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Dear Fellow Owners,

Hello! It is a great day for all of our owners! I am pleased to announce the vote to approve the new Declaration has passed by an overwhelming 99%+ of non-Marriott/Trust owners who voted in favor of approval. The documents are now ratified and will be recorded in the public deed records of Pitkin County.

HIGHLIGHTS OF THE NEW DECLARATION AND THE SETTLEMENT AGREEMENT:

  • Eliminates previous management controls that were dispersed throughout the original declaration. 
  • Protects the Trust’s ownership of 207 fractions, but prevents Marriott or the Trust from acquiring any additional fractions at our property in the future.
  • Transfers ownership from Developer/Marriott/etc. of all non-OWNER property to the HOA, including the ski/bike shop, business office, front desk & closet, offices, gym, food prep and storage area, concierge area, marble bar, and seven (7) remaining residential fractional interests (which will be sold on the open market). 
  • Permits a new float-time system of our choice.
  • ONLY HOA owners – including the fractions owned by the Trust but no other third-party Marriott/Hyatt property owners – will have access to our property. 
  • Unclaimed float time goes to the HOA exclusively.
  • Prohibits any Board member from being paid a wage, fee or salary.
  • Reduces the majority threshold required for a future change in any provisions in the Declaration from 67% to 60%. 

Here is a quick update on some other current items:

FLOAT TIME 

We can now move forward on the allocation of float weeks!!   

Most of you have already submitted your float week prioritization forms. The reservations group will start to assign the float time based on your choices immediately! We expect the process to take about two weeks. Once completed you will receive your float reservations via email. If you have not received the information on the new float system please reach out to our reservations dept ASAP at: AspenRes@eastwest.com.  

The 2024 float time selection process will be held in mid-January 2023 which is on a similar schedule we used to have! 

STORAGE 

Roger and Susan are reporting good progress in getting our storage issues under control. Owners who have been in residence have done an excellent job adhering to the new policy! If all goes as planned, we should be able to free up as many as 10 parking spaces which we can lease for about $6,500 per season ($130,000 per year income to the HOA).

E-BIKES

The electric bikes have been ordered and should be arriving soon. The bikes are free to owners who do not have bikes stored downstairs. Bikes can be reserved through the ski shop. If you have not been on an e-bike before you are in for a real treat! Trips down valley or even up to Maroon Bells can now be made with ease on our new e-bikes. 

OWNERS ONLY WEBSITE

The abcowners.com website functionality was moved over and became part of our new “owners only” website. The website now contains our Time and Trade section – if you had a current listing on ABC it was carried over into the new website. There are also many other sections showing unit floorplans, an owner blog, and much more!  There will be more functionality coming soon such as being able to see your reservations and receiving correspondence, including your annual assessments. An email was sent last week with your sign-in information. If you don’t remember seeing it, please check your spam filter/junk mail first, and if it’s not there please contact our reservations dept at: AspenRes@eastwest.com.   

LEGAL

Now that we have these things behind us and the float selection is underway, the board’s next major issue to tackle is negotiating our former attorney’s fees and tending to the lawsuit we filed against former board president Bob Weisman. We will attend a binding arbitration meeting sometime later this summer or early fall. We will keep you abreast of any developments in either situation.  

CONTACT INFO

We are now able to have multiple emails attached to each fraction. We are also trying to collect everyone’s cell number so we can text to get you the latest information. These options are always a good idea to ensure you receive you can be easily contacted and want to stay up to date.  Again, just reach out to East West Hospitality reservations.   

SUMMARY

In summary, it’s been a long time coming!!! We are now a completely independent property and are free to govern ourselves and make our own decisions on all aspects of the property including our policies and rules. For all of you, we hope you enjoy your time at the property. The board has a few more “loose ends” to take care of before we can do the same… 

Dear Fellow Aspen Mountain Residences Owners, 
“The Aspen Mountain Residences” Property Facelift Design Update:
A request for proposal or RFP was sent to seven design firms in February which are candidates to handle a [long overdue] refurbishment of the common areas and all of the units of Aspen Mountain Residences. Submissions came in on March 15th. The Board, the decorating subcommittee of the Board, and East West Hospitality will be reviewing the submissions to narrow the field to a shortlist of two or three candidates in the next two weeks. After detailed discussions and negotiations with the finalists, we expect to have a negotiated contract and a full Board presentation by the 2nd or 3rd week of April. As we get closer to the property facelift redecorating project for our property there are a few things you should know so please review this Important information:

Phase one of the redesign is the lobby and common areas, which we hope can be started in September and be completed before ski season starts. The plan is to maintain full service at the resort during that time.

Phase two will be the room “facelifts” which will be done in mini-phases of approximately 10-15 units per off-season (includes Furniture/Furnishings, Lighting, Flooring refinishing, replacement, Refurbishments or redesign, etc.). Our initial plan calls for one or two sample rooms to be ready for Spring 2023, with time for Owner input, and then we are hopeful to finish the first 10-15 units before Dec 1, 2023, and to complete the entire project by July 2025. In order to complete phase #2, the board will have to commandeer everyone’s 3 float split weekdays (of the 10 annual float days) from each Fractional unit for 2023 (and possibly 2024). This should ensure that we will have ten weeks of time per year to complete the project. Depending on the total scope of the work to be done in each unit, the project could be completed early.

