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Latest News
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Latest News:
Management Update November 2008
The Morritt’s Grand Resort Association (“Grand”) and Morritt’s Tortuga Club Association (“Tortuga Club”) boards of directors met in Grand Cayman on October 21 & 22. These meetings afforded the Boards the opportunity to review the latest financial operating reports, review budgets versus actual expenditures, as well to discuss issues of mutual concern to both Associations. The Annual Meeting for the owners of both resorts took place on Thursday, October 23. Dutch Hoffmann, General Manager of the resorts, convened each of the meetings. First on the agenda of the Annual meeting was a greeting from David G. Morritt, the developer, who reviewed the plans for improvements and continued building at both resorts. He also expressed his sincere gratitude for the faith and trust of the owners throughout the past twenty years. While recognizing the depth of the current global economic crisis and its impact on the availability of development financing, he remains optimistic for the long-term health of the resorts. Dutch Hoffmann then reviewed plans for the shopping center across the street. While nothing can be officially announced at this time, it is exciting to note that Morritt Properties Cayman Ltd. is very close to completing arrangements that will fill all storefronts with merchants who will greatly enhance your stay at Morritt’s. Dutch reported that the repaving of Queen’s Highway, the road in front of the resort, would be completed within the next couple of weeks. It is currently completed from just west of the shopping center all the way to the junction with Frank Sound Road on the north side. Phase two of the project will involve moving back the power poles across from the resort and installing curbed islands filled with flowers complete with turn lanes into the resort. This will not only enhance safety, but beautify the approach as well. The speed limit in front of the resort will also be reduced immediately in the interest of safety for our guests. Dutch Hoffmann was pleased to introduce the owners to Mario Bodner, the newly hired Director of Marketing for Morritt Properties, with over twenty plus years experience in the time-share industry. Mr. Bodner has already begun to develop plans for additional off-premises sales opportunities, which include arrangements with car rental agencies and other retail outlets both on and off the island. He will also be working to enhance the rental market to supplement time-share sales. This is a move, which will greatly benefit all owners and increase the value of the owner’s investments. Look for the Morritt’s name on the Regis and Kelly show and Wheel of Fortune as well, as we partner with airlines and other on-island companies to provide vacation opportunities as contest prizes. Included in the information provided to the owners at the joint Association Annual meeting was a presentation by Scott Meyer, representing Willis HRH (formerly Thilman Filipini) the insurance broker for the resorts and the developer, reviewed not only the coverage for the two resorts, but also the global risk situation in the light of damage done by this year’s hurricane season, with losses from Hurricanes like Gustav and Ike already exceeding 28 billion dollars. Some enhancements and “Key Wins” for the past year regarding the insurance are:
During the business portion of each of the Association Annual meetings the election of Directors took place. As there were no nominations from “the floor” and only the incumbent owner representative directors had expressed an interest in running for the Board, Les Graham and Daryl Thompson were re-elected as owner directors for the Grand, and Myron Holtz and Manfred Lissinna were re-elected for the Tortuga Club. At the Tortuga Annual meeting Mimi Morritt provided an overview of the progress she has made in the refurbishing of the Tortuga Club poolside units. After the individual Association Annual meetings, the Board of Directors of both resorts met separately to conduct necessary Board business. The proposed budgets for both Associations were again reviewed and approved unanimously by the respective boards. Maintenance fees for 2009 were approved as previously published. Fees for the Tortuga Club increased approximately five percent, which is less than the cost of living increase on the island; and when you consider that almost everything that is purchased for the operation of the resort is shipped in to the island, certainly less than the increase in the average cost of goods and services here. Fees for the Grand remained at the same level as 2008. Both Boards approved the engagement of the auditing firm of Averett Warmus Durkee (“AWD”) to conduct the audits for 2008. AWD is the firm that conducted the Association audits for 2007, copies of which were posted on a bulletin board that was available for viewing at the Annual Owner’s meeting for each Association. Another area of concern for all on the island, including our resorts, that was discussed at both meetings, was the continually rising cost of electricity. Electric rates have been increased 30% so far this year alone. Another factor, which has had an impact on operations, was the fact that both of the rate increases (15% each) came without warning and after the fact. This meant that the electric charge collected from those of us using the power during our stay did not cover the charge to the resort by the utility company. Total electric costs, for common areas as well as rooms are close to $150,000 per month. The owner-elected directors commented that Management, under the watchful eye of Dutch Hoffmann, continues to do an excellent job of managing expenses in the face of these increasing costs and deserves sincere gratitude for helping to hold the maintenance fees at both resorts at these levels. The owner-elected directors also observed that one of the most interesting discoveries during this visit to the resort has been the opportunity to view and sample the new menu at David’s Restaurant. The new menu has a variety of fixed, reasonably priced, specials. One is allowed to choose between several salads combined with a wonderful array of entrées to build the dinner of your choice, and all for just that reasonable price. When combining the food at David’s with the incredibly good service, there is hardly a reason to go anywhere else to eat. For a lighter fare, Mimi’s On The Dock remains a great choice. “Last, but not Least”, our owners and guests will be pleased to note that Management is now offering a “Happy Hour” with drink specials on a daily basis at the Pool Bars from 5:00 to 6:00 P.M. Please check the Turtle Times upon your arrival at the resort to review the drink specials of the day. Your Board of Directors thanks you for your continued support and look forward to your next visit.
