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Board Meeting of The Aspen Mountain Residences Condo Association Inc.

Dear Fellow Owners,

Please accept this letter as notice of our next scheduled Board Meeting on Tuesday, October 14, at 2 PM Mountain Time. The agenda is included below. The meeting will take place at our property in Aspen and will also be available via Zoom. We encourage all owners to attend, either in person or online.

AGENDA

Date: October 14, 2025
Time: 2 PM Mountain Time
Location: 415 East Dean Street Aspen, Colorado 81611 and ZOOM, click here

  • Call to order
  • Welcome and introduction
  • Approval of minutes of board meeting of 7.17.25
  • President’s report – Tom Kaplan
    • A. Welcome and overview
    • B. Reserve study update
    • C. Current reserve major projects:
      • Ice rink chiller
      • Washers and dryers
    • D. Lot 6/ice rink discussion
    • E. Bathroom remodel
  • Resort updates – Claudine Grondin, General Manager
  • Legal committee update – Joe Ferguson, Vice President
  • Financial report – Lara Rogers, Treasurer and Vangel Yurukov, Director of Finance
  • Budget 2026 – Lara Roger, Treasurer and Vangel Yurukov, Director of Finance
  • New business
  • Owner’s questions or comments
  • Annual board meeting November 20, 2025 | 11 AM Eastern Time
  • Adjournment

BOARD ELECTION

Per our governing documents, three board positions with two-year terms will be up for election this year, with the three current board members eligible to run again. Over the past year, I have had the opportunity to speak with many owners regarding board activities, and we warmly welcome any owner interested in running. The board submission form is available here and must be submitted no later than October 20. Our Annual Meeting is scheduled for November 20, 2025, and all owners will receive voting instructions by November 1. If you have any questions, please feel free to contact Claudine Grondin, our General Manager, or me directly.


Wishing you a wonderful fall season.

On Behalf of the Board,
Tom

Thomas Kaplan, Board of Directors President
The Aspen Mountain Residences
tkaplan@kkladvisors.com

Board Members and Owner Director Contact Information:

Joe Ferguson, Vice President – jferguson@rjrcapital.com

Lara Rogers, Treasurer – lara.j.rogers@gmail.com

Peter Wells, Secretary – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Don Harvey – dharvey@secretariat-intl.com

Jami Champagne (HPC Contractual Appointed Member of the Board)

Claudine Grondin, General Manager – cgrondin@eastwest.com


Dear Fellow Owners, 

I hope everyone had a great Labor Day weekend. It’s hard to believe fall is right around the corner. Aspen is buzzing with end of the summer/early fall activities, and our Aspen Mountain Residences remain quite busy! I wanted to take a few minutes and give you an update on what’s been happening with our wonderful Aspen property. Claudine Grondin, our General Manager, has shared that this has been a very busy and active summer at The Aspen Mountain Residences.

• The Monday owner socials have been well attended

• The paddle boarding on Tuesdays and Wednesdays has been very popular

• Recently introduced, poolside yoga is already receiving wonderful feedback

• This is the fourth summer of our e-bike program, and it remains in high demand

• We’ve also received positive feedback on the total renovation of our two hot tubs by the pool

• We are implementing new software so that owners will be able to view their owned and float times


Board of Directors Information

Our Board of Directors met last month and had a very productive meeting. One of our highest priorities is to put in place a comprehensive updated capital reserve study. This study has been in the works since the beginning of the year and focuses on the current and future expenses related to capital projects which include everything from soft goods, appliances, mechanical systems, electrical systems and everything pertaining to structural engineering. This study, when complete, provides a roadmap to when certain projects potentially need to be completed and the projected cost associated with the materials, and ballpark timing of implementation. The more accurate the study the more accurate our budgets will be for the future. 

 Some of our current capital reserve projects include:

• New washers and dryers are currently being installed this week

• Refurbishing our ice rink chiller (near completion)

• Planning for the future refurbishment of the bathrooms in all units

• Roof and balcony repairs

Our new board member and treasurer Lara Rogers is doing a terrific job of working with the East West Hospitality finance team led by Vangel Yurukov. 

Lara, a chartered accountant (CPA) resides in Bermuda and she and her husband are relatively new owners in Aspen. She took over from long time treasurer and board member, Tim Hall. We all continue to thank Tim for the great work that he did for The Aspen Mountain Residences throughout his tenure. Lara gave a detailed report with the bottom line that both our operating and capital reserve budgets are currently performing better than budgeted. Work is already in progress to begin the budget process for both operating and capital for 2026. We are also very close to having our audit for 2024 completed. Once again, a thank you to Lara for taking on this important role! 