We realize while we are doing the upgrades of the rooms – which will include the replacement of all the furniture, rugs, light fixtures, and window treatments – there are unique improvements that can be made that might be unique to several units.  Of course, no one knows what those improvements should be better than the owners of those units. For example, I own unit #7, a one-bedroom unit on the first floor. I have started the following list of potential improvements:
“Cubbies” could be placed at the far-left end of the hallway to increase storage space
The round dining table should be rectangular in shape to better fit the space
A towel hook is needed on the back of the bathroom door (door into the bedroom)Bathroom mirrors could be kept, but frames around then should be upgraded
The curtains could be mounted above the window or door moldings so that when they are pulled up, they do not block the great view (this could be done in every unit)

Just like unit #7, I’m sure owners have similar suggestions for units they own. We want to capture those ideas so we can try and correct the mistakes of the past and make each unit even better in the future! To accomplish this, we have put together a survey in which you can tell us the potential improvements which could be made in the units you own. Keep in mind these are not decorating ideas, but rather are specific suggestions/improvements to make your unit more livable and enjoyable to use.   You will have two weeks to complete the survey. We don’t want you to rush, so please spend some time thinking through what your suggestions would be for each unit you own before you complete the survey.  If you own units with multiple bedrooms, think it through for each of the A, B, and C rooms, and be as specific as possible.   When you are ready, please begin the survey, as it is very important to the Board and the decorating subcommittee that your suggestions are known in advance as we start to think about room-by-room work. Of course, the Board can’t make promises that every idea suggested will be accepted, but we can promise that every item suggested will be duly considered.  You have until 5 PM EST on April 16th, 2022 to submit your ideas. When you are ready to take the survey, take this link:

Dear Fellow Aspen Mountain Residences Owners,

On Tuesday, February 22, 2022 the board sent out background on our float program and a survey put together from our Float Time Selection Committee. Thanks to everyone who spent the time to fill out the survey.  

The results of the survey were as follows:

  • 333 (roughly 75%) of owners completed the survey
  • 50% of owners who completed the survey have owned for 15 years or more
  • A disproportionate number of owners (38%) who own weeks 51/52, 5, 12, 26, 35 filled out the survey where only 25% of all owners own those weeks
  • 58% of owners say they rent at least some of their time, 42% say they never rent
  • 61% of owners said they either “always got” or “mostly got” the time they wanted, leaving 39% who said they “almost or never got” what they wanted
  • 94% of owners said they believe the new system should be “fair to all owners”
  • 54.7% of respondents said they believe the new system should incentivize owners to occupy their units vs. renting them
  • 88% of respondents said the new system should help drive increased property resale values. Suggestions to increase property values included: 
    • Having a program easy to understand and explain
    • Being “Fair” was given multiple times
    • Avoid “2-hour” rush to reserve windows
    • Being transparent
    • A robust secondary market via an ABC-like website
    • Allow each owner to have some winter weeks some years
    • Owners of the 6 premium units (like unit 45) should always get premium unit choice
    • To rotate more valuable and less valuable weeks over a few years so that all owners get a chance to equally
  • 84% agreed every owner at Aspen should have an equal chance to book any float week as any other owner
  • Only 21% agreed owners who paid the most for their units have priority on float week selection
  • Only 26% agreed owners who have owned their units the longest get a higher priority
  • 46% agreed on seasonal “seasonal priority” – summer owners get summer float priority…
  • 43% agreed Fixed weeks adjacent to float-weeks (i.e., “edge” weeks # 51/52, 5, 12, 26, and 35) would have priority on the edge float-weeks 
    • Remember 38% of owners who took the survey owned one of these weeks
  • 85% disagreed distance of travel to get to the property
  • Which float selection process is best: 
    • The legacy float time selection process=19%
    • Weekly Rotational System=23%
    • Annual Float Priority Rotational Selection System=39%
    • TBD Criteria Based Float Priority Selection System=21%

With just about two-thirds of the votes, it seems clear that some type of priority system which ensures every owner is on an equal playing field in terms of float selection is the direction we should take.   

The board will consider the owner survey when voting on a new Float Time Selection System for our 2023 float time. You will be notified of the board’s decision in the next few weeks. 

Dear Fellow “THE ASPEN MOUNTAIN RESIDENCES” Owners,

I hope this note finds you all on your way to fulfilling your New Year’s resolutions! We continue to move forward with our THE ASPEN MOUNTAIN RESIDENCES brand and move into our next chapter of ownership. Here is an update of just some of the things that are happening now:

FLOAT TIME SELECTION PROCESS – UPDATE

The board is finalizing details of the new float time selection process and we would like to reassure owners that the new program will be designed to be fair and equitable for all owners.

People may hear bits and pieces of things and they often subconsciously translate these tidbits incorrectly. The board is always available for your questions, so please ask us. As long as you are receiving this correspondence, we assure you no one has more information than you.  We ask that owners please have accurate facts before including other owners in their emails or conversations. 

     > The FLOAT TIME SELECTION system will be fair to all owners as well as simple to administer. Nothing at all related to the previous complex program of points, and seasons we used to have. We promise stress levels will go down and the selection process will be much simpler. 

     > 2022 confirmed reservations: (fixed or float) – All reservations which were in the system pre-Dec 2, 2021 were transferred over and are now loaded into our new reservations system. If you had a reservation before December 2 for 2022, you have it now. 

> Unfortunately, despite our numerous advance email correspondences forewarning owners to “USE THEIR POINTS OR LOSE THEM” before December 2, some owners did not use their unused HRC points before the Dec 2nd deadline. Those points are now gone.

     > FLOAT SELECTION PROCESS TIMING – The float selection process for 2023 dates, will occur in the spring, by which time we will ensure owners will become familiar with the process. We still need a bit of time to finalize the program and get the systems ready to handle the float reservations.

     > NO MORE STRESS on the first Saturday in January! – The new system will not make our Australian/New Zealand owners get up in the middle of the night to call or sign in. No one will need to upgrade to the fastest internet speed, buy a supercomputer, or practice for the 3 days prior to prepare for the exact second that the float time is released.  

