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Management Update August 2009

 

The Morritt’s Tortuga Club, Ltd.  (MTC) and Morritt’s Grand Resort, Ltd.  (MGR) Boards of Directors met at the Global Resort Management, Inc. (GRM) offices in Largo, FL on Monday, Tuesday and Wednesday; August 24, 25 and 26. Present at the meetings were David Morritt, Dutch Hoffmann, and Mimi Morritt, representing Morritt Properties Cayman, Ltd. (MPC); Stephen Burger (GRM accountant), Chris Narborough (MPC attorney), Ursula Tripke (GRM, Operations Manager), and Jim Warmus, partner of Averett Warmus Durkee (independent CPA), Myron Holtz and Manfred Lissinna, owner reps for MTC; Les Graham and Daryl Thompson owner reps for MGR.

The purpose of the meeting was to review 2^nd quarter financial operating statements and to discuss and approve the Proposed 2010 Operating Budget for each Association. Additionally and most importantly, the Boards were presented with an action plan prepared by the developer to address the financial issues apparent in the 2008 certified audits prepared by the independent CPA firm of Averett Warmus Durkee.

The financial issues, which were a major concern to the Boards of both Associations, were in the nature of the “Due To/From Developer” accounts. While it was a common occurrence in prior years for there to be balances in these accounts, the level of the “Due From Developer” accounts as of December 31, 2008 were of a magnitude that required an action plan from the developer.

2010 Proposed Budgets

The portion of the meetings dealing with the Proposed 2010 Operating Budgets resulted in the approval of a budget for each Association to be presented to the owners for adoption at the annual General Owners Meeting in October with no increase in maintenance fees over 2009.

Developer Action Plan

As to the Action Plan to focus on the “Due From Developer” accounts, from 2008 through June 30, 2009; David Morritt and his attorney, Chris Narborough presented a multi-faceted plan to address the concerns of both Associations. The plan, which was approved by each Board, consists of the following components:

·         An announcement by the developer, which will be posted on this web site, will be forthcoming that David Morritt has announced that he will be listing for sale the developer’s interest in both resorts. He is in the process of preparing marketing documents, which will be presented to all interested and qualified parties.

·         As the developer is aware that the Associations are interested in purchasing the resorts, he has agreed to provide a reasonable amount of seed money to be used by the Associations to explore the feasibility of such an acquisition.

·          The developer has provided the Associations with a Promissory Note at reasonable business terms and rates with weekly payments. The outstanding balance will be payable in full at the time of sale.

·         With the primary mortgage holder’s approval, the Promissory Note will be filed as a second charge (lien) against the property.

·         Payments on the Promissory Note will be augmented by funds from the developer in the next few months.

·         The developer has committed to infuse funds to MPC to provide uninterrupted operation of the resorts during the sale process. The Board considered this to be the most critical component of the action plan. It assures all owners and guests that the resort continues to operate with all services.

 

Boards of Directors,

Morritts Tortuga Club

Morritts Grand Resort

 

To all owners of timeshare interests at
Morritt’s Grand Resort and Morritt’s Tortuga Club 

Morritt Properties Cayman Ltd (the “Developer”) wishes to announce that it will be listing for sale the Developer’s interests in the Morritt timeshare Resorts at East End, Grand Cayman as soon as marketing materials can be prepared.  

Mr. Morritt wishes to determine what interest there may be by any qualified group to continue the developments he started in Cayman more than 20-years ago.  Any prospective purchaser will of course have to abide by the timeshare plan and ensure that all rights of timeshare owners continue unabated. 

Earlier this year David Morritt engaged in discussions with the owner-elected members of the Board of Directors of both Morritt’s Grand Resort Ltd., and Morritt’s Tortuga Club Ltd., who had expressed an interest in the purchase of the Resorts by or for their Associations/members.  Mr. Morritt confirmed that he remains open to further discussions with that group or any other group of timeshare interest holders who make an offer competitive with other offers that may be made. 

Mr. Morritt confirmed that there are no proposed changes in operation of the Resorts during the period of any future sales negotiations and that the Resorts, which have consistently been in the highest occupancy bracket in the resort business in the Cayman Islands, will remain open for business as usual to their  thousands of members.

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Family and Friends celebrate on
Vacation in Grand Cayman 

Dutch Hoffmann, Resort General Manager, was thrilled to meet the Perry family  vacationing at Morritt’s resorts last week.   

Steve and Deborah, who have been coming to Grand Cayman since their honeymoon in 1982, then decided to purchase at the Tortuga Club in  2000. They were excited to share with Dutch, why they chose their favorite place, to celebrate so many different events with their friends and family.   

Deborah explained that their party of 21,  were  celebrating graduations from college, 21^st birthdays, family re-union and their 1^st granddaughter – Ella who is 8 months old. 

They spent most of their week enjoying the facilities at the resort and especially the evening entertainment! 

Steve and Deborah were quoted as saying …….‘there is no where else better to go’ 

Thanks guys, for sharing this with us!