Joe Ferguson, our board vice president and chair of our legal committee reported on our two outstanding lawsuits. The first pertains to one of our owners who is suing TAMR so she can bring her dog to the property. Unfortunately, we must waste time and money defending this lawsuit. The second lawsuit is where we are legally trying to recover funds from the interior design firm that dropped the ball on our major refurbishment last year.  

 As many owners know, we own the property which is known as Lot 6 that comprises the ice skating rink, CP Burgers, and the land on the west side of the ice rink. We are required to maintain and run the ice rink as part of the deed restriction that was placed with the original developer. This requirement is to remain in place for the next 20+ years. We are in the process of retaining a consultant with planning expertise with the City of Aspen to ascertain and explore alternatives for Lot 6 that could benefit the city and TAMR prior to waiting 20 or more years.

I would like to urge all our owners to utilize our website: https://owners.aspenmountainresidences.com and especially take advantage of “time and trade” where you can rent or trade your allocated time with other owners.

If you would like to view the past board meeting, use this zoom link. When prompted, use passcode uB+dme%4

Finally, a special thank you to Claudine and her wonderful team that makes our Aspen home such a special place!


Thank you on behalf of our board,

Thomas Kaplan, Board of Directors President
The Aspen Mountain Residences
tkaplan@kkladvisors.com

Board Members and Owner Director Contact Information:

Joe Ferguson, Vice President – jferguson@rjrcapital.com

Lara Rogers, Treasurer – lara.j.rogers@gmail.com

Peter Wells, Secretary – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Don Harvey – dharvey@secretariat-intl.com

Jami Champagne (HPC Contractual Appointed Member of the Board)

Claudine Grondin, General Manager – cgrondin@eastwest.com

Owners are welcome to attend the Zoom meeting on July 17, 2025. The board will answer owner questions at the end of the meeting. If you have a question on any of the topics covered you can submit them during the meeting. Owners interested in viewing the meeting are welcome to click the link below and when prompted, enter passcode 877680.

THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC.                                                                
Attn: Executive Board & Owners
415 Dean Street
Aspen, CO 81611                                                                                                                  

Date: Thursday, July 17, 2025
Time: 11:00 AM EST (9:00 AM MST)
Location: ZOOM LINK https://links.inntopia.mkt9128.com/els/v2/xjwGBdwkGvfZ/a1pDbk01QTRkdEd6bFdrb1FORFVZRGtJV1lpTmd3aGdQRG51MUFvdkZ6SFd5NE1OT3lxamlXQXk1U2JhSGEyY0hpdjlyUHYzUzF5RzQ4MVl3NUdSRFBxb2tXdnF2Nm4rTXc1cWk4RGE5NG5nM2kwOUptTXBCdz09S0/

AGENDA
1. Call to Order – Welcome and Introduction

2. Approval of minutes of board meeting of 4.17.25

3. President Report – Tom Kaplan

             a. Welcome and overview

             b. Reserve study progress

             c. Current reserve major projects:  washer  & dryer replacement and ice rink chiller repair

             d. Lot 6 / ice rink discussion

             e. Bathroom remodel

             f. Elite Alliance

4. Resort Updates – Claudine Grondin, General Manager

5. Legal Committee Update – Joe Ferguson, Vice President

6. Finance Update – Lara Rogers, Treasurer and Vangel Yurukov, Director of Finance

7. Owner’s questions or comments

8. Next board meeting is on October 14th, time TBD

9. Adjournment


On behalf of the Board,

Thomas Kaplan, President
tkaplan@kkladvisors.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Don Harvey- dharvey@secretariat-intl.com

Jami Champagne (HPC Contractual Appointed Member of the Board)

Dear Owner at The Aspen Mountain Residences,

We are excited to reintroduce our partnership with Elite Alliance, an exchange program for owners at a select family of prestigious residence clubs and luxurious, professionally managed vacation homes. This partnership grants access to a portfolio of luxury residences in some of the world’s most sought-after destinations.

To learn more about how you can take advantage of this benefit, please join myself, Kelli Buchheit, VP of Operations at Elite Alliance, and Karrie Dell’Anno, Director of Membership at Elite Alliance for a live webinar.

Tuesday, May 6, 2025
3:00pm EDT

REGISTER
https://events.teams.microsoft.com/event/7b126354-00cc-4037-aa9c-625fa51681e0@663ad1e0-9220-41ab-8d1e-98faf21c0443

We look forward to helping you create unforgettable experiences beyond Aspen!

