As a follow-up to the letter from the Board that you received yesterday concerning the outcome of the arbitration, I wanted to update you on the sale of the fractions we received at the break from Marriott in December 2021. Towards this end, the Board sold several of the fractions in late 2023. We set that money aside to defray our legal fees owed, and we also are initiating a new program now to sell our seven remaining units.

You may remember we had put a trade program in place for Association-owned units to try and get owners the units they wanted without the hassle of buying and selling in the open market.  As a result of this program and recent sales, our fractional inventory has changed over the last few months.  

Here is a list of our current fractional inventory:

Winter:
Week 8 / Unit 23A – Studio / 1 Bath  
Week 10 / Unit 44C – Studio / 1 Bath

Summer:
Week 30 / Unit 28 – 3BR / 3 Bath      
Week 31 / Unit 28 – 3BR / 3 Bath      
Week 33 / Unit 34 – 2BR / 2.5 Baths   
Week 34 / Unit 39 – 2BR / 2.5 Baths  
Week 35 / Unit 50 – 2BR / 2.5 Baths  

See the attached link HERE to see a sheet with more information on the units, pricing, and discounts.

As has been the case with prior Association-owned units that have been sold, our owners will have the first shot at the seven available units. The prices have been determined based on current market rates. Owners interested in purchasing any of these units will get 15% off studios and 10% off any of the larger unit’s listing prices. As a special thank you from the Association, any owner who purchases one of these units will be exempt from paying the upcoming legal assessment associated with the fraction they have purchased.

The last time we had a special discount offer we had multiple offers for a few of the units. This time, due to the short timing it’s “first come” terms. Once one owner accepts the terms & price, the unit is off the market and we go to contract. No bidding!

While you will still have some closing costs, the discounts should more than cover them. Owner Tom Carr has the formal listings and will handle the closings of the units, but owners interested in one or more of these fractions should first contact me via email ASAP.  

Again, all monies from the sales of these discounted units in the next few weeks will be added to our legal fund, which will reduce the amount that each owner will ultimately be assessed for the outstanding legal fees this year. The proceeds from the sale of any remaining inventory after that time will be added to either our operating budget or our reserve fund depending on our needs.

Don’t wait as the offer will only last two weeks and closing must take place within 14 days of contract signing. This is a great opportunity to grab sought-after fractions at discounted prices and help everyone in the association while doing so!

As always, any member of the Board stands ready and eager to address any queries or concerns you may have.

Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

As you are aware, our Association was presented with a bill from our former litigation counsel for the sum of $7.75 million in January 2022, based upon a retainer letter entered into by the Board chaired at the time by Bob Weisman. The new Board, which took office in November 2021, refused to pay the bill and hired separate counsel to advise as to whether such an amount was owed. As required in the engagement letter, we first sought mediation to resolve the dispute. The mediation was unsuccessful. As further required by the engagement letter, we next went to arbitration, which started in late October 2023 and was completed in mid-November.

At the arbitration, our former counsel was requesting the $7.75 million amount billed, together with all of their additional attorney’s fees incurred for the mediation and arbitration, plus interest, a sum of more than $10 million.

The arbitrator issued his ruling on February 13th. The arbitrator found that the attorney group was entitled to a “reasonable fee” only. The arbitrator agreed with the Association that the fee being claimed by former litigation counsel was unreasonable, and he reduced the fee to $3 million plus interest.  

The Board is now evaluating legal options concerning the fee owed under the arbitrator’s recent order. Regardless of what decisions the Board makes in the coming weeks, we will have to make a special assessment to cover the settlement amount.  

The Board is pleased that this matter is about to reach its conclusion, as it has been a time-consuming and complicated matter.  As always, I – along with any member of the Board –stand ready and eager to address any queries or concerns you may have.

Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

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 Tuesday, January 16, 2024, 11:00 AM Eastern Standard Time (9:00 AM MST) till 12:30 PM EST.

The initial agenda for the meeting is as follows:

1) Approved prior meeting minutes from 11-20-23 & 10-17-23
2) Board Objectives for the year – AK
3) Committee assignments – AK
4) Legal update: Arbitration and CP Burger – Joe Ferguson
5) Finance update – Tim / Vangel
6) Reserve Study Update – Bruce Clay
7) Resort Updates – Claudine G
8) Updates: Sale of Assn. owned fractions – AK
9) Owner questions/comments

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. If you wish to address the board verbally on these topics you will be given up to 3 minutes to do so. Owners interested in viewing the meeting are welcome to click the link below to join the webinar:

When: January 16, 2024, 11:00 AM Eastern Time (US and Canada)
Topic: The Aspen Mountain Residences – Q1 Board Meeting