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Ivan’s Veranda
is now Open for business 

David Morritt (Developer) and Dutch Hoffmann (General Manager) of Morritt’s Properties Cayman are proud to announce the long awaited re-opening of Ivan’s Veranda. 

The upstairs bar and veranda are in the process of being utilized for a new and exciting dimension of Morritt’s properties……  more details to follow shortly, on the completion of Ivan’s bar refurbishment.

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Posted 5-May 2009

Management Update May 2009 

 

The Board of Directors of the Morritt’s Tortuga Club (“MTC”) and the Morritt’s Grand Resort (“MGR”) met at the resort on April 28, 29 and 30, 2009.  Representing MTC were Mimi Morritt, Dutch Hoffmann, Myron Holtz and Manfred Lissinna; and representing MGR were Mimi Morritt, Dutch Hoffmann, Leslie Graham and Daryl Thompson.  Also participating in the meetings were Rob Berweiler of Morritt’s Properties Cayman (“MPC”) and Ursula Tripke and Steven Burger of Global Resort Management (“GRM”).  The Boards met individually and in joint meetings to review operations and finances for the first quarter of 2009.  For the first 3 months of 2009 the expenditures of both Associations were well within the budget projections, and the revenues were slightly above the amounts budgeted.  The Directors thanked the General Manager, Dutch Hoffmann and his team for continuing to control expenses and maximize revenue for the Associations.  David Morritt, who was not in attendance at the meetings, spoke with the Boards by telephone, as he was in London meeting with his financial advisors to arrange for a consolidation and refinancing of debt to provide for future development at the resort.

GLOBAL RESORT MANAGEMENT (“GRM”) 

Ursula Tripke, Director of Operations at GRM, reported to the Board on the favorable response GRM has received from the owners of Oceanfront Studio units who received letters reminding them of the opportunity being made available by the Developer to allow the Studio unit owners to reserve an Oceanfront one bedroom unit during the months of May through November, at no extra charge in Maintenance Fee.  Many of the owners who responded were pleased with the offer and the fact that management recognized the difficulties that these owners have experienced since Hurricane Ivan caused the destruction of the buildings that previously contained the Oceanfront studio units, and was able to provide this accommodation. 

Ursula also alerted the Board to the fact that GRM has received inquiries from several unit owners who had thought they had transferred their units to different Time Share sales companies only to learn that the units were never transferred.  These owners had actually paid a Time Share sales company a hefty fee and requested and signed transfer documents thinking that the units would be sold and their obligation to pay Maintenance Fees terminated.  Unfortunately, the units are not sold and the future Maintenance Fees are never paid.  These companies claim to try to sell your unit, but in the end the unit is never transferred and the owner remains responsible for the Maintenance Fee.  Owners who try to use such companies should try to do some research before they pay a hefty fee and get no results.  

SHOPPING CENTER 

The Thirsty Surfer, formerly at the Reef Resort, is the latest addition to grace the Morritt’s Plaza Shopping Center.  It carries a full line of imbibing delicacies designed to whet the palates of our discerning owners and guests. 

The remaining storefront has been leased to Dunkin’ Donuts/Baskin Robbins Ice Cream, which is in the final stage of outfitting their space and will be open shortly.  

INSURANCE 

Our Property/Casualty/Business Interruption (“PCBI”) insurance policy has been renewed effective March 31, 2009 by our broker Willis HRH.  Considering the impact the financial markets and the weather has had on the insurance industry, we fared very well in our premium costs.  The underwriters were impressed with the way that our management team was able to prepare for, and recover from, the 3 named Hurricanes that visited our resorts last year.  The preparations for Gustav, Ike and Paloma were such that the damage resulting from each storm, while not inconsequential, was significantly minimized so that no claims were made on our policy.  Our efforts were rewarded in the form of a premium increase of only 2.9% over the prior year’s premium and well below the 6% to 9% increases in premiums experienced by most other resorts with similar exposure and vulnerability profiles.

 

The only claim during our prior policy year was for property damage experienced as a result of a kitchen fire in one of our Penthouse poolside units.  Our insurance carriers were pleased at the efforts made by our in-house staff to minimize the extent of the water damage from the overhead sprinklers that extinguished the fire.  Our fire response team was immediately on the scene, well before the Fire Department, and their efforts in water extraction, ventilation and furniture removal, reduced our claim to a level that was extremely satisfactory to our insurance carriers.

 

OCCUPANCY & DINING 

Despite the devastating impact that our struggling economy has had on the tourist industry on Grand Cayman, our occupancy has increased from last year’s levels.  We continue to maintain levels of 80 and 90% occupancy, while other hotels and guest accommodations on the Island are in the 50 and 60% occupancy range.  It is important to note that while our occupancy is high, our coverage in the resort’s food and beverage areas has not fared as well.  While the Associations do not benefit financially from the food and beverage sales, without adequate coverage it is difficult from an economic standpoint for management to maintain the diversified menu that our owners and guests desire at a price they can afford.  The location of our resort does not lend itself to transient diners so our owners and guests are our key clientele.  Whenever possible we seek to encourage our owners to dine at our facilities so as to insure that it remains economically viable for management to serve delicious meals at extremely competitive and reasonable prices.  The continued ability to provide this  necessary service is dependent upon sufficient support from our owners. 