     > FIXED WEEKS: GREAT NEWS – Your fixed weeks (7 days per interval purchased) will always be protected! Unlike the previous system, you will no longer have to reserve what you purchased! Your week will always be on the calendar for you or your family to use.

     > In the proposed new system, all the time available in the property will be EXCLUSIVELY allocated to owners (20 fixed weeks, plus 20 float weeks, plus 10 “split weeks” including 2 weeks for deep cleaning=52 weeks). This means there will be no “unassigned” time at the end of the process. By the end of every Float selection period, every fraction, in addition to its FIXED week will also have their Float time “locked-in”. With those confirmed reservations you can trade time with other owners, rent, put the time into the Elite Alliance Program to trade for other properties (extending the life of those reservations by two years).  

     > With no time left over after the allocation, there is no need for points or seasons. Time is just “time”, calendar days are just “days”. You as an owner will determine how you value your selected/allocated week(s).  The value of each week will be based on the priority that you put on the weeks you select during the float selection process. 

     > As I mentioned earlier, the process has not been finalized, we are still listening to ideas and discussing certain aspects. Once we have approved a new program owners will be sent full details and we will set up zoom calls to answer all of your questions so everyone is clear. Yes, we will have a new system to learn, but it’s much less complex and fair than the one you are used to.

     > Once the time has been assigned and the float selection process has concluded, there will be many ways to get more of what you want (owner trades, rentals, and Elite Alliance exchange program). 

OWNER RELATIONS/RESERVATIONS DEPARTMENT 

Your new team is ready to give you personalized service.

     > Their email is: aspenres@eastwest.com. Phone number: 1-833-393-0981 

     > The Owner Relations Dept will be open Monday through Friday 8am-5:30pm MST and Saturdays 8am-4pm MST.

     > East West Hospitality’s Owner Relations Department has 18 years of Fractional Owner Relations experience and they look forward to getting to know you.  

GUEST CERTIFICATES

We have to control the way guest certificates are issued and confirmed. You as the owner are responsible for contacting our reservations group and informing them about your rental or owner exchange 

     > Real estate agents are not authorized to call the front desk or reservations and change the names on reservations so please contact our reservations group as soon as you have a confirmation of a change and need a guest certificate.  

     > Elite Alliance exchanges are exempt from this as the change is done automatically as part of the confirmation of ownership process.

ASPEN RENTALS

A new rental agency specializing in our property you can use                

I’ve found it’s not always a good idea not to put all of your eggs in one basket and only pick one realtor to rent your free time. Aspen Rentals is a premier condominium booking agent, managing 4 & 5-star vacation residences in Aspen and Palm Beach completing about 800 luxury rentals per year. Industry-leading, state-of-the-art property management hotel software is utilized to achieve our client’s financial goals. Their “Streamline” software creates monthly statements and enables payments to owner clients by direct deposits to their own entity banking accounts early each month. 

Aspen Rentals only charges a 15% commission. Their software integrates your rental availability in real-time with multiple hotel and resort advertising websites and platform channel managers. Websites include but are not limited to expedia.com, booking.com, hotels.com, orbitz.com, airbnb.com, VRBO.com, HomeAway.com, CanadaStays.com, etc., totaling approximately 25 advertising websites.

>Please visit them by clicking this LINK to review our Aspen Owners web page and fill out the form at the bottom or contact Jade or Chris Slade available at 970-300-3410 and owners@aspenrentals.us for any information.  

NEW RESORT WEBSITE

Our new website, aspenmountainresidences.com, is now operational. There will be much more content added in the coming weeks.  On the website, there will be an owner log-in to access the new owner portal, which is still in development. When you are able to log in, there will be a link to allow you to view your reservations and personal statements, as well as some of the functionality we formerly had on the ABCowners.com website such as “time and trade”, “messages from the board”, “unit floorplans”, and an “owner blog”. Access to your reservations data will be available in the next few weeks and full reservations data for 2022 should be available by early February.

RESORT SIGNAGE

We will be presenting ideas for our new resort signage to the Aspen planning commission soon. Signs for our new brand will be more prominently located so passers-by will see the new brand on our building and on the wall above the ice rink.  

ELITE ALLIANCE
Our new exchange partner. Everyone should have received a packet and several emails from our new exchange partner Elite Alliance. The program is now in effect for 2022 & 2023. Instead of renting your unused time consider giving it to EA. Putting your reserved time into their program will extend the time you have to make an exchange by two years. Just a few things you should remember about the program:

     > Our owners were given the Presidential level in their program

     > There is no additional cost for owners unless you wish to utilize the program

     > The quality of their exchange properties are similar to our property

     > You can only deposit a 1 bedroom unit or larger into their program as it has to have the kitchen, living and dining room (no studios)

     > They have 3, 4 or 7-day exchanges

     > If you give your confirmed reservation to EA, you cannot take it back 

Note that some trades may cost up to $795 but those are select properties and you get what you pay for… I can personally recommend at least one of their properties (the Reefs in Bermuda) it’s a fantastic place to visit!  

All the pieces of our new puzzle will work together:

     > The new float selection process, 

     > The owner portal for communication and exchanges, 

     > Using realtors to rent your extra time (an in-house rental program is also being worked on as an option) 

     > Exchanges with other Aspen owners

     > Elite Alliance Exchange program (to extend the time to take a trip for your deposited reservations by two years)

OWNER SURVEY

The board plans on sending out a few surveys to all owners to get feedback and ideas on a variety of different topics. 

SALES UPDATE

Tom Carr Our resident owner realtor reported this week we are down to 15 listings left at The Aspen. Since, Jan 2021: 53 interests closed, and 2 interests pending. 