Management Update August 2008 The Board of Morritt’s Tortuga Club, Ltd. (“MTC”) and Morritt’s Grand Resort, Ltd. (“MGR”) met for two and one-half days beginning August 25, 2008 to develop a proposed budget for 2009 for each Association and to review the status of resort operations. The budget will be presented for adoption by each of the Board of Directors at the October 23, 2008 Annual General Meetings to be held at the MTC resort in Grand Cayman. The meetings were attended by David G. Morritt, Mimi Morritt and Dutch Hoffmann, developer representatives on the MTC and MGR Boards; Manfred Lissinna and Myron Holtz, the owner representatives on the MTC Board; Les Graham and Daryl Thompson, the owner representatives on the MGR Board. Also in attendance at all of the meetings were personnel from Global Resort Management, Inc. (“GRM”), Ursula T. Tripke, Director of Operations and Steven Burger, Financial Consultant to GRM. The sessions began with a joint meeting of both Boards where Dutch Hoffmann reported on the status of the developer’s efforts to obtain financing. Dutch reported that the developer is in the process of refinancing the existing debt that has been placed on the property by the development of the Wembley Building (4001). He advised that once the refinancing is in place, the developer will focus on obtaining financing for the construction of the new Seaside building (1000/2000). Dutch advised that in the present economic climate, the financial markets are in turmoil and the banks are constantly changing their underwriting requirements with regard to refinancing and new loans. In view of these conditions it is at this time not possible to forecast the commencement of the second Seaside building. Dutch indicated that David G. Morritt wanted to assure the owners that he is committed to move this process along as quickly as possible. In the interim, Dutch reported that the developer has sufficient inventory for unit weeks to satisfy the needs of all floating time ownership. With regard to fixed week and Studio ownership in oceanfront units, the developer has committed to accommodate the needs of those owners. This accommodation is made possible by the fact that a large percentage of owners do not use their fixed week of ownership or exchange their units through RCI and GRM Exchange. Dutch reported that the long-awaited safes for the Wembley building have been ordered and those that have arrived on site are currently being installed. The developer is in the process of negotiating new leases for the vacant storefronts in the shopping center. The prospective tenants that the developer is recruiting will complement the existing shopping center tenants and provide additional opportunities for our owners and guests to enjoy their vacation experience. Management once again committed to improve communications with the owners and Dutch indicated that management is finalizing plans to implement a new inter-active communication process. Dutch reported that the exterior painting of the MGR buildings is almost completed. He also advised that the Red Sail trailer has been moved off the beach which now allows an unobstructed view of our beautiful beach and ocean. The Board held their own budget development and review meetings with significant input from Steven Burger. The proposed budgets, which reflect the cost of operating a resort in the Cayman Islands during this period of international economic uncertainty and increasing costs, were finalized and presented to GRM for inclusion in the mailing to the owners with details on the 2008 Annual General Meetings. The mailing will also contain the agenda for the meetings as well as information on the election of the owner representatives to each Association and a voting proxy. Your Board of Directors,
Management Update Summer 2008 Dear Morritt’s Owners: We have asked several members of our Management Team to participate in this Management Update. We hope that the presentation and information they have provided will let you know what is happening within their world at Morritt’s Resorts.
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Hello from David’s Restaurant ! Looking over the past few months, food and beverage has taken on a whole new life at Morritt’s. The levels of service have been improved as well as the quality of food for the dollar. Perhaps our most visible change is the emergence of our Bon Voyage night on Thursday evenings. This theme night has proven to be a success with a full blown American style BBQ on the veranda. We have several events going on throughout the BBQ, including a sand sculpting contest, face painting, as well as a bon fire on the beach after dinner. We are currently planning a Cuban theme night that will include Cuban rum for Mojitos, Cuban cigars, Cuban food, coffee, and a live Cuban band to entertain. As we approached the summer months, food and beverage transitioned to an improved, perceived value for our products. Currently, we have improved the Dock Bar menu to include such items as peel & eat shrimp, blackened chicken Caesar wraps, potato skins, and a vegetarian sandwich, to mention a few. The new items balance the menu and provide our owners and guests with an affordable option in dining. As we move into the slower months of summer, we will be addressing David’s menu. Beginning with a complete menu revision, we will transition David’s from a food theme night venue to a restaurant with a great menu that runs daily. The new menu will feature at least 5 local fresh catch options, several prime steaks, chicken dishes, salads, and pastas. The dessert program is also being revamped. We will soon be featuring items such as Apple Dumplings with Carmel sauce, frozen mug sundaes, and fresh Mango pies. Looking forward to meeting you during your next visit! Mike Finnerty
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INFORMATION REGARDING THE INSURANCE ARBITRATION
The arbitration award has been determined and
additional administrative funds are still forthcoming. We have been
advised that pursuant to the specific terms of the arbitration process
the details of the award are sealed.
The developer is in the process of preparing a financing package, the
components of which will provide for the construction of the new Seaside
building. Once the details of the package are in place, the developer
will begin construction.
Morritt’s Tortuga Club, Ltd.
Morritt’s Grand Resort, Ltd.
David G. Morritt David G. Morritt
Mimi Morritt Mimi Morritt
Manfred Lissinna Leslie Graham
Myron Holtz Daryl Thompson
Dutch Hoffmann Dutch Hoffmann
Peter Illoway, Director, Morritt’s Grand Resort, Ltd.
Due to the difficult travel and distance to the Cayman Island and the demanding needs of being a state legislator in Wyoming, Pete Illoway resigned as a director of Morritt’s Grand Resort, Ltd. (“Grand”). Pete served our resort as an owner/director since the inception of the association. We will miss his commitment and the good advice he gave us for almost seven years. Thank you, Pete!! Good luck to you and Chloe.
New Appointment
The bylaws require the remaining Director elected by the association members to make a temporary appointment of a replacement owner/director until the next Annual General Meeting. After reviewing possible selections, I suggested the appointment of Daryl Thompson. Daryl has agreed to serve the remainder of Pete's term of office.