Please click the link below to join the webinar:
https://us02web.zoom.us/j/85895360850?pwd=WXBtSkkzYWFuczJ6VEt3VjZyYmREdz09
Passcode: 399541

Or One tap mobile :
    +13052241968,,85895360850#,,,,*399541# US
    +13017158592,,85895360850#,,,,*399541# US (Washington DC)Or Telephone:
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    +1 309 205 3325 US
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    +1 929 205 6099 US (New York)
    +1 689 278 1000 US
    +1 719 359 4580 US
    +1 253 205 0468 US
    +1 253 215 8782 US (Tacoma)
    +1 346 248 7799 US (Houston)
    +1 360 209 5623 US
    +1 386 347 5053 US
    +1 507 473 4847 US
    +1 564 217 2000 USInternational numbers available: https://us02web.zoom.us/u/kQQ6roZbw                                          

 In the meantime, if you have any questions, please get in touch with me.

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

Dear Fellow Owners,

Please click HERE to watch the recording of today’s TAMR Budget Review with Owners. When prompted by Zoom, use the following passcode: #1cjYG7n

On behalf of your board,

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

Dear Fellow Owners,

I hope this letter finds each and every one of you in good health and high spirits. I wanted to let you know the arbitration with our ex-attorneys is now complete and a decision on how much we owe them will come before year’s end. This marks the end of a two-year legal battle with both the attorneys and our ex-board president. Therefore, there is no longer any reason to hold onto the fractions the association currently owns. We are going to put them up for immediate sale.

As promised, our owners will have first shot at the eight units. The prices have been determined based on current market rates. Owners interested in purchasing any of our units will get 8% off the listing prices, as the association will pay the 8% commission (you will still have some closing costs). We will wait three weeks before listing any remaining fractions with owner Tom Carr, to the general public. If you are interested in any of the units, please contact me via email ASAP.  

The Aspen Mountain Residences Condo Association owns the following units: 

Winter:

Studio / 1 Bath: Unit 23A / Week 8    (458 Sq Ft, 2nd Floor, Sunday check-in)        =$36,000  

3BR / 3 Bath: Unit 30 / Week 9          (1,925 Sq Ft, 3rd Floor, Saturday check-in)   =$170,000

Studio / 1 Bath: Unit 44C / Week 10 (436 Sq Ft, 4th Floor, Sunday check-in)         =$40,000

2BR / 2 Bath: Unit 18 / Week 11        (1,186 Sq Ft, 2nd Floor, Sunday check-in)     =$149,500

Summer:

2BR / 2 Bath: Unit 12 / Week 27        (1,369 Sq Ft, 2nd Floor, Sunday check-in)     =$145,000

1BR / 1 Bath: Unit 23B / Week 28      (1,058 Sq Ft, 2nd Floor, Sunday check-in)     =$110,000

1BR / 1 Bath: Unit 23B / Week 29      (1,058 Sq Ft, 2nd Floor, Sunday check-in)     =$110,000

2BR / 2.5 Bath: Unit 50 / Week 35     (1,753 Sq Ft, 4th Floor, Sunday check-in)      =$125,000

All monies from the sales of these units will go towards our 2024 legal bills. If by chance we wind up with a surplus, it will be applied to either our operating budget or our reserve fund depending on our needs.

This is a great opportunity to grab units that have not been on the market for many years!

As always, any member of the board stands ready and eager to address any queries or concerns you may have. May you eagerly anticipate the arrival of the upcoming winter season! Pray for lots of snow!

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

Dear Fellow Owners,

I hope this letter finds all of you well. I wanted to give you a few important updates on our budget and assessments for 2024.

Our 2023 forecast landing versus budget:

Overall, we performed well in 2023 against the budget we set in terms of revenues and most operating expense line items, although we did end the year with a deficit. The deficit was caused by three significant and unforeseeable variances in operating expenses: higher-than-expected cost of natural gas in January, higher-than-expected legal expenses related to ongoing litigation, and higher property taxes. All of these have been reflected in the year-end forecast. Below is more color on each of the non-assessment revenues and the two negative expense variances.

1. In terms of non-assessment revenues, we forecasted to generate over $200k more in revenues for the year compared to budget, a positive variance that partially offset the negative expense variances.

2. In January 2023, we incurred a major negative $100k variance in our gas utility expenditure. This was not related to usage, but rather was related to a non-recurring spike in the price/kWh of gas from our provider, AM Gas. We believe that this spike was unique to providers of gas coming from the west coast. To avoid this situation in the future, East West Hospitality and the Board entered into a fixed price contract with the incumbent provider which fixed the price/kWh of gas through April 2024.  