Dear Fellow THE ASPEN MOUNTAIN RESIDENCES Owners,

I hope this note finds you well! Today marks a new beginning for our property.  At 12:01 AM last night we officially became THE ASPEN MOUNTAIN RESIDENCES!!!!  and we begin our next chapter of ownership. There are so many things are happening behind the scenes right now to get ready for your next stay.  

Here is an update of just some of the things that are happening now:

Marriott Management and East West Hospitality have worked well together to ensure a smooth transition of management.  The board wants to thank both companies for their professionalism.

The invoices for our annual assessment will be sent out today (Dec 15th) via both email and “snail mail” through East West Hospitality, our new management company.  Payment will be due by Jan 5th which gives you the chance settle the invoice in either 2021 or 2022.  I can now confirm we are adding a new “pay by credit card” option which can be used for an additional fee. This will offer you additional flexibility when paying your annual dues.

Our new Owner Relations /Reservations department is operational as of today! Your new team is ready to give you personalized service and help you make reservations, add guests, exchange with other owners etc.

Their email is: aspenres@eastwest.com. A toll-free number will be in place shortly but will not be available for another week or so. The Owner Relations Dept will be open Monday through Friday 8am-5:30pm MST (will also be open Saturdays 8am-4pm MST starting in January).

East West’s Owner Relations Department has 18 years of Fractional Owner Relations experience, and they look forward to getting to know you. 

We understand you may have many questions around making new reservations and the new owner portal, however, more formal information about booking future reservations and access the online component will not be available until after the New Year; so, keep an eye out for updates when the 2022 reservation system and online portals are solidified.

Please note: All reservations for 2022 are secure so feel free to call Owner Relations to confirm your dates if needed. Just note that they are loading all the reservations starting with week #50, 2021 and will not be finished loading everything till years end so you might want to give them some more time if you are enquiring about weeks later next year.

If you were not able to secure additional reservations using your HRC points before the Dec 2nd deadline, unfortunately you have lost that opportunity to secure any additional time for 2022. No information about prior HRC point balances were transferred from Marriott so there is nothing Owner Relations can do to help you secure additional time.   

New Resort Website – our new website is under development https://aspenmountainresidences.com/ we should have content shortly. On that site there will also be owner log-in to access the new owner portal. Once you log-in you and see your reservations and personal statements as well as some of the functionality we formerly had on the ABCowners.com website such as “time and trade”, “messages from the board”, “unit floorplans” and an “owner blog” will all be there.  Access with limited reservations data will be available in the next few weeks and full reservations data for 2022 will be available shortly after the new year.

Don’t forget!!! Our float selection period for 2023 will be moved back to at least April. This will give us the time needed to finalize our new float selection process and get our systems in place. Nothing else about your intervals will change. More information on this will be coming soon. 

Most of you have heard of the supply chain backlog due to covid. Not only is everything costing more to ship they are also taking much longer to both manufacture and ship. Together with East West Hospitality we began immediately ordering items we knew we would need.

Logo items – such as robes, writing pads, stationary, front door mat, pens, phone surrounds, signs, key and key card folder, skis and ski boot & poles stickers, even the logo which shows on your TV all need to be replaced. All had been ordered as soon as we had the logo in place. Some of these items are already in place and others will be arriving in the coming weeks.

If something was not expected to arrive on time, we needed to order “blanks” to use until the logo item arrives. A good example of this are our room keys which have been ordered but have not arrived yet.

Resort vehicles – We ordered two new 14 seat luxury transport vans in early summer. Tech chip issues impacted availability which caused the delivery dates to keep moving back from the initial Dec 2021 date to the current timeline of April 2022. Unfortunately, they will not be in place this winter when we wanted them. Once they arrive you will see they are a big step up from what we have now.        

Your marketing committee has been working with East West to put out a series of press releases highlighting our transformation to an independent property. In the next few weeks our press releases will highlight our commitment to the local community. We will be highlighting our employees and partners, CB Burger, Aspen Sports, The Marble Bar, as well as the Silver Circle Ice rink and more. Stay tuned!

Speaking of the ice rink – Look for our logo to be added under the ice in the center of the rink. We want everyone to know the rink is part of our resort. Also look for our newly “wrapped” Zamboni which will look like the renditions you saw on our van in the name reveal presentation. All vehicles will get the wrap treatment in the future. 

We will be presenting ideas for our new resort signage to the Aspen planning commission in the coming weeks. Signs for our new brand will be more prominently located so passers-by will see the new brand.  

Keep on the lookout for correspondence from Elite Alliance our new exchange partner in the coming days. The program will start Jan 1, 2022. Putting your reserved time into their program will extend the time you have to make an exchange by two years. You will start receiving correspondence from Elite alliance shortly explaining the program benefits and how to use it.

The board plans on sending out a survey to all owners to get feedback and ideas on a variety of different topics. The plan is to get the survey out before year’s end.

We have a lot going on right now so expect to hear more from the Board during the holiday season!

On behalf of your Board,

Al Kenney                                                                                                                                                                    

President

THE ASPEN MOUNTAIN RESIDENCES CONDO ASSOCIATION, INC.

Board Members and Owner Director Contact Information

Al Kenney – al@bluewaterfractionals.com                                                                                                                 

Allan Sheres – allan@jerig.com

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Charles Baron (Trust Appointed Member of the Board)  

Dear Fellow Grand Aspen Owners,

I hope you and your family had a great Thanksgiving!

Just a few reminders:

The invoices for our annual assessment will be sent out on or about Dec 15th through East West Hospitality, our new management company.  Payment will be due by Jan 5th which gives you the chance settle the invoice in either 2021 or 2022.  We are hoping by then to have added a new “pay by credit card” option, which will be available for an additional fee. You will be notified in your letter when you receive your invoice if that option is available.

At this point, any HRC points left in your account are  not valid. The float selection process for 2023 time has been moved to at least April, by which time the new floating-time reservation system will be in place.

