My Selection of Royal Resorts and what has Transpired to Date
January 25, 2010
Dear Members, Shortly after the court decision of December 10, 2009 I began a search for a management company that I felt could help us to a better future. I would say not less than 8 different companies all very qualified had contacted me directly. I carefully reviewed each company and then contacted Richard Corso, CEO of Royal Resorts just prior to Christmas. I asked him to submit a proposal.
What he presented was short and to the point. His offer was about 1/3 of the price of any other company and yet, he offered all the services I was looking for. Royal Resorts is a privately owned company has great financial strength and a fabulous reputation. Since that date, Richard and I have communicated almost on a daily basis, even to a lengthy conversation on Christmas Day.
For the last 3 weeks I have been fortunate to be staying at the Royal Resorts-managed Costa Linda Beach Resort here in Aruba, and have seen firsthand how a resort should be run. I was shown the type of operational information and clear financial statements, which are presented, monthly to the Board. Summaries of the same financial information is posted on the owner’s website so every owner can see virtually in real rime how they stand. Royal Resorts was hired in February 2008 as the Management Company of Costa Linda and the results are remarkable.
The original Costa Linda Developer “Sun Development” went bankrupt and the timeshare owners now have complete ownership and control of their resort. They have a multi-million dollar surplus in an escrow account. They recently began an US$8 – US$10,000,000.00 total renovation of the entire resort and will do so without a special assessment. I have listened to their owners meetings on two occasions now. The transparency of this well-run company is something that we all seek.
Everyone smiles, all of the staff are trained and individually have a chance to evaluate themselves as well as voice any concerns they may have. I have not heard one single complaint in my time here. That just amazes me.
Understand as the plaintiffs, if Royal Resorts Management is selected it is only for the interim period until the Extraordinary General Meeting is held. If the resort is sold, their agreement can be terminated immediately. I believe if we can achieve our goal and get the resort open, Royal Resorts will become a breath of fresh air for all of us.
I am eager now to get into the resort and take a serious look at all the rooms and identify to all of you exactly what we are facing.
Sincerely,
John Cole