Sell the conference center
(This letter was originally addressed to Snowmass Village Resort Association members.)
For some time now I have been a very vocal proponent of a major reorganization of the SVRA in order to reduce its continuing operating losses, eliminate our individual and personal liability for SVRA’s debts (the largest of which is the $3.4 million mortgage on the conference center) and eliminate the common assessment.
In its attempt to eliminate the common assessment the SVRA board investigated and thoroughly discussed both a commission structure and user fees as a new funding source to reduce SVRA’s operating losses. However, the lodging community could not come to agreement on these new funding structures.
Due to SVRA’s inability to reduce its operating costs we only were able to achieve a very modest 15 percent reduction in the common assessment for the current 2003-04 fiscal year.
If the conference center sale is not approved by the SVRA membership, the common assessment in subsequent fiscal years will be increased to cover SVRA’s continuing operating deficits, and we will have lost our opportunity to totally eliminate the common assessment, starting with the 2004-05 fiscal year, and to eliminate our liability for SVRA’s debts.
For all of the reasons stated above I feel it is imperative for each SVRA member to vote their approval of the conference center sale to The Silvertree Hotel Inc. No other potential buyer, including the town of Snowmass Village, has indicated any desire or willingness to purchase the conference center.
The Silvertree is the only viable buyer that has indicated any interest in acquiring the facility and to continue its operation as a conference center, which will benefit all of us who own property or business in Snowmass Village.
Without the financial burden of the conference center, the reorganized SVRA will concentrate on group sales of the size and type that will benefit all SVRA members, not just a portion of the membership. This new focus for the SVRA will be funded by the civic assessment, which is levied on all lodging guests.
Since the lodging properties could not agree to the proposed new funding sources, the sale of the conference center is the only win-win situation for all of us. An opportunity that is unique and timely inasmuch as the buyer has a vested interest and the synergy and expertise to manage and operate this facility in an economically viable manner for the benefit of the entire community.
Time is of the essence in voting and returning your ballot. It must be faxed or mailed to the SVRA and received by them prior to midnight on Dec. 29. Don’t delay! This may be our only opportunity to make the changes in the SVRA that we have been fighting to make for so long.
Mel D. Blumenthal
Enclave Homeowners Association
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