In our last letter, we mentioned the new exchange program with Elite Alliance starting Jan 1, 2022. You will start receiving correspondence from Elite alliance shortly explaining the program benefits and how to use it.

As a result of a request in our last letter, we had a very qualified owner volunteer for our Design Committee – Lina Mira – who will be joining Allan Sheres and Laurie Aronson on the committee. Lina has a stellar background including a BFA in interior design from Pratt Institute in NY, licensing through NCIDQ, and many years in the field of interior design in the residential, corporate and hospital industry.

Thank you to every owner who participated in our resort naming process. It was important to the board to allow everyone to be a part of shaping the new identity of our property. I want to give special thanks to two of our owners – Tom Kaplan and John Fleming – who volunteered many hours of their time to work on our Marketing Committee to guide both East West and Resonance to help craft both our brand name and our marketing plan for 2022.  

So now, the moment many of you have been waiting for…  Please see the attached presentation which will walk you through the “big reveal” of our new name.  The Board members believe that our new property name clearly conveys the unique offering of our exquisite property.   

Congratulations also to the winner of the naming contest, Joseph Golbus.  Joseph will receive a $500 gift certificate to an Aspen restaurant of his choice for suggesting the new name of our property.

We have a lot going on these days so expect to hear more from the Board during this holiday season!

On behalf of your Board,

Al Kenney                                                                                                                                                                    

President

Board Members and Owner Director Contact Information

Al Kenney – al@bluewaterfractionals.com                                                                                                                 

Allan Sheres – allan@jerig.com

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Charles Baron (Marriott Contractual Appointed Member of the Board)  

Dear Fellow Grand Aspen Owners,

I hope you are your family are enjoying a wonderful holiday! I wanted to update everyone on a few important things happening at our property:

  1. The board election results are in. Your new board members for 2022 are:
    • Al Kenney
    • Allan Sheres                                                                                                                                     
    • Peter Wells
    • Joe Ferguson                                                                                                                          
    • Tim Hall

      I wanted to thank everyone who ran for our board. We had many very qualified candidates, and I heard from many owners it made their selections very difficult. The result of the election was very close.  
  2. The transition date for management of the property to East West has been moved back to at least Dec 10th to help ensure a seamless transition with Marriott. On your next stay you will begin to notice some of the upgrades we have made starting with our paper products (toilet paper and paper towels). We will be upgrading many items in the coming weeks, the only issue we have is the supply chain slowdown which will prevent us from having all the items in by Dec 15th, however most are already on order and you should be seeing these upgrades soon!
  3. Bills for our annual dues will be sent out on or about Dec 15th through East West Hospitality. Bills will be due by Jan 5th which gives owners the chance to pay in either 2021 or 2022. 
  4. Our float selection period for 2023 will be moved back to at least April. This will give us the time needed to get our systems in place and finalize our new float selection process. Nothing else about your intervals will change.
  5. At this point you can only use HRC points in your account to book new reservations for 2022 through December 1st. The window is now closed to prepay your dues for 2022 through Marriott to get more points, so you must try and use the ones you still have!
  6. The board is very happy we were able to retain our property’s most valuable assets: We have managed to keep all key Associates, including Roger, Claudine, Linsey, Sheri, and many more! All will become employees of East West Hospitality on the transition date.
  7. Speaking of our employees, the board would like to Introduce our new GM Susan Dampier. Susan starts with East West Hospitality on December 1st and will be on property on the turnover date Dec 10/15th. Susan has her roots firmly established right here in Aspen. She worked for the Aspen Ski Company for more than 10 years in many capacities including Director of Club Operations. Susan worked for The Little Nell Residences as Director of Operations, and was the GM for the Limelight hotel in downtown Aspen. She has great experience, knows our competition inside and out, and will be a big asset to our property and owners in the coming years. Make sure you give her a big welcome next time you check in!   
  8. We will be announcing both the new name of our independent resort and the winner of our naming contest this coming week so stay turned for a new beginning! 
  9. Your Marketing Committee (containing both board members and owners) is busy working on the plan to promote our resort going forward. This will include many things including a new resort website and owner portal.
  10. We are looking for one new qualified member of our design committee. We have a lobby redesign in 2022 followed by a 2023 room refresh coming.  If you have a degree in design such as one from ASID (American Society of Interior Designers) or a similar study certification and would like to help, please let me know.   
  11. The board is also happy to announce all owners of our property can participate in a new exchange program with Elite Alliance starting Jan 1, 2022. This program gives all owners the opportunity to take any Aspen reservation they have and trade it into the program to enable an exchange for other Elite properties including; Tuscany, Telluride, New York, Napa Valley, Bermuda, and Buenos Aires. Elite Alliance properties are located in the world’s most desirable and highly coveted destinations. They continue to grow their portfolio. You will start receiving correspondence from Elite alliance in December explaining the program and how to use it.
  12. COVID / COVID protocols at our property: It’s difficult to know if the pandemic is about to enter a new wave.  The board will be working with East West Hospitality to ensure all town protocols are adhered to. We now are in control of what we do at our property in this area but we need to reiterate that first and foremost we always need to take whatever precautions ensure the well-being of our owners and their guests.  The Pitkin County Health Board released their winter mitigation plans last month which includes current restrictions: https://covid19.pitkincounty.com/traveler-responsibility-code/ Please become familiar with them.
  13. The board continues to keep our eyes on our prime goal, which is to put things in place which should help increase our property values. In talking with Tom Carr (an owner and local realtor who sells many of our fractions) it looks like we are on our way! Tom says there have been 43 sales this year (many since May). Resale prices are increasing and inventory of listings in lower than they have been in 10 years. Sales have been both to existing owners and a few new owners as well. Tom says it’s the best sales year in at least ten years!

