program
• Some of our owners have even used the program to get more time here in Aspen!
If you have extra time in Aspen you will not be using, you may want to consider depositing it in EA instead of trying to rent it. If you do so the points you receive will be good to use for up to two years.
Finance Committee Needs New Members
As we approach our planning season and continue working on our long-term strategy, we recognize the need for one or two qualified owners to help take over the financing/treasury work. Specific candidate credentials include:
• Experience in managing low-risk investments like US Treasuries and CDs.
• Understanding cash flow forecasting mainly related to property upgrades & projects.
• Ability to work collaboratively with East West Hospitality’s controller and/or finance team to develop budgets and monitor budget performance. Also stay in touch with insurance, receivables collection, bad debt expense, etc.
• Present regular updates to fellow Board members regarding the operating performance of the property, along with potential property issues relating to operations or capital expenditures.
• Think collaboratively with the Board on any and all issues relating to future project operations that might involve positive or negative financial variance risk.
• Liaise regularly with the property GM and other on-site property management to understand variances and potential risks.
• Work with East West Hospitality and management, help the Board “size” our annual assessment to ensure that there is adequate cash on hand to run the business, and ensure that the resources accumulating in the Reserve Fund sufficiently align with the most recent (June 2023) Reserve Study to finance our future.
If you have both an interest in joining the committee and the related experience we are looking for, please reach out and let me know.
As always, any member of the Board is available to address any queries or concerns you may have.
Best,
Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com
Board Members and Owner Director Contact Information:
Joe Ferguson – jferguson@rjrcapital.com
Tim Hall – timhl9999@gmail.com
Tom Kaplan – tkaplan@kkladvisors.com
Peter Wells – petercwells@yahoo.com
Bruce Clay – bjc2115@gmail.com
Trust – Appointed Member to the Board:
Jami Champagne – Jami.Champagne@vacationclub.com