3. We have incurred significant legal expenses because we retained specialist litigation counsel in June to assist the Board in its dispute with our former counsel, who has asked for excessive remuneration related to the work they did when we separated from Marriott. These cases have now gone through arbitration, and we hope to have a resolution by the end of the year. Once this case is resolved, we expect legal expenses to be within our normal annual budget.  However, an additional assessment might be levied in the future depending on the results of the arbitration, which is discussed further below.

4. Due to the overall appreciation of property prices in the Aspen area, the County has raised the assessment of our property significantly.  We expect property taxes to be nearly $300k more in 2023 than the budgeted amount, or a negative variance of 47%. We feel the assessed amount is excessive and will be disputing it.

As far as project / capital expenditures, $4.5m had been spent through the end of October, compared to $1.1m spent for all of 2022.  $4.6m had been reimbursed from the Reserve Fund (nine withdrawals) this year, including some residual withdrawal related to 2022 projects. Through the end of the year, we are expecting to disburse an additional $2.6 million for project expenditures mostly related to the refurbishment.

The balance in the Reserve Fund as of November 9, 2023 was $6.1m, of which $60k was cash, $3.2m was in USTs (four), and the balance of $2.9m was in CDs (13, of which three ($583k) are structured CDs due in 2028 which remain significantly under water).  

All of you know that 2023 was finally the year to start the re-design of the property in three phases. The room refurbishment is now estimated to cost around $12 million, with circa $3.9m disbursed to date, $2.4m expected to be disbursed during the remainder of this year and $5.6m expected to be disbursed in 2024, most of which will be paid in the first half of the year. The cost of the room refurbishment will be significantly more than the $7m that has been in the budget for this major overhaul overdue for many years, and the overage will need to be funded with a special Reserve Funds assessment in 2024.  The redo of the bathrooms has been dropped until at least 2026 for cost and time-related reasons.  

In addition to the refurbishment, we continue to be burdened with various infrastructure-related expenditures, many of which were not anticipated.  For example, non-room related projects that need to be completed in the coming months include replacing the air handlers (for heat and air conditioning) in rooms, resurfacing balconies, replacing nine hot tubs on balconies of select units, updating the fire alarm system and replacing roof shingles.  

Our 2024 budget

In 2024, we are forecasting an +11.0% increase in operating expenses compared to the 2023 budget, but a 2% decline when compared to our forecasted landing.  Much of the increase is related to higher wages for employees, although we are assuming that most cost items generally increase since this has been our experience over the last two years.

In 2024, we will also need to recover the deficit of $746k for 2023, related to the items outlined in the first page of this letter.

As far as reserves, the Board requested a new reserve study in 2023, which was undertaken by Association Reserves. The report was completed and provided to the Board / HOA on June 29th. As expected, it shows a substantial shortfall in reserves should we continue to contribute at the legacy level (suggested in the 2021 Reserve Study prepared by Armstrong Consulting). 

2024 Assessment

As a result of negative operating variances leading to a 2023 deficit and significantly higher-than-expected project expenditures, we are once again forced to request a significant increase in the assessment for owners for 2024. As we had hoped last year, we again believe that a portion of the assessment will not be recurring. The refurbishment should be largely completed in 2024, and we are hoping for no surprises as far as operating expenses.  

You should also note that we are not requesting an incremental assessment for the legal reserve fund this year, although we do not know the outcome of the arbitration as of the date of this letter. Recall that the HOA is disputing the excessive legal fees that were charged by our former counsel in conjunction with the legal suit against Marriott, which was ultimately settled out-of-court. The Board entered into a definitive settlement through arbitration with our former legal counsel to resolve the amount of legal fees the HOA owes and also our lawsuit against our prior President.  

The arbitration hearing(s) started in late October and is now complete. We are awaiting the outcome which we anticipate will be in by the end of the year. Depending on that judgement, including amount and payment schedule (if applicable), we might need to return to the owners to request additional funding. Recall that we established a legal reserve fund last year, and that we also have some assets acquired during the transfer that will be sold and the funds applied to defray any potential excess cost.

We are requesting an increase in the assessment this year of 44% on our operating and reserve funds (compared to last year). The table below breaks down the property-level assessment for forecast 2023 vs budget, before and after the special one-off charges.  It also depicts the legal reserve fund, project reserve fund and deficit recovery for 2023.

It should also go without saying that the Board, working alongside local management, has done everything possible to keep costs down while at the same time doing what needed to be upgraded, and not skimping on quality. We will continue to focus on a combination of other revenue streams and cost efficiencies to further enhance the value of our property.  Our objective – like yours – is to have the prices of our fractional units (and rentals) continue to escalate. We believe that the improvements we have made and are continuing to make will move our unit values in a positive direction.