Daryl and his wife, P.J., own several weeks at the Grand. They both love the island and enjoy their time at the resort. Daryl is a professional in the medical field and is a business owner. He is able to attend the board meetings and is looking forward to serving the owners of the Grand.
Welcome, Daryl, to the Grand Board of Directors.
Leslie E. Graham
Vice President
Owner Director
Morritt Grand Resort
Daryl Thompson
Hello everyone,
My name is Daryl Thompson, and I am the newly appointed owner representative to the Morritt’s Grand Association Board of Directors. As I searched through the files for a picture to post with this introduction, I thought it fitting that I found one with me in the midst of a song. The three things that make me the happiest are, my wife, PJ by my side, a musical instrument in my hands, and Cayman sand between my toes.
We have been owners at Morritt’s Tortuga Club and Morritt’s Grand Resort for many years filled with wonderful memories of good times. We count many fellow owners and Morritt’s employees among our dear friends and find ourselves always counting days from one visit to the next.
PJ and I have three grown and married boys, eleven beautiful grandchildren and a loving little blind doggy named Fudge. I am a retired ER nurse, and I still own and operate a medical services company in Minnesota where we live. I am president of our local Lion’s Club, vice-president of the Chamber of Commerce, and serve on several other boards and civic groups in our community. Our hobbies include scuba diving, flying, wilderness canoeing, RVing, ham radio and music. We both play in a bluegrass band that performs throughout the upper Midwest. We spend our vacations each year at Morritt’s and find ourselves falling deeper in love with the place with each visit.
In the wake of hurricanes Ivan and Dean, we have witnessed a remarkable recovery both on the island as a whole and at our resort as well. Of course, there are challenges that remain for management, the developer, and the associations that I believe can best be addressed by a spirit of cooperation, open and honest communication and good business practices. It is truly an honor to be able to serve the owners in this capacity and I promise to do my best to represent your interests in our common goal of having our own “slice of paradise.”
Sincerely,
Daryl Thompson
(If you email me, please use “Morritts” as the first word in the subject l
MANAGEMENT UPDATE FEBRUARY 2008
IN MEMORIAM
The Directors of Morritt’s Tortuga Club and Morritt’s Grand Resort express their sincere condolences to David G. Morritt, Chairman of the Board of Morritt Properties Cayman, Ltd., on the passing of his mother, Florence. Our deepest sympathies to David and the entire Morritt family on the loss of Florence Morritt, who passed away in England on Tuesday, January 29, 2008. Because of the sudden deterioration of Mrs. Morritt’s health, Mr. Morritt was called to London and unable to attend the Board meetings that began on January 29, 2008.
RESORT NEWS
Insurance
The ongoing saga of the insurance claim against Lloyd’s of London for reimbursement for losses resulting from Hurricane Ivan in September 2004 continues. The only sign that the end may be in sight is that the arbitrators and the umpire (independent arbitrator) have submitted their invoices to both sides for payment. Our share of the arbitrator bills have been paid and we assume that Lloyd’s has paid their share; hopefully, the long awaited decision will be forthcoming shortly.
Staffing
General Manager Dutch Hoffmann is seeking a new Manager for the Food and Beverage Department. The former Manager, Bill Powers, has left the resort to assume a new role of Acting General Manager at a resort on Seven-Mile Beach. Bill, who spent several years at our resort, employed his managerial skills well and developed a professional restaurant staff, who, on occasion, labored under difficult conditions. We wish him all the best in his new endeavor. The recruiting process, which can be quite arduous, has begun and Dutch will be screening and interviewing prospective candidates shortly.
Cameron MacLaren is quite busy in his new position as Chief Engineer and head of the Maintenance Department. A welcome addition to the staff, Cameron had spent many years in the Maintenance Department before Hurricane Ivan, but took another position on the Island when our resort was unable to re-open after the hurricane. Cameron’s familiarity with the resort and all of its structural and mechanical equipment enabled him to “hit the ground running” when he assumed his new position in December.
Morritt’s Tortuga Club Pool-side Refurbishing
Refurbishing the 97 poolside units is underway. The first phase of this process, identifying the needs of each unit, was begun by Cameron MacLaren, who has overseen the inspection of every unit and the preparation of a schedule of needed repairs and replacement of mechanical items in conjunction with the Department of Tourism. Cameron’s schedule and an accompanying room by room analysis of the condition of appliances, cabinetry, furniture, drapes, carpeting and tiling conducted by Mimi Morritt, the resort’s Director of Design, has formed the basis for expending the funds allocated for this purpose from the recent Tortuga Club Special Assessment. The selection, ordering and shipping of the required items is ongoing. The process will conclude with each unit being removed from inventory for the minimal amount of time necessary for the refurbishment and repairs to the poolside units to be completed.
Tennis Courts
In a triumph over unnecessary “hoopla” the repairs to the tennis court are almost complete. The surface has been restored, the fence repaired and the nets replaced. While lighting at the court is a future project, bring your racquet and tennis balls to fine tune your game and get some exercise.
Fitness Center
Renovations to the Fitness Center have been completed. All that is missing is the delivery of the new cardio-vascular exercise equipment coming from off-Island. It was scheduled for delivery to us at the end of January, so we expect it to arrive shortly.
La Mer Spa
Our owners and guests now have the opportunity to experience the full service of our on-site spa, La Mer. La Mer offers a complete line of services from Body Treatments to Facials and from Ear Candling to a Swedish Style Sauna, all at competitive prices at a very convenient location. Make it a point to stop by and experience the pleasure “first hand” on your next visit to the resort.