NOTICE OF MEETING OF THE ASPEN MOUNTAIN RESIDENCES EXECUTIVE BOARD
THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC.                                                                
Attn: Executive Board & Owners
415 Dean Street
Aspen, CO 81611                                                                                                                  

Re: Notice of a Meeting of the Executive Board of
THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC (“Association”)

Notice is now given under Section 3.4 of the Bylaws of Association of a meeting of the Executive Board to be held via Zoom teleconference on Thursday, April 17, 2025, 11:00 AM Eastern Standard Time (9:00 AM MST).

The initial agenda for the meeting is as follows:

1. Call to Order – Welcome and Introduction

2. Review of minutes and approval of board meeting of 1.23.25

3. President Report – Tom Kaplan

             a. Welcome and overview

             b. Acceptation of the resignation of board  member Tim Hall

             c. Nominate individual to serve on the board to fill the remainder of Tim Hall’s term

             d. Appoint and approve new board treasurer

             e. Review owner rental policy

             f. Reserve study update 

4. Resort Updates – Claudine Grondin, General Manager

5. Legal Committee Update – Joe Ferguson, Vice President

6. Finance Update – Vangel Yurukov, Director of Finance

7. Owner questions or comments

8. Next board meeting is on July 17th at 9am (MST)

9. Adjournment

Owners are welcome to attend the meeting. The board will answer owner questions at the end of the meeting. If you have a question on any of the topics covered you can submit them during the meeting. 

Owners interested in viewing the meeting are welcome to click the link below and once prompted, enter passcode: 827169

When: April 17, 2025 11:00 AM Eastern Standard Time (9:00 AM MST)
Topic: TAMR Board Meeting

JOIN ON ZOOM HERE: https://us06web.zoom.us/j/86473287463?pwd=3IfiXXaLs7ZQcAACIMVUqtPvyF3wk7.1#success

Or One tap mobile:
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Or Telephone:
Dial (for higher quality, dial a number based on your current location):

Join via audio:
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Webinar ID: 864 7328 7463
Passcode: 827169

International numbers available: https://us06web.zoom.us/u/kcFEdR0uq5


On behalf of the Board,

Thomas Kaplan, President
tkaplan@kkladvisors.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Don Harvey- dharvey@secretariat-intl.com

Jami Champagne (HPC Contractual Appointed Member of the Board)

NOTICE OF MEETING OF THE ASPEN MOUNTAIN RESIDENCES EXECUTIVE BOARD

THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC.
Attn: Executive Board & Owners
415 Dean Street
Aspen, CO 81611                                                                                                                  

Re: Notice of a Meeting of the Executive Board of THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC (“Association”)

Notice is now given under Section 3.4 of the Bylaws of Association of a meeting of the Executive Board to be held via Zoom teleconference on Thursday, April 17, 2025, 11:00 AM Eastern Standard Time (9:00 AM MST).

Details to follow.

Dear Fellow Aspen Mountain Residences Owners,

Greetings from Aspen, where in the last few days we’ve received over 30 inches of new snow.

I’m writing to provide you with an update on the most recent meeting of the Aspen Mountain Residences (“AMR”) and 2026 float time announcements.

A FEW HIGHLIGHTS FROM THE JANUARY 23, 2025, AMR BOARD MEETING:

  • I thanked Al Kenney for his six years of service as our prior Board President. Al did an outstanding job of navigating our resort through very tumultuous times. Thank you again, Al!
  • I introduced our newest Board member Don Harvey and welcomed him to our AMR team.
  • We had a presentation from Hanna Albertson, the Vice President of Marketing for our management firm East West Hospitality (“East West”). Hanna and her team have worked very closely with our Board since day one of East West taking over our management of our resort. She discussed our branding and a variety of marketing initiatives.
  • Tim Hall, our Board Treasurer, gave an in-depth report on our positive projected year-end financials resulting in a total better than budget $1 million plus surplus. The surplus will be transferred to our capital reserve fund.
    • Tim also shared how our operating and reserve funds will be conservatively invested in fixed income financial vehicles.
  • Our General Manager, Claudine Grondin, provided an update on our AMR resort:
    • She shared that this year’s Christmas/New Years holidays were very busy and many of our owners had their first opportunity to stay in their newly refurbished units.
    • She also explained that our hot tubs which are under repair construction should be completed by the end of February.
    • Claudine also outlined our “owner only” ski and snowshoe opportunities, please visit our concierge to book these activities.
  • Joe Ferguson, our Board Vice President and Chair of our Legal Committee, provided an update pertaining to the two ongoing legal issues that we are dealing with, a complaint against our original interior designer, and an owners’ lawsuit, demanding that she be allowed to bring her emotional support animal on property (emotional support animals are not allowed at the AMR, while service animals are permitted, with proper paperwork)
  • Also discussed at the meeting is the Board’s focus on developing a detailed reserve study to project the various physical and strategic needs of the property over the short and long-term future.
  • I also discussed that everyone needed to submit their float time selection paperwork.
  • Our next Board meeting is scheduled for April 17th, 2025.
  •  For those who would like additional details on the January 2025 Board meeting, a Zoom recording of the meeting is available: https://us06web.zoom.us/rec/share/dz3Keh9IMbPGjrYcYh13Aa1rknOsYCcf7qlBHcV6UmOhS_GcFiKPudVPMn48qiTN.0Vbr9DHUN2uXOka5 and enter password: ^g7Yuu5f