Moving forward as a newly branded independent property, we will invest in marketing our new brand and have every reason to expect improvement in the market for our intervals and a recovery of values from past depressed levels. We hope you all agree that our future is looking bright!

We have a lot going on these days so expect to hear from the board frequently during this holiday season!

On behalf of your newly elected Board,

Al Kenney                                                                                                                                                                   

President

Board Members and Owner Director Contact Information

Al Kenney – al@bluewaterfractionals.com                                                                                                                  

Allan Sheres – allan@jerig.com

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Peter Wells – petercwells@yahoo.com

Charles Baron (Marriott Contractual Appointed Member of the Board)  

TRANSITION TIMELINE and CLUB POINTS, WORLD of HYATT POINTS and 2022 HRC RESERVATIONS

Dear Fellow Owners,

Please carefully note the following timeline for change in connection with our transition from the Hyatt Residence Club and Marriott Vacations Worldwide:

November 30, 2021 – Our current Management Contract with an affiliate of Marriott Vacations Worldwide terminates.

December 1, 2021 – East West Hospitality (EWH) officially starts as our new management company. All of our valued associates become employees of EWH.

December 2, 2021 – Our Hyatt Vacation Club Resort Agreementterminates (not on December 3, 2021 as had been communicated previously in error), and our Aspen property ceases to be a component resort of the HRC.

December 2, 2021 – Your membership in the Hyatt Residence Club (HRC), if derived solely from Aspen ownership, terminates.

December 3, 2021 – Our property is no longer The Hyatt Grand Aspen and use of all Hyatt marks ceases.

December 3, 2021 – Our property is (new name soon) and use of our new marks and logo commences.

December 3, 2021 – Our new reservation service administered by East West Hospitality goes live, and you will be provided with usage information prior to that date.

TERMINATION OF CLUB AGREEMENT: Club Membership; Club and World of Hyatt Points; 2022 HRC and Interval International Reservations; and New Float Selection Program

Club Membership – With termination of the Club Agreement your membership in the Hyatt Residence Club (HRC) terminates if your membership is derived solely from Aspen interval ownership. If, however, you own an interval at another Club resort, you will remain a HRC member.

Club Points – With termination of the Club Agreement use of any Club Points (including HRPP, RCUP LCUP, CUP, EEE, and COVID) in your HRC Aspen account terminates. If, however, you have Club Points in another HRC property account (derived from ownership of an interval at another Club resort), those Club Points remain and are not affected.

Confirmed Reservations – With termination of the Club Agreement all reservations (for 2021 and 2022) confirmed in your HRC Aspen account (as of the close of business Thursday, December 2, 2021) are valid and will be honored. With respect to Aspen reservations, you will have the continuing right to use, to rent, or to have guest privileges. With respect to non-Aspen reservations, you may only have the right to use.

Interval International and World of Hyatt –With termination of the Club Agreement, all confirmed Interval International reservations and World of Hyatt points are valid and are not affected.

Use of Club Points Restricted Until 2022 –If prior to the termination of the Club Agreement, an owner desires to use Club Points for a reservation or for exchange into World of Hyatt hotel points, and use of those Club Points is restricted until 2022, you will be required to pre-pay a 2022 dues assessment. Any pre-payment is for the Association’s account and will be a credit against your actual 2022 dues assessment with either a balance due or a credit issued.

Expiration of Club Points –With the termination of the Club Agreement, any Club Points in your Aspen account as of the close of business December 2, 2021, expire and can no longer be used as you will no longer be an HRC Aspen member and our Aspen property will no longer be a component HRC resort.

Replacement Float Time Selection Program –With the termination of the Club Agreement, a replacement float time selection process will be adopted with first use planned in April 2022 for 2023 float reservations. This system will not be points based; rather, it will be based on a priority assigned to each fixed week interval with a priority which “rotates” annually.

We know this letter is somewhat complex but so too is the HRC program we are exiting.

If you have questions, please do not hesitate to contact any Director.

On behalf of the Board,

Bob Weisman                                                                                                                                                         

President                                                                                                                              

weisman@greatwatercapital.com

Board Members and Contact Information

Laurie Aronson – aronson@lipseys.com

John Brilbeck – johnbrilbeck@comcast.net

Al Kenney – al@bluewaterfractionals.com

Allan Sheres – allan@jerig.com

Hello fellow “Resort soon to be formerly known as the Hyatt Grand Aspen” Owners:

This is it! You now have the opportunity to determine the new name for our resort!

The process for name selection up until now has been:

Step #1: Owners were asked to submit their ideas for names

Step #2: A panel of judges which include members of your board, select owners on our Marketing Committee, Senior members of East West’s Executive and Marketing team, as well as members of Resonance our Branding Agency voted on what were felt to be the top names. Based on those results we selected the top six.   

Now we are entering the third and final stages of the process and the final selection goes back to you, our owners!

Step #3: The final vote: Each owner now gets two votes (So a husband and wife each get a vote). Your “team” can vote twice for the same name or once for two names. Please keep in mind the property values statement below. You through Wednesday Oct 8th to cast your votes for your favorites.

Step #4: Once the votes have been tallied, a winner will be chosen. The next step is completing the branding process for our new name. A logo needs to be chosen and well as all of the other details which go with it (colors, fonts etc.). Once that work has been completed, all owners will be presented the name and the branding back to our owners. Don’t expect “the big reveal” until the last half of November 2021!    