Shopping Centre
The Morritt’s Shopping Centre will be receiving a new tenant in the very near future. Goldsmith Jewelers will be closing their jewelry store in Georgetown and moving into a space next to the Olde English Bakery. The gold, black coral and exquisite gemstone jewelry formerly available at their store will now be just a short walk away. Goldsmith’s David and Yolanda view their decision to relocate to the East End of the Island as an opportunity to market their hand-made, custom-designed fine jewelry to the discerning owners and guests of the Morritt’s resorts. The fact that our area of the East End will soon be welcoming two new resorts, The Island Resort and the Mandarin Oriental Resort, made their choice to relocate to our Morritt’s Shopping Centre an easy one. We are confident that our owners and guests will welcome them and benefit from their presence.
BOARD MEETING HIGHLIGHTS
The Board of Directors of Morritt’s Tortuga Club, Ltd. (“MTC”) and Morritt’s Grand Resort, Ltd. (“MGR”) met jointly and individually at the resort from January 29 through January 31 for their first board meeting(s) of 2008.
The owner-elected members of the MTC board, Manfred Lissinna and Myron Holtz and the MGR owner-elected members, Les Graham and Peter Illoway, were joined by the developer appointed board members, Mimi Morritt and Dutch Hoffmann to review and discuss board issues. Also attending the meetings were Global Resort Management’s Director of Operations, Ursula Tripke, and Steven Burger their financial analyst, and Rob Berweiler, Controller for Morritt’s Properties Cayman, Ltd. During the course of the meetings the board members had an opportunity to meet with the heads of the Front Desk, Housekeeping, Maintenance and Sales Departments to receive progress reports, discuss strategies for moving the resort forward and accomplishing departmental goals.
The boards participated in a conference call with Scott Meyer of Thilman Filippini, the insurance broker for the resorts. Scott discussed the progress he has made towards renewal of the property casualty and liability insurance policies that are scheduled for renewal at the end of March. We discussed our desire to increase the participation of the Ironshore Group in our policy coverages, and the need to review our schedule of values in view of increasing construction costs
Each of the boards had an opportunity to review their 2007 Preliminary Year-End Financial Schedules prepared by Steven Burger; and both boards were pleased that Dutch was able to conclude his first full year of overseeing the operation of the resorts within the board approved budgets.
Each board voted to approve the selection of Averett, Warmus, Durkee, Bauder & Thompson, Certified Public Accountants to perform the 2007 financial audit for both the MTC and MGR Associations. The firm, located in Orlando, Florida, was selected on the basis of a recommendation initiated by one of our owners at the resort who is a CPA.
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The Board of
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TENNIS COURT
Dust off those rackets and buy a new can
of tennis balls!
Morritt’s Tennis Court has been refurbished and is now open. The court is open during day light hours only. Reservations are not necessary…first come….first play.
New address:
Global Resort Management, Inc.
801 West Bay Drive
Suite 203/204
Largo, FL 33770
727-447-5344
800-447-0309 (Reservations)
727-447-1999 (fax)
Management update December 2007
Windows and David’s- We are pleased to announce that the new Windows Lounge and David’s Restaurant opened on Friday, November 30, 2007. Our owners have been asking about the plans for the reopening of David’s Restaurant and Windows Lounge, and after extensive planning and renovation we have been able to accelerate the construction and are the beneficiaries of an early Christmas present. The same great food and drinks that have been introduced by our culinary and beverage staff, and have been enjoyed on the Veranda, are being served in David’s and Windows. We are in the process of booking some familiar faces as well as new entertainment for all to enjoy.
Mimi’s – Great food and drinks are served above the Caribbean Sea on our dock bar and restaurant, which has been named in honor of Mimi Morritt. DJ Bob spins the best music to be found on Grand Cayman 4 nights a week, and on Tuesday’s Vicki leads the varied voices of guests and owners for Karaoke. All of those songs you sing in the shower are just waiting to be heard by everyone. Bring your appetite, put on your dancing flip flops and spend the night under the stars on Grand Cayman’s only, authentic dock bar.
Welcome Party – Every Monday evening beginning at 5 pm the hosts of both MTC and MGR welcome Golden Turtle Club members, and other guests invited by the resort hosts, to enjoy a few complimentary drinks and light snacks at Mimi’s. Our owners and guests join the Welcome Party every Monday for the chance to win some great prizes, hear some great music and dance the conga. To participate you must see your resort host at our Sales and Information Center during the day on Monday to pick up your drink tickets. Although anyone may attend, the complimentary drinks and food are not available to those owners who have not purchased their units directly from the developer; and, therefore, are not members of the Golden Turtle Club.
(More information on membership in the Golden Turtle Club is explained later on in this Management Update).
Fitness Centre – The Fitness Centre has been closed temporarily while we await the delivery of new equipment and undertake some minor renovations. We have ordered state of the art equipment and are patiently awaiting its arrival. The new Fitness Centre will have improved lighting and air conditioning, along with a new feel that is more conducive to inspiring that work out session.
Beach – Our owners have asked for more shade on the beach. To accommodate those requests, over the next several weeks we will be installing 10 tiki huts along the beach area to provide shade from the warm Caribbean sunshine. New plantings will replace the foliage that was damaged during Hurricane Dean. High winds and excessive sea salt have prevented us from planting over the last few weeks, but we expect to be able to resume later this month.
Tortuga Club Refurbishment – Mimi Morritt, our Director of Design, has been busy securing vendors and designing the furniture packages for the units that will receive major refurbishing with the funds generated by the Special Assessment. C & R Building and Renovation Co. has begun work on the refurbishing and replacement of kitchen cabinets. Work has also begun on carpet replacement, and tile repair and replacement. The refurbishing program will continue for at least 12 months, and we appreciate your patience and understanding while this vital project is being undertaken.