VERY IMPORTANT INFORMATION PERTAINING TO YOUR FLOAT SELECTIONS

All owners should receive communication with your 2026 float week assignments in the next few days. We also want to remind everyone of your options for how to best utilize your deeded and float weeks at the AMR.

Owners have several options that you can take advantage of for your weeks (whether deeded or float) if you choose not to utilize your weeks for personal or family stays and if you want to consider renting your week(s)—or even a portion of your weeks(s)—prior to giving your week to an outside real estate agent or rental firm, I suggest that you consider these other options:

1) Post the week that you want to rent or trade on our AMR owners’ website (https://owners.aspenmountainresidences.com/), under “Time and Trade.” Many owners have been taking advantage of this opportunity to rent or trade their time with fellow owners. This method not only helps your fellow owners, and you don’t have to pay a commission, a win-win for our owners.

2) Turn in the week that you want to rent to East West, who has developed an excellent program to help owners rent their weeks working to maximize rents with reasonable commissions. Another advantage of using East West’s system is if you change your mind, and you don’t want to rent your property or you would like to rent or share with friends, East West has structured their program to allow you to cancel your listing with no penalty.

3) Turn in you week that you are planning on using with Elite Alliance. When you turn in your week to Elite Alliance you will receive Elite Alliance points that you can use at various resorts throughout the U.S. and worldwide, or even to rent more time at the AMR. Every AMR owner is able to become an Elite Alliance member at no additional cost. Elite Alliance will also be putting on webinars for our owners this year to understand more of the benefits of the program. You can learn more about the AMR’s relationship with Elite Alliance at the following link: https://elitealliance.com/exchange

Please contact Owner Relations at: aspenres@eastwest.com or 833.393.0981 for help with the owner’s website and regarding the potential in renting your unit.

Finally, if you’re considering buying an additional week or selling your weeks, please consult our preferred realtor Tom Carr at Leverich & Carr Real Estate (https://www.aspenreinfo.com/).

On behalf of the AMR Board, I want to thank you all for being part of this great community, and we look forward to a wonderful 2025 at the Aspen Mountain Residences.

All the best,

Thomas Kaplan, President
tkaplan@kkladvisors.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Don Harvey – dharvey@secretariat-intl.com

Jami Champagne (HPC Contractual Appointed Member of the Board)

General Manager
Claudine Grondin – cgrondin@eastwest.com


Dear Fellow Owners,

I would like to wish all of you and your families a wonderful 2025!

Our first executive board meeting of the new year is scheduled for Thursday, January 23 at 11 AM Eastern time. This meeting will be conducted via Zoom. You will find the meeting agenda and zoom login information by clicking below.

Meeting Agenda

Zoom Link

As an important reminder, you should’ve already received an email from Aspen Res/East West  with the forms to submit your float week requests for 2026. A follow up text was also sent. The deadline for submitting these requests is January 24. If you have questions or need additional information, please contact Aspen Res via email at aspenres@eastwest.com or 833.393.0981.

Also, very important if you have not paid your 2025 annual owner assessments please do so ASAP. If your payment has not been received by the end of January, you will not be eligible to select your 2026 float weeks. If you need information pertaining to your annual payment, please email or call Lindsay Allen at lallen@eastwest.com or 970.924.6108.

Our winter season is off to a great start, especially with the help of mother nature providing very good ski conditions.

Claudine Grondin, our General Manager and her team have received many positive comments from owners that were seeing and enjoying  their renovated units for the first time.

