Management Update August 2010
Posted August 30, 2010 

 

The Board of Directors of the Morritt’s Tortuga Club (“MTC”) and the Morritt’s Grand Resort (“MGR”) met at the resort on August 23, 24 and 25, 2010.  Representing MTC were David G. Morritt, Mimi Morritt, Myron Holtz and Manfred Lissinna; representing MGR were David G. Morritt, Mimi Morritt, Leslie Graham and Daryl Thompson.  Also participating in the meetings were Rob Berweiler of Morritt Properties Cayman, Ltd. (“MPC”) and Ursula Tripke, Steven Burger and David J. Tribbey of Global Resort Management, Inc. (“GRM”).  The purpose of the meetings was to review 2^nd quarter financial operating statements and to review and discuss a Proposed 2011 Operating Budget for each Association.

David G. Morritt opened the August 23^rd meeting and welcomed the attendees.  He advised that Dutch Hoffmann, the Resort General Manager of the MTC and MGR, was no longer affiliated with the resorts or MPC, and has left the Island.  Mr. Morritt advised that he has commenced a search for a new Resort General Manager and until a replacement is hired he is monitoring operations at the resorts with input from each of the department heads.  He advised all present that he has appointed David J. Tribbey, a long time employee at GRM, to replace Dutch Hoffmann as the developer’s representative on the Boards of the MTC and MGR.

Operations and Financials

The Boards met individually and in joint meetings to review operations and finances through July 31, 2010.  Both the MTC and MGR Associations continue to operate in an extremely cost effective manner.  Overall operating expenses for the first 7 months of 2010 were well within budget and barring any unforeseen weather events it is expected that the year will be completed with a small surplus that would be applied to the reserve accounts of each Association.  While the search for a new General Manager is underway, the resorts have a cadre of knowledgeable department managers with many years of longevity and experience to insure that operations are running smoothly and that the owners and guests continue to receive the vacation experience they look forward to and have grown to expect.

The directors of both Association boards thoroughly reviewed the financial reports and have approved for a vote at the October board of director’s meeting an Proposed Operating Budget for 2011 that reflects a slight increase in maintenance fees.  The increase for both Associations is necessary to accommodate the increase in operating expenses anticipated in 2011.  The 2011 Proposed Operating Budgets, the projected 2011 maintenance fee structure as well as all of the necessary instructions for the owners at each Association to participate in the October 21, 2010 Annual General Meeting, will be mailed to the owners in mid-September.

David G. Morritt reported on the Lifetime Achievement Award he received from Resort Condominiums International (“RCI”) in recognition of 20 years of vision, dedication and friendship, and providing vacation opportunities to thousands of owners, guests, and RCI members from around the globe.  Mr. Morritt thanked Mimi Morritt, the board members, the dedicated staff and the owners of both resorts for their support over the past 20 years, without which his receipt of this award would not have been possible.

Insurance

Mr. Morritt reported that MPC was able to secure the Property/Casualty/Business Interruption (“PCBI”) insurance coverage for both resorts at the same level and relatively the same premium cost as last year.  This was accomplished with the able assistance of Willis HRH, the insurance brokerage firm that has handled the placement of insurance for the past several years.  They were able to show the insurance companies/underwriters the many storm mitigation procedures and policies put in place at the resorts to reduce the possibility of property damage from potential storms.

Food & Beverage and Golden Turtle Club (“GTC”)

The resort’s food and beverage venues now host a Happy Hour from 4:00 P.M. to 6:00 P.M. each day.  The Happy Hour 2 for 1 discount applies only to Caybrew beer, house wine, and well drinks, it does not apply to top shelf liquor or frozen mixed drinks.  A new feature and benefit for Golden Turtle Club members is that they are now entitled to a 10% discount on all purchases, including liquor at all of the resort bars and restaurants, even during Happy Hour.

Resort Staff

David G. Morritt reported that he was pleased to announce the appointment of Ann Marie Powell as a new Front Desk Manager. Ann Marie has many years of experience in the hospitality industry in Grand Cayman.  He also announced and congratulated Nellie Baccus on her promotion to Executive Housekeeper.  Nellie, who is now in charge of the Housekeeping Department, has been with the resorts since 1997.

Morritt’s Shopping Center

While the Olde English Bakery and Goldsmiths Jewelers are gone, there are new entities opening up shop in the Center.  Dunkin’ Donuts is now fully operational and providing tasty treats to our owners and guests. 

Goldsmith Jewelers has opened a new store in the resort’s main lobby under the name of “Grand Jewelers” and continues to offer the fine jewelry and service they provided at the shopping center. 

A newcomer to the shopping center is a company called Blubeck Tours.  Blubeck Tours is sharing space with Recreations, a unique shop specializing in medieval art and armament in many different forms as well as nautical and aeronautical memorabilia.  To fully understand and appreciate their inventory you must stop by and see it for yourself.  Blubeck Tours is scheduled to be a full service transportation and tour provider.  With their air-conditioned busses they are offering shuttle services from and to the airport for our owners and guests, as well as a wide variety of group and individual tours to all of the Island’s tourist attractions and destinations, to and from such diverse places as Rum Point, the Pirate Caves and the Mastic Trail, as examples.  Information, prices and reservations can be discussed with either Karen McKee or James Ebanks.  While they are in the process of establishing their website, you can contact them via e-mail at blubecktourscayman@gmail.com or by calling (345) 928-0070 to reserve your next pick-up. More information will be posted on the Morritt’s website www.morritts.com in the coming weeks.

Global Resort Management, Inc.

Pam Pinkham, a long time employee at GRM has retired after 22 years of service.  Pam, who handled transfers of ownership interest and mortgage issues, was known for the courteous, prompt and professional way in which she handled these complex transactions.  While Pam will be sorely missed, her duties will be assumed by other GRM employees who can be reached at (800) 579-1112.

Reminder

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