The Golden Turtle Club (GTC) – We are working on trying to enhance our program for owners who purchase, or purchased/upgraded/transitioned their unit weeks through the developer. The benefits offered by our resort hosts will only be available to GTC members. Internet service in the rooms will remain free of charge to GTC members only. The Monday Night Welcome Party at Mimi’s will only provide free drinks and snacks to owners who are members of the GTC. We plan on providing GTC members with a separate orientation program which will include offers available to them only, as well as a question and answer session to address any special concerns. We are continuing to negotiate with various airlines in an effort to bring you the best airfare to Grand Cayman. We will also be initiating a priority check-in process for GTC members, with a special check-in area. Housekeeping will focus on GTC member arrivals, so that their rooms may become available first. Select activity programs will be free of charge and available only to our GTC members. As always, resort discounts are given to GTC members only.
We look forward to continue to provide our loyal owners with more benefits as GTC members to enhance their stay at their resort.
Morritts Shopping Centre - We are pleased to announce the opening of the Olde English Bakery and Serenity Beauty. From groceries, to dive gear, and from scones to perms and more, the East End now has a place to shop. Will be announcing more tenants in the near future.
Ivan Insurance Claim – Morritts and Lloyds met in London in November for non- binding mediation. No agreement was reached during the mediation sessions and we now move to binding arbitration. The arbitration trial begins December 6, 2007 in Grand Cayman. It is expected to last approximately 2 weeks and, if necessary, the arbitration will continue in London on January 9, 2008.
Photos – Did you take any great digital photographs while you were at Morritts and in Grand Cayman? Would you like to share them with your fellow owners? We would love to post them on our website, giving you appropriate credit. Please e-mail them to info@morritts.com and, if appropriate, we will post them under the photo section of www.morritts.com.
Christmas and New Years – Will you be a Morritts for the holidays? Breakfast with Santa will be held on December 24th. A traditional Christmas dinner with a Caribbean flare will be served in Windows and David’s.
Our annual New Years Eve Spectacular will be held again this year. A fantastic dinner will be followed with live entertainment and dancing. Fabulous cocktails, champagne, hats and noisemakers will be available to bring in the New Year at midnight. Please make reservations upon your arrival.
Maintenance Department - We are pleased to announce that Cameron MacLaren has returned to Morritts. Cameron has accepted the position of Chief Engineer, formerly held by Carey McField, who has left Morritts’ employ. Cameron was previously employed at Morritts from 1995 to 2004, and served as Chief Engineer from 1999 to 2004. One of the main focus areas in the coming year is the refurbishment of the poolside MTC units and a re-emphasis on the overall maintenance of the resort. Cameron’s prior operational experience and knowledge of the resort gives us great confidence that he will be able to step into the position vacated by Carey, and lead our Maintenance Department as we re-build and maintain for the future.
Cayman Airways Certificates - Cayman Airways previously extended our packages until April 30, 2008. Anyone with free sales certificates must request a reservation prior to December 31, 2007 with a completed travel date by April 30, 2008. Black-out dates do apply under this agreement.
Certificates - A recent issue has arisen that we, once again, realize requires more than a word of mouth edict, or a one sentence announcement on our website.
The issue has to do with Certificates issued by the developer and/or management in prior years. Some owners received certificates from our sales department as part of a sale, upgrade or transition transaction; some may have received them from management as reconciliation for an inconvenience they may have experienced at the resort; and some may have received them as a prize for participating in a resort activity. Most of these certificates, as it turns out, are undated and/or have no expiration date; and/or cite a specific reward with no cap on value. While this practice no longer continues, it has created an accounting problem. Our accountant has indicated that it is necessary for management to quantify the number and dollar value of that particular financial exposure. We certainly understand that many owners who have these certificates may, in the past, not have had an opportunity to visit the resort and use their certificates. However that does not address the problem.
Therefore, we unilaterally, but not without some thought, established a redemption date for all certificates as December 31, 2008. While some may view this as arbitrary, it is a necessary step on our part to satisfy our accountants that we are addressing the matter.
In view of the concern expressed by several owners who, by some stroke of luck and the unbridled generosity of prior sales managers, own more than one certificate, we are instituting another way of addressing the issue.
Via the posting of this Management Update on our web site, and the mailing of this to all owners at the address we have on record, we are notifying you of the process we have established for accounting for the unredeemed certificates.
Any owners with Certificates of any type must send, via U.S. Postal Service mail, a copy of each certificate they possess to the Global office in Clearwater, Attention Ursula Tripke, by March 31, 2008. It must be postmarked March 31, 2008 or earlier, or it may be faxed to Global at (727-447-1999) with a cover sheet directing it to the attention of Ms. Tripke. On the copy of the certificate mailed or faxed, you must write your name and unit/week number or your name and contract number. The copy of the certificate you send will be compared to the records on file at Global and/or the sales office at the resort. Once the authenticity of the certificate has been established, a new certificate will be issued to the owner with a proper verification stamp and an expiration date of December 31, 2010.
The new certificate(s) will be sent to the owner of record by U.S. Postal service mail. In the event that you will be visiting the resort before the new certificate is returned to you, please notify Global before you leave home, they will then arrange to have the certificate sent to the resort where you will be able to pick it up at the sales office. Certificates not received by Global on or before March 31, 2008 will no longer be valid for redemption.
While this process may not fully satisfy some owners, we feel comfortable that it is a very reasonable approach to resolving this matter and appreciate your cooperation and understanding.
CORRESPONDENCE RECEIVED BY THE BOARD/DEVELOPER/MANAGEMENT
NEED FOR SPECIAL ASSESSMENT – When preparing the 2008 Proposed Budget, the Morritt’s Tortuga Club, Ltd., (“MTC”) Board of Directors voted to impose their Association with a special assessment for the refurbishment of the poolside units as well as areas in the 4002 Oceanfront Wood Building. The board has received e-mails and letters sent to Global Resort Management, Inc., which Global has forwarded to the board members. Please note, that every letter has been read by your board. The board, as well as the developer and the resort general manager, addressed some of these concerns at the Annual General Meeting.