We have set up a zoom meeting for owners to ask questions on the budget. Please see the following if you want to join us:

You are invited to a Zoom webinar.
When: Tuesday Nov 14, 2023 
10:00 AM Eastern Time (US and Canada)
Topic: 2024 TAMR Budget Review with Owners

Please click the link below to join the webinar:
https://us02web.zoom.us/j/88984966652?pwd=NVozcnFzSlJacjRvMHdFWkN1aXJuZz09
Passcode: 266568

Or one tap mobile :
+16469313860,,88984966652#,,,,*266568# US
+19292056099,,88984966652#,,,,*266568# US (New York)

Or Telephone:
Dial(for higher quality, dial a number based on your current location):
+1 646 931 3860 US
+1 929 205 6099 US (New York)
+1 301 715 8592 US (Washington DC)
+1 305 224 1968 US
+1 309 205 3325 US
+1 312 626 6799 US (Chicago)
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)
+1 360 209 5623 US
+1 386 347 5053 US
+1 507 473 4847 US
+1 564 217 2000 US
+1 669 444 9171 US
+1 669 900 6833 US (San Jose)
+1 689 278 1000 US
+1 719 359 4580 US
+1 253 205 0468 US

Webinar ID: 889 8496 6652
Passcode: 266568

International numbers available: https://us02web.zoom.us/u/kbUZ402P1I

On behalf of your Board,
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

Dear Fellow Owners,

I hope this letter finds all of you well. I wanted to let everyone know the date of our annual owners meeting.

2023 TAMR Annual Meeting Date & Time
Our annual meeting will be held via zoom call.
November 20th, 2023
11am EST/ 9am MST

If you wish to join the meeting, please use the zoom link below:

When: Nov 20, 2023 11:00am Eastern Time (US and Canada)
Topic: The Aspen Mountain Residences Annual Meeting
Please click the link below to join the webinar:
https://us02web.zoom.us/j/86386919772?pwd=cHh3Q25WTlpPakxjTzd0eFVNaHNrZz09
Passcode: 806621

Or One tap mobile:
 +13017158592,,86386919772#,,,,*806621# US (Washington DC)
 +13052241968,,86386919772#,,,,*806621# US

Or Telephone:
Dial (for higher quality, dial a number based on your current location):
+1 301 715 8592 US (Washington DC)
+1 305 224 1968 US
+1 309 205 3325 US
+1 312 626 6799 US (Chicago)
+1 646 931 3860 US
+1 929 205 6099 US (New York)
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)

Webinar ID: 863 8691 9772
Passcode: 806621

International numbers available: https://us02web.zoom.us/u/kd3xNZetwv

The results of the board election have already been announced.  We will be covering other happenings at the property through 2023 with a brief presentation and then we will take owner questions.

1. Proxy

2. Notice of the Annual Meeting which includes:
          a. See below for Agenda: Board of Directors Meeting, Annual Meeting and Election
          b. Meeting minutes from 2022 annual meeting held on November 15, 2022

2a. Agenda
Please note: The 2024 budget approved by the board on November 10, 2023 was sent in a separate letter earlier today. If you wish to speak at the meeting, you will be given a maximum of 3 minutes to speak so everyone has a chance to speak.

Don’t forget, we are also planning to have another owner’s meeting to review our 2024 budget on Tuesday, November 10, 2023 from 10AM to 12:30PM Eastern Standard time. You should have already received a separate invite for that meeting earlier today.

Both owner’s meetings will be recorded for those of you who cannot attend, so you can watch it at your convenience.

2b. Meeting minutes from 2022 annual meeting held on November 15, 2022

On behalf of your Board,

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

HPC Contractual Appointed Member of the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

There have been a number of recent developments regarding our property about which I, on behalf of the Board, would like to update our fellow owners.

Board of Directors Election

There were three candidate profiles submitted for the three open board positions. Such a low number of Board applicants has never happened before, and the existing Board is struggling to understand the messaging in this. Either everyone is happy with the job the current board is doing, or everyone understands the amount of work involved in a board position and decided to pass. In any event, the result is that the three candidates have been elected via acclamation.  Since we do not need to have a formal election, we will be saving $5,000.  Congratulations to Tim Hall, Peter Wells and Bruce Clay who all will have two-year terms starting November 15, 2023.

Unforeseen 2023 Expenses

We’ve had a few key projects come up this month, most of which were unexpected.