A few things you should know:

  • Descriptors so as the words Lodge, Condos, Inn, Hotel, Chateau and more have been removed because our property is not any of those things.
  • Some names could not be considered because of trademark infringement such as our current name “Grand Aspen” which is owned by Hyatt.
  • The descriptors for the base name selected could change based on recommendations from our branding agency. For example, if “The ZZZ” was chosen it could wind up being “The ZZZ Residences”, “The ZZZ Residence Club”, “The ZZZ Residences at Aspen”, ZZZ Aspen – A Private Residence Club” etc. so just keep that in mind when voting. We have given you a few options for each name. You are voting for the “base name” in that grouping

OK enough talk… It’s time for you to cast your vote. Two votes per owner no matter how many fractions you own! Think long and hard about your final selections; How unique the name is, how it would look on a logo, how easy it comes off your tongue when saying it, and how it could be promoted. Good Luck!

Please take this link to place your votes. https://app.alchemer.com/builder/build/id/6536696

The survey website will only allow each owner or LLC cast two votes so make them count!

Sincerely,

Al Kenney

Dear Grand Aspen Owners,

In this letter your Board reports on the termination of our Management Contract and on our progress and timeline to select our new management company.

We also advise you will receive on August 12, 2021 a Notice of Association Special Meeting to be held on September 3, 2021 with a Ballot providing each owner the opportunity to cast an advisory vote in favor of or against terminating the Hyatt Vacation Club Resort Agreement (Club Agreement). 

We discuss below our reasons to consider voting in favor of terminating the Club Agreement, and we urge you to contact any Board member should you have questions or wish to discuss the Club Agreement or our reasons in favor of terminating.

Management Contract

At the July 13, 2021 Association Special Meeting 86% of owners voted 98% of their intervals (excluding Trust and Developer intervals) to authorize termination of the Management Contract. As well, on July 13 your Board authorized the Association to deliver notice of termination effective December 15, 2021.

Since July 13 we have sent our Request for Proposals (RFP) to five qualified management companies and have met at our property with four of them. We have received two preliminary proposals, each with a proposed management fee half our current fee which translates into an annual savings of $400,000. Final proposals are expected in mid-August, and the Board plans to select two semi-finalists and conduct in-person meetings in Aspen before Labor Day.

Our goal is to select our new management company by mid-September, and with a December 15 takeover date, our new management company will have time to execute a smooth, orderly transition in advance of the Holiday Season. The Board’s goal is for all key personnel at our property to be retained by the new management company.

We thank all owners for your participation in this process and especially for your overwhelming support authorizing termination of the Management Contract.

Hyatt Vacation Club Resort Agreement

As provided by Colorado law the Association has the right to terminate the Hyatt Vacation Club Resort Agreement (Club Agreement) without penalty on not less than 90 days notice.

Although neither the Club Agreement nor our governing documents requires owner authorization to terminate, your Board has called a Special Meeting of the Association to provide every owner an opportunity to cast an advisory vote in favor of or against terminating prior to any Board action.

Reasons why the Board may authorize the Association to terminate the Club Agreement are set forth below.

You will soon receive email notice of an Association Special Meeting on September 3, 2021 with links to the Meeting Agenda and an electronic Ballot. We ask every owner to cast his/her Ballot to provide your advisory vote to your Board.

REASONS TO TERMINATE THE CLUB AGREEMENT  

This section expresses the opinion of all Board members, except Charles Baron, who is an executive of our Management Company and is the Developer/Declarant appointed member of the Board.

Contract History 

  • The Club Agreement was entered into in December 2005 prior to property opening and was signed on behalf of the Association by an executive of our management company, one of the parties to this contract.
  • In 2005 your Association and its Executive Board were controlled by the Developer; Owner control of our Board commenced in late 2013.
  • Prior to the Association signing the Club Agreement in 2005, independent legal counsel was never engaged by any Hyatt affiliate or the Developer to represent and look after the interests of our Association and its future members (interval owners), whose interests were thus never protected.

Floating Weeks Program Issues

With respect to the Club’s Floating Weeks program, the Board is of the opinion:

  • The design of the program is defective as there is not nearly enough quality float time to meet the demand and reasonable expectations of owners of 1,049 Fixed Weeks.
  • The Club Points program and reservation system is too complex; as a result, too many of our owners elect not to participate and do not use their annual allocation of Floating Club points.
  • The Floating Club Points reservation process, the first Saturday in January, is best described as a “scrum” with many owners unable to compete effectively for quality Floating Weeks during our Home Resort Preference Period.
  • For all of these reasons, our Floating Week program is neither fair nor equitable to our community of 509 Fixed Week owners and is a source of substantial dissatisfaction for many owners.
  • As well, because the Floating Week program is not understood by a large portion of the Aspen real estate community, very few Aspen real estate brokers are comfortable to present our intervals to potential buyers, which contributes to poor demand and depressed values.
  • By comparison, Residences at the Little Nell and Dancing Bear Aspen have fractional ownership with easily understood float programs, and each of these independent properties has experienced appreciation in the value of their fractional intervals.

Club Program Inequities

Based on personal experience and conversations with owners over the years, your Board is also of the opinion:

  • Most Aspen owners of Fixed Weeks are Aspen centric and paid a very substantial premium for their intervals specifically and only for Aspen use time as compared to other Club members who paid substantially lower prices for intervals at other Club properties and often seek to use their Club Points to reserve Aspen Floating Week time.
  • Most Aspen owners do not use Club Points for reservations at other Hyatt Residence
  • Club properties, for reservations using Interval International, or for exchange into World of Hyatt hotel points. Most Aspen owners make best efforts to use Club Points for Aspen Floating Weeks or do not use them at all.
  • Consider if Club Points are important for an Aspen Owner, a Week 35 two bedroom interval at Hyatt Beach House Resort in Key West has an asking price of $3,000, a 2021 assessment of $1,440, and a value of 2,200 Club Points which is the same Club Point value as a much more expensive Aspen two bedroom interval and thus a much cheaper option for Club Points to reserve at other Club properties, to use for Interval International, or to exchange into World of Hyatt hotel points.
  • The Club Agreement assigns nominal point values to six of our off-season weeks (Mountain Season) resulting in close to 100% occupancy during this time. Our property is used almost entirely by Hyatt Residence Club members from other properties or by Portfolio Club members who have exchanged their Portfolio Club points for our Club Points to secure Mountain Season reservations.
  • Specifically, during Aspen’s Mountain Season a 3BR unit can be reserved for 235 points which is only 10% of the points required during Platinum Season. Mountain Season is a give-away to non-Aspen Hyatt Residence Club members and Portfolio Club members, providing cheap access to our property. This “carrot” (cheap access to Aspen) has been used to market and sell intervals at other Hyatt Residence Club properties and Portfolio Club points.
  • The ratio of non-Aspen Hyatt Residence Club members and Portfolio Club members using our property, as compared to Aspen owners using other Hyatt Residence Club properties or Portfolio Club inventory, is lopsided and adverse to our interest, and during Mountain Season, Aspen owners foot the entire bill for operating expenses and related wear and tear.
  • The Hyatt Residence Club, without any required Member or Association approval, entered into a Club-to-Club Exchange Agreement with its affiliate’s Portfolio Club which provides for one-night stays at our property. Such use is inconsistent with the promised use of our property as a “residence club” which our owners were sold and bought. Hyatt Grand Aspen is a residence club and not a hotel.
  • Finally, the Hyatt Residence Club has twice exercised its right (what it unilaterally determines is in the best interest of members as a whole) to re-rate point values of certain properties (specifically Florida and Carmel), which results in Florida and Carmel owners having more Club Points to reserve Aspen Floating Weeks and Aspen owners being required to pay more Club Points for reservations at Florida and Carmel properties.

Cost

  • The Hyatt Residence Club Fee paid in 2021 by Aspen owners was $327,540, and under the Management Contract the management company charged a 15% management fee on top of the Club Fee, an additional $49,000. Despite our Board’s objections, the management company has charged the 15% fee annually.
  • In addition, every owner pays Hyatt Residence Club website transaction fees such as $41 for certain reservations, $51 for cancellations and $30 for guest certificates.
  • All in, the Board estimates Aspen’s 2021 cost for the Hyatt Residence Club is between $450,000 and $500,000.

REASONS TO TERMINATE: THE BOTTOM LINE

The Board is of the opinion that the design of Aspen’s Floating Week program is defective and too complex and unworkable for many owners; is not understood by most Aspen real estate brokers; is expensive; and facilitates overuse of our property. All of this is adverse to our interest, and if you share your Board’s opinion, ask yourself why our property should be a Hyatt Residence Club property, why our Owners should be members of the Hyatt Residence Club, and why our Association should be a party to the Hyatt Vacation Club Resort Agreement.

Of importance, termination of the Management Contract will reduce cost by approximately $400,000, and termination of the Club Agreement will reduce cost by approximately $500,000, a total savings of almost $1,000,000!

OUR VISION: A NEW, IMPROVED, MORE EQUITABLE FLOAT PROGRAM

  • If the Club Agreement is terminated, our Association is required to establish new reservation procedures for use of the Condominium, which may be different from those set forth in the Club Agreement.
  • The right of Owners to secure one week + one split week of float time is inviolate, provided for in our deeds, and will not change.
  • Your Fixed Week intervals are your property in perpetuity and no reservation would be required each year to reserve Fixed Weeks. This is contrary to the Club Agreement which requires Owners each year to reserve (or lose) deeded Fixed Weeks.
  • The current Floating Club Point system and the seasonal designations would be eliminated.
  • The “Land Grab” which takes place the first Saturday in January would be eliminated, and a new reservation process would be adopted which is stress-free and fair and equitable for all owners.
  • Access to Aspen float time by members of the Hyatt Residence Club and by Portfolio Club members who exchange Portfolio Club points for Hyatt Residence Club points would cease. As a result, our owners would have substantially more (hundreds of weeks more) available float time and our operating costs would be reduced.
  • Approximately $500,000 of Hyatt Residence Club dues and fees would be eliminated as our new float program would have no dues or transaction fees.
  • Any unreserved Float Weeks would be made available to owners in a program similar to our old Developer Rate Program which was discontinued several years ago.
  • A draft of a new, proposed float program would be circulated first for owner comment before adoption.
  • Please note termination of the Club Agreement means our property will not be a Hyatt Residence Club property but will be independent, and our owners may then consider association with another exchange or reciprocity program which provides access to other luxury, residential properties.

SUMMARY

As provided by Colorado law, the Association has the right to terminate the Club Agreement without penalty on not less than 90 days’ notice.

As set forth above, your Board is of the opinion we can do much better if we terminate the Club Agreement. As an independent property our Association would have control and the ability to develop programs that are, first and foremost, in our owners’ collective best interest.

You will shortly receive Notice of a Special Meeting of the Association on September 3, 2021 providing each owner an opportunity to cast an advisory vote in favor of or against terminating the Hyatt Vacation Club Resort Agreement.

Your Board urges every owner vote and requests you contact any Board member should you have any questions or wish to discuss the Club Agreement or any of our reasons to vote in favor of terminating.

On behalf of the Board,

Robert H. Weisman,

President

Board Members and Owner Director Contact Information

Laurie Aronson (Owner) – aronson@lipseys.com

Charles Baron (Marriott Contractual Appointed Member of the Board)

John Brilbeck (Owner) – johnbrilbeck@comcast.net

Al Kenney (Owner) — al@bluewaterfractionals.com

Allan Sheres (Owner) – allan@jerig.com

Bob Weisman (Owner) – weisman@greatwatercapital.com