As was stated in a letter dated September 17, 2007, sent to all owners, the board approved the special assessment to fund the Capital Reserve Account for the replacement of major items in the poolside units (i.e. kitchen and bathroom cabinets, appliances, furniture and carpets). The level of funds generated by this special assessment will allow the resort to address the most severe conditions.
The refurbishment of the poolside units has been in the planning stages for many months as we have received feedback on this issue from the Department of Tourism, as well as our owners and guests. Once these refurbishments have been completed the board is confident that you will approve of the completed work.
Many MTC owners of oceanfront wood and seaside units have questioned their need to pay for the special assessment. All MTC unit owners whether poolside, oceanfront wood or seaside are members of one Association, Morritt’s Tortuga Club, Ltd.; therefore, regardless of the particular unit owned, all owners are responsible for the maintenance of “all” units in the Association not only their particular unit type or location.
CANNOT AFFORD THE INCREASE - There are owners that state that they can no longer afford their unit/week at MTC or Morritt’s Grand Resort (“MGR”). Some indicate they are unable to travel to Cayman due to their age, cost of travel, financial issues, etc. Unfortunately, the board is unable to provide these owners with a quick fix to their situation. There are, however, other travel options available to these owners that would cut back on the expense of ownership. Our owners are encouraged to utilize the Global Resort Exchange program. Global works with over 100 exchange companies; and, therefore, has the ability to provide our owners with a vacation experience closer to home, thereby reducing the cost of travel and other vacation expenses.
Also, to those owners who no longer have the ability to travel…why not transfer the use of your unit/week to a family member and provide them with a vacation experience only Morritt’s can offer.
The boards have made a concerted effort to keep the cost of operating the resorts to a minimum; however, with the escalating cost of living factors in Grand Cayman, insurance, implementation of a preventative maintenance program and staff, it was necessary to prepare a budget that provided for the projected income and expenses during the entire year. The boards have made some very tough decisions that were necessary to insure the continued operation of both resorts.
REMINDER - Reservation procedures as detailed in the Rules and Regulations regarding Floating Use Agreement:
- A plan participant may request a reservation of an apartment unit (“Unit”) at Morritt’s Tortuga Club or Morritt’s Grand Resort (collectively “ the Resorts”) for a Unit Week subject to the timing and type of unit restrictions set forth in the Agreement for Purchase of Interval Ownership period (“Purchase Agreement”).
- Reservations may be made by telephone or mail and must be made during a period of time commencing a maximum of 365 and no less than 10 days prior to commencement of the Unit Week required for a stay at the Resorts. Where time permits, the managing entity may confirm a reservation in writing, however, it is the responsibility of all Plan Participants to confirm reservations. The Resorts offer unit week (the “Unit Weeks”) with commencement dates of Friday, Saturday or Sunday. The Unit Week therefore provides for occupancy of Friday to Friday, Saturday to Saturday and Sunday to Sunday. Check-in time shall be 4:00 p.m. on the first day of the Unit Week reserved (i.e. Saturday) and checkout time shall be 11:00 a.m. on the last day of the Unit Week (i.e. Saturday). Subject to utilization of “Bonus Week(s)”, a Plan Participant shall only be entitled to one outstanding reservation per year for any Unit Week owned, with the exception of those Plan Participants who purchased an alternate year usage Unit Week. Such Plan Participants shall be entitled to one outstanding reservation every other year in accordance with their Purchase Agreement.
- Reservations are on a first-come, first-served basis. Thus, any Plan Participant who fails to request timely a reservation may find no reservation will be available. Inasmuch as reservations are the responsibility of the Plan Participant, failure or inability to reserve a Unit Week in any year shall result in the loss of the Plan Participant’s right to occupancy of a Unit in that year.
- *In the event of an arrival date commencing on a Saturday, Sunday or holiday, when the Global office is closed, 365 days prior to arrival, Plan Participants may reserve such Unit Week by telephone on the day before.
- All maintenance fees must be paid with respect to the Unit Week owned before managing entity will make a reservation.
- In the event that the Plan Participant is unable to arrive on the scheduled arrival date, the Plan Participant must notify the resort of the arrival delay and provide a new arrival date, within the parameters of the current reservation, or the reservation will be cancelled, pursuant to the provisions of the Floating Use Agreement.
*All reservations made via the telephone to the managing entity will take priority over requests received via fax or email to the managing entity.
USING THE GRM EXCHANGE PROGRAM - If a Plan Participant wishes to exchange the use of their Unit Week, such exchange will be subject to all requirements established by the exchange program. Plan Participants are encouraged to strictly observe all requirements to avoid loss of use of exchanging his Unit Week.
- A Plan Participant wishing to exchange their Unit Week must be current on all maintenance fees for the current year or future year requested.
- A Plan Participant must supply GRM Exchange with three (3) travel dates and three (3) destination points.
- Once a Plan Participant has been offered either three (3) travel dates and three (3) destination points and has declined or does not respond via telephone/email to these offers, GRM Exchange will remove the Plan Participant from the exchange list and no further searches will be performed by GRM Exchange.
- Make your exchange request as early as possible. The more time GRM Exchange has to search the quicker results you will experience.
- Upon a Plan Participants verbal acceptance of an Exchange the Exchange shall be complete and FINAL.
- GRM EXCHANGE CURRENTLY HAS 2008 DESTINATION POINTS AVAILABLE TO FLORIDA (Cypress Point Resort) AND MEXICO (Cancun, Acapulco, Los Cabos, Neuvo Vallarta and many more). Why not take advantage now and book an internal exchange! Call 1-800-447-0309 and make arrangements for you and your family’s next vacation experience.