Mechanical projects | $45,000

  • The pump which circulates heat and AC in all the hallways and was rebuilt about five years ago has to be changed out.
  • We need to rebuild pump 3, which is what circulates water throughout the building.
  • The spray pump for the cooling tower, which is central to our heating and cooling system, is 18 years old and is now needs to be changed out. This part is what sprays water to cool down the fans. During the AC outage last August, we replaced the motor.

Hot tub repair | $50,000 
As Claudine mentioned in her recent letter to owners, our #1 hot tub was leaking.  What we hoped would be a small repair was not, and as a result, the tub needed to be ripped up so that the leak could be found, and then rebuilt.

Bats | $61,000 
If you have been reading The Aspen Times, you may have seen an article about the high numbers of bats in the downtown Aspen area. As it turns out those little critters found their way through the smallest cracks in our roofing system and were living in our building above the ceilings. They are a health hazard and have to be caught and removed. The area had to be cleaned, and some parts repaired. We moved forward with the least expensive estimate that we could find and this work has now been completed.

Redesign Underway
The two-phased refurbishment of the rooms started at the beginning of October. The third and fourth-floor units and the common areas are being done now, and the first and second floors will be done in the spring. We have learned very quickly that the beauty of our building with all its nooks and crannies and no two units being exactly the same, has turned out to be as much a curse for us, as it is a pleasure to look at/stay in. 

Timeline
Planning and pricing the redesign with all of the unique characteristics has been very challenging for the vendors working on the project. To make things worse, we have a very short window of 10 weeks to get everything done this fall, and only 9 weeks to get everything done in the spring. If even one key item is delayed, which other tasks depend on, it makes subsequent things impossible to finish on time.

On top of that, we have to work within our governance documents which only allow for the board to take time in two consecutive years (for us its fall 2023, and spring 2024). These short windows and a constrained budget mean that we cannot do a comprehensive refurbishment all in this rather limited time frame.  As a result, some things we had hoped to do will need to be deferred.  For example, we understood early in the process that we could not entirely redo the bathrooms. We will be updating the lighting, some new bath fixtures, and mirrors.

Air Handlers
We also have uncovered some very unique problems during our remodel. The plan was to replace all the “air handlers” in our units (that provide the heat and cooling in each unit). You may have never seen these before because they are mounted behind the ceiling and covered by a thick layer of plaster.  Each time one of these air handlers needed maintenance, the ceiling needed to be opened up, the unit serviced/repaired, and then the ceiling re-plastered and re-painted.  This creates a lot of work and a big mess as you can imagine, even to deal with only one. 

The air handlers are now at the end of their life. The plan is to replace all of these units during the room refurbishment, an “infrastructure need” that you might not see visually but that is absolutely necessary. This is a very dirty and rather complex job, so the plan is to replace these first so that the rest of the unit upgrades – none of which are as messy or disruptive – can be completed afterward.  In the future, the air handlers will have an access panel that allows maintenance to the units when needed so that this scenario is avoided.

Budget
The point is that this is just one of many things that need to be completed in a very short timeframe. The global pandemic slowdown on producing and shipping goods continues, and this has delayed some of our furniture deliveries into mid-December.  Lastly, you should know that the cost of the refurbishment will be well in excess of the money set aside over many years, as the combination of the passage of time, supply-chain disruptions, tight labor markets and inflation has sharply pushed up costs.  The excess cost will need to be funded with a special reserve/refurbishment assessment this cycle, which the Board is working on sizing now. 

Setting Expectations
So, what can you expect at the conclusion of phase #1?

We have a very capable general contractor (PCL) working multiple shifts. This fall we will be replacing as many of the air handlers as we can. All units will be getting a complete paint job. The plan is to replace all the hard and soft goods in the units, but PCL can only install the furnishings that are delivered. This means the units will not be 100% completed by December 9th. Units may have a mix of old and new furnishings for several weeks. 

Our staff will do their best to swap out old legacy furniture for new furniture as the new furniture arrives. Some of this can be done during housekeeping services, or scheduled at times owners will be out of your unit. It’s not a perfect scenario, but the very best we can do under the circumstances.          

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

Dear Fellow Owners,

As we move quickly into the fall, I hope your summer went well and this letter finds everyone in good health and happy we will soon have cooler weather!

Annual AMR Board Elections:

Our annual elections are coming up in about a month and we are looking for anyone who might want to run for the board to submit their profile so they can be included in the upcoming election.

Please use the profile submission document you will find by clicking here or on our owner’s website. Three positions are opening up and each is for a two-year term. If you are interested in running for the board and would like to ask questions about the workload, feel free to contact me. Please submit your profile directly to Claudine Grondin, whose email address is at the bottom of the submission form. To be considered, your form must be received by October 13, 2023.

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

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