I look forward to updating you with additional information pertaining to our resort as a follow up after next week’s board meeting.

Wishing everyone the best!

On behalf of the Board,

Tom Kaplan, President
tkaplan@kkladvisors.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Don Harvey- dharvey@secretariat-intl.com

Jami Champagne (HPC Contractual Appointed Member of the Board)

Dear Fellow Owners,

Please click the button below to watch the recording of the Annual Owners Meeting.

When prompted by Zoom, use the following passcode: L$eC95@q

CLICK HERE to watch Q4 Board Meeting:

On behalf of your board,
Al Kenney
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

Dear Fellow Owners,

This is my last letter to you as your Board President.

As of tomorrow, a new board and officers will lead our property into the future. I wish them success and know they will continue to build and promote The Aspen Mountain Residences as a wonderful place to spend your vacation time and a solid investment for all of you.

As my six-year term ends, I thank the board for their continued selfless dedication and support. Many of them were expecting roses and instead were greeted by being thrown into the fire with the reality of maneuvering through a very difficult time. A special thanks to Tim Hall who has functioned as our treasurer during the most stressful time we’ve ever had as an association. Tim led our investment team to invest our reserve fund safely and ensured we always had cash on hand when needed. Tim is a consummate professional who stayed on well past his promised date, and for that, I am grateful. I would also like to thank the rest of the board and our non-board member-owners who have offered their invaluable expertise on one or more of our committees over the years.

The last few years have been a tremendous transition for all of us. It certainly was not easy, and at times, I’m sure it felt like we were going through the spin-dry cycle of a washing machine, but the result is we are now in complete control of our property. I know the direction we had taken involved some sacrifices and cost us some money, but I feel it was an investment in our future and the correct direction to take. I pushed hard to get us through the major items we needed to put behind us before my departure, as I was determined to leave a much more stable environment for future boards. Now that we have made the separation, I feel our relationship with Marriott has been strengthened, and we must continue to strive to keep that relationship strong to keep our property healthy.    

I have tremendous respect for and confidence in our day-to-day management team at East West Hospitality, led by Scott Williams. One of our original employees, General Manager Claudine Grondin, has a year of leadership behind her. I have witnessed her growth as a leader first-hand. She has hired a very capable and responsible team who has been very responsive to our needs. Claudine also has set an excellent example for all of our employees that hard work and dedication to their jobs, no matter the circumstances, can result in working their way up to the top position at our property and, someday, even beyond that with higher level East West corporate opportunities.  I’m confident our team’s combined experience and dedication will allow us to operate the property very efficiently and will be a partnership that will last a very long time.

I am very optimistic about the future of our unique property, and I see the marketplace has already begun to recognize it as prices are up. Some of it is being driven by our owners buying more fractionals to stay here longer. Many of us have built solid and lasting friendships with other owners. Realtors are newly engaged and recommend TAMR to prospects as a great place to stay and buy, as well as a fractional program that is easy to understand and sell.

I have met many owners with tremendous work and life experiences, which we can all benefit from as an association. I want to ask everyone with the business skills and some time to “donate” to consider serving on a future board. I think you will find it both challenging and rewarding, and as a bonus, you get to work with some pretty great people.

Always looking forward, I’ve spent much time putting together a framework plan with a timeline calendar for future boards to follow. My advice to future boards is simple… Never forget the decisions to be made must benefit most of our owners, and never stop thinking about how we can improve our property offerings to increase our value and lower expenses. Keep the ball moving forward.

For owners, remember a few things: The board positions all involve non-paid volunteers and dedicated people donating their time to help everyone. Current TAMR rules are not “board rules.” Instead, they represent the requirements of most of our owners, most of which have been in place since we opened in 2006. Rules can be changed easily if the majority of our fractional owners want them to be, but until then, the rules currently in place need to be followed.

In the meantime, we all need to take a deep breath, sit back, and enjoy the environment we have created and, with it, the privileged lifestyle we are fortunate to have here at TAMR. We now have complete control over our future direction with a new brand, a redesigned property, better infrastructure, solid financials, a fair and easy-to-understand float program, an excellent management partner in East West Hospitality, and a very dedicated, capable, warm, and engaging staff.

Thank you all for allowing me to serve on your board for the last six years and as your board President for the last three years. It’s time I once again experience the property the way it should be, from a purely relaxing vacation perspective. 😊 I promise that you are all in excellent hands. Thank you again, I hope to see you in the hot tubs!!

Sincerely,

Al Kenney                                                                               
al@bluewaterfractionals.com