Your Board of Directors, Developer and Management wish you and yours a Very Happy Holiday!
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!!ATTENTION OWNERS!!!
IMPORTANT !
Global Resort Management, Inc. (“Global”) announces that the last of the 2008 Maintenance Fee statements for both Morritt’s Grand Resort, Ltd. and Morritt’s Tortuga Club, Ltd. has been mailed.
REMINDER: It is not the responsibility of either the associations or Global to ensure that the owner’s address on record is current. Global is receiving a daily average of 30 pieces of mail returned by the post office for incorrect addresses. Not only is this an additional postage cost to the association it also delays owners receiving their statements with a due date in a timely manner.
If you as an owner have not received your 2008 maintenance fee statement by November 30, 2007 and you have recently moved, please contact Global to inquire as to the address on record.
We request that you keep in mind Global’s reservationists job is not to explain the approved 2008 Budgets, their main responsibility is to confirm your reservation request and accept your maintenance fee payments. Our office will provide you with a copy of the September 2007 Annual Meeting Notice which includes the 2008 Proposed Budget as well as a detailed explanation as to how the budget was arrived at. Please email reservations@grmgmt.com with your request and a set will be sent to you.
Global has hired additional staff in the reservations department to handle the increased volume of telephone calls. We thank you in advance for your patience, all calls will be answered as quickly as possible.
Ursula T. Tripke
Director of Operations
Global Resort Management, Inc.
Pictures from the
2007 General Meeting
2007 October Annual General Meeting Update
The Annual General Meeting of Morritt’s Tortuga Club, Ltd., began as scheduled at 1:45 p.m. The agenda for the meeting was the election of the 2008 Owner Board of Directors. Mr. Myron Holtz, Mr. Manfred Lissinna, Mr. Paul Wood and Mr. David Chenault were nominated from the floor. The election results for the 2008 Board of Directors was in favor of Mr. Manfred Lissinna and Mr. Myron Holtz. The votes tallied were as follows:
Mr. Myron Holtz – 217 votes
Mr. Manfred Lissinna – 191 votes
Mr. Paul Wood – 50 votes
Mr. David Chenault - 3 votes
The Annual General Meeting of Morritt’s Grand
Resort, Ltd., began as scheduled at 3:00 p.m. The agenda for the
meeting was the election of the 2008 Owner Board of Directors. Mr.
Leslie Graham and Mr. Peter Illoway were nominated from the floor and as
there were no other candidates nominated Mr. Graham and Mr. Illoway were
re-elected for the 2008 Year.
Congratulations to both newly appointed Boards. Mr. Dutch Hoffmann,
General Resort Manager, expressed his congratulations on behalf of
Management and thanked them for their willingness to serve on behalf of
their associations.
A complete posting of the day’s events will be posted within the next
week.
We look forward to serving you in the coming year and continuing our
relationship with each of you. Hope to see you next year at your
Caribbean’s Premier Timeshare Resorts!
Resort Update – September 2007
Board of Director’s Meetings – Clearwater, Florida
The Boards of Morritt's Tortuga Club, Ltd. (“MTC”) and Morritts Grand Resort, Ltd. (“MGR”) met for 2 ½ days beginning Monday, September 10, 2007 to review the status of the resorts and develop a proposed budget for 2008. The budget will be submitted for adoption at the October 25, 2007 Annual General Meeting to be held at the resorts in Grand Cayman. The meetings were attended by David Morritt, Mimi Morritt and Dutch Hoffmann, the developer representatives on the MTC and MGR Boards; Manfred Lissinna and Myron Holtz, the owner representatives on the MTC Board; and Les Graham and Peter Illoway, the owner representatives on the MGR Board. Also in attendance at all of the meetings were two key personnel from Global Resort Management (“GRM”): Ursula Tripke, Director of Operations for GRM, and Steven Burger, Financial Advisor from Hotel Consulting Services.
The sessions began with a joint meeting of both Boards, at which Dutch Hoffmann, the resorts’ General Manager, reported on the status of the insurance settlement with Lloyds. He advised that the long and arduous process is coming to an end. All of the material in support of Morritt Properties Cayman’s (“MPC”) claim, as well as reports prepared by Lloyds to dispute MPC’s claim, has been submitted to the attorneys representing each side. In late September there will be a series of meetings in Grand Cayman. In mid-October there will be a series of meetings in London where the expert witnesses on each side will make presentations and review each other’s evidence. Following that meeting there will be a one-day non-binding mediation session. Should that session not result in a settlement of the claim, then the matter will be submitted to the arbitration panel at the beginning of December. It is expected that the panel will release its findings before, or immediately after, the first of the year.
Because of the extensive delays in obtaining an insurance settlement, Dutch reported that the developer has not yet been able to secure the additional financing necessary to commence construction of the 2000 Seaside buildings. Based upon the anticipated insurance settlement date, construction of the 2000 Seaside building should begin in early 2008.
Dutch reported on the damage to the resorts caused by Hurricane Dean and the expedited efforts to repair that damage and re-open the resorts. The storm had a fiscal impact on the operating budgets of both resorts due to expenditures for material and labor. While the comprehensive preparations made to protect the resorts minimized damage to the buildings, the storm caused significant damage to the dock, Mimi’s Tiki Bar, and the Grand and Premier pools and pool bars. There was also extensive damage to the landscaping, especially to the young trees and shrubs planted after Hurricane Ivan. Dutch praised the untiring efforts of all of the resort staff; with significant recognition to the efforts of Corvin Dixon of the resort’s Maintenance Department, Janet Browning of the Food and Beverage Department, as well as the efforts of Captain Herman.
Each Board held its own budget development and review meetings, with significant input from Steven Burger. After considerable discussion, careful consideration and appropriate modifications, proposed budgets were approved for MTC and MGR. A reasonable, but necessary, Special Assessment (“SA”) was adopted by the MTC Board. The SA was required to cover the unanticipated expenses from Hurricane Dean and the need to fund a capital reserve for the replacement of furniture and cabinets in the poolside buildings.
After the individual Association meetings concluded, the Boards met jointly to discuss matters of common interest. The allocation of expenditures between each Association and the developer were reviewed, modified and approved. The Boards recommended that the developer engage the accounting firm of Lewis, Birch & Ricardo, LLC, the same firm that conducted the Associations’ 2006 certified financial audit, to conduct the audits for 2007.
Dutch reported on the status of the Morritt’s shopping center tenancy. The bakery is scheduled to open shortly and a lease for a pizza shop, as a future tenant, is in process.
There was a general discussion on the need for the Morritt’s web site to be more communicative with the resorts’ owners. Despite sincere efforts to provide timely information, there are insufficient staff resources to accomplish that goal. Renewed efforts will be made at providing more frequent communication and a suggestion was made to establish a web site Q and A link, which could have a positive result in a reduction of calls to Global.
At the conclusion of the joint meetings, the owner representatives on each board advised that they plan to seek re-election to the Board of Directors. Ursula Tripke advised that by September 25, the owners of each Association would receive a mailing from GRM containing copies of their proposed budgets, a notice of the proposed increase in Maintenance Fees and a notice of the approved SA for MTC. The mailing will also contain the agenda for the October 2007 Annual General Meeting and a proxy form for voting for the owner representatives to each Association’s Board of Directors.
Rental List for 2008: There appears to be a miss understanding as to the status of the owner unit rental program for 2008 as administered by Global Resort Management, Inc. (“Global”).
Morritt’s continues to offer the rental program to our owners. As there is not a guarantee of how high the demand will be, we strongly recommend to our owners that they consider placing their unit for rent on the open market. At the same time we suggest our owners reserve their particular unit type with Global, and then seek individuals to occupy the unit.
From your Board of Directors
Morritt’s Tortuga Club, Ltd.
David G. Morritt
Mimi Morritt
Manfred Lissinna
Myron Holtz
Dutch Hoffmann
Morritt’s Grand Resort, Ltd.
David G. Morritt
Mimi Morritt
Les Graham
Peter Illoway
Dutch Hoffmann
July 2007 Resort Update :
Wembley Building:
The new seaside building (4001) has been issued its Certificate of Occupancy by the Department of Tourism and is ready to open and welcome its first guests on June 29th. The name Wembley pays tribute to the origins of Morritt’s and where it all began. It shares its name with the famous Wembley Stadium on the outskirts of London. Wembley Stadium was recently rebuilt to host the 2012 Olympics and our new building celebrates the rebirth of Morritt’s and is an example of what lies ahead for the Caribbean’s finest interval ownership resort. It is truly the finest building Morritt’s has constructed to date. A special thank you to our owners who have shared the challenges and the developer’s vision of rebuilding without the benefit of an insurance settlement for damages sustained from Hurricane Ivan.
There have been questions on the number of parking spaces that will be available at the Tortuga Club with the opening of the Wembley Building. Parking was addressed at the time of planning and permitting for the building. All Cayman Island parking requirements have been met and adequate spaces have been added and appropriately located.
Landscaping:
Mature coconut palm trees have recently been planted in the beachfront areas of the Grand Resort and Tortuga Club. These palms are in addition to the trees that already exist. As soon as they take firm rooting the famous beachfront hammocks will return. New landscaping has also been planted along each side of the boardwalk leading to the dock, along with colorful plants flanking the front, back and sides of the new Wembley building. More than a dozen young coconut palm trees have also been planted on the beach in front of the Wembley building. The landscaping is fantastic and is a tribute to the talents of Mimi Morritt who heads up our landscaping and design team.
Entertainment:
DJ-B joins our recreation staff beginning in July. Bob Fortini is a well known DJ from the United States. Bob also reviews new music for several publications. We will be adding both afternoon and evening parties to our activity program. The parties will feature great music and will take on various themes. Bring your dancing sandals, the parties will take place on the beach next to our new dockside bar and restaurant. In addition to our Monday Night Welcome Party featuring live Caribbean music and a fire-eater; Tuesday’s Karaoke with Vicki; we are also adding 10 additional DJ hosted events. Remember to purchase your welcome party dinner tickets in advance on Mondays at the Dockside Bar.
Sunday Brunch:
Morritt’s is setting a new standard for Cayman’s East End. The relaxing late morning and afternoon brunch is held on David’s Veranda. The beachfront atmosphere is only surpassed by the fantastic food. Make plans to attend this weekly event and bring your appetite. The buffet style meal with carving and omelet stations is a real cornucopia of culinary delights. Dinner on the Veranda continues to receive accolades from owners and guests featuring nightly specials. Check out the menu blackboards on display in the lobby for each night’s theme.
2000/36 – Concrete Buildings:
Construction is scheduled to begin later this year with a planned opening date of late 2008.
David’s Restaurant:
The rebuilding of David’s is scheduled in the very near future. The opening should be only a few months away. Although we had hoped to have it open a little sooner, the scope of work is greater than originally anticipated due to a number of engineering issues that needed to be addressed.
Audits:
The 2006 audits for both associations have been completed and drafts have been provided to the Boards of Directors. As soon as we receive the final audits we will make them available, upon request, to those interested owners.
Insurance Policies:
Our current brokers, Thilman Filippini, have successfully placed new policies for the remainder of 2007. (Policy dates of