BUILDING AND GROUNDS 

The board noted several improvements in the appearance of the resort during our walks about the grounds. Tile repair, painting, landscaping enhancements as well as interior unit detail have all been improved by assigning specific building responsibility to designated employees. The beach is beautiful, and graced by tall coconut palms along its length. The dock is also getting attention, having been damaged by the past season’s named storms. New sub-sections are going in and new decking is being applied to the top. Some units have been outfitted with new flat-screen TVs as the old ones wear out. 

TRADING IN VIA RCI 

Resort owners who use their RCI weeks to trade back into the resort are encouraged to complete the RCI rating card. Consistently high ratings with RCI are a major factor in enhancing the trading power of your week and also increases occupancy, which can have the long-term effect of keeping your maintenance fees lower.  Therefore, if our owners have occasion to chat with RCI guests at the resort, they should be encouraged to respond to RCI on the favorable aspects of their vacation experience. 

The board members thank you for your continued support and look forward to meeting our owners whenever possible.

	The Board of Directors Morritt’s Tortuga Club, Ltd. David G. Morritt Manfred Lissinna Myron Holtz Mimi Morritt Dutch Hoffmann	The Board of Directors Morritt’s Grand Resort, Ltd. David G. Morritt Les Graham Daryl Thompson Mimi Morritt Dutch Hoffmann

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Management Post  - February 11, 2009 

 

ADVANCE BONUS WEEKS CLARIFICATION 

The recent Management Update advised that Golden Turtle Club (“GTC”) members will now be able to make reservations for Advance Bonus Weeks 365 days in advance.  The advisory also indicated that this would be only allowed between May 1 and October 31, subject to availability and the requirement that all applicable fees be paid and current.  While the approval of these advance bonus week reservations will be closely monitored by Global Resort Management (“GRM”),  GTC members at either the Morritt’s Grand Resort or the Morritt’s Tortuga Club seeking to utilize this new benefit should understand that most, if not all, of the units to be made available for the 365 day advance bonus week reservations will be in  one-bedroom Morritt’s Tortuga Club poolside units.

The existing policy with regard to  Bonus Week reservations during the period of November 1 through April 30 (30 days for GTC members and 10 days for Non-GTC members, subject to availability) remains in effect.  On occasion, 90 day Advance Bonus Weeks have been and will continue to be made available as  inventory permits. 

We apologize for any confusion this may have caused our owners.  We believe that this is certainly an enhancement to our GTC membership at both resorts.  The developer and association board of directors are always working to introduce new benefits to our members.

Morritt's Management

 

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Management Update February 2009 

 

The Board of Directors of the Morritt’s Tortuga Club (“MTC”) and the Morritt’s Grand Resort (“MGR”) met at the resort on January 26, 27, and 28, 2009.  Representing  MTC were David Morritt, Mimi Morritt, Dutch Hoffmann, Myron Holtz and Manfred Lissinna; and representing  MGR were David Morritt, Mimi Morritt, Dutch Hoffmann, Leslie Graham and Daryl Thompson.  Also participating in the meetings were Rob Berweiler of Morritt’s Properties Cayman (“MPC”) and Ursula Tripke and Steven Burger of Global Resort Management (“GRM”).  The Boards met individually and in joint meetings to review operations for 2008 and plans for 2009. 

Celebrating 20 years in Grand Cayman 

The luckiest day in the life of David Morritt, the visionary and driving force behind Morritt’s Tortuga Club and Morritt’s Grand Resort was when he first arrived in Grand Cayman in 1988. Every hotel room along Seven Mile Beach was booked at that time and his only option was to head towards the East End and search for accommodations there. Upon arriving at a 14-room hotel known as the Tortuga Club Mr. Morritt was skeptical of his stay.  However, his mind changed when he walked through the hotel foyer and out onto the deck where his eyes laid upon the pristine sight of the aquamarine Caribbean Sea gently lapping upon a white sandy beach.  Mr. Morritt promptly purchased the property 15 minutes later, bringing it within the top ten Caribbean resorts in just a few years.  Mr. Morritt, the English entrepreneur has been involved in the family business of building and development for many years.   Initially, his plan for the property at the Tortuga Club was to house a residential accommodation.  However, following a suggestion to build a timeshare, Mr. Morritt hasn’t looked back since.  Now, 20 years later, what was originally going to be a private home for his family has turned into a home for almost 10,000 timeshare holders who are now affectionately referred to as “friends”. 

Resorts Condominium International (“RCI”) 

Dutch Hoffmann was pleased to report to the Boards that RCI has once again recognized Morritt’s Grand Resort as a Gold Crown Resort, and Morritt’s Tortuga Club as a Silver Crown Award Resort.  This independent recognition is a strong indication of how RCI and their guests who stay at our resorts view the manner in which our staff has maintained the resorts, and that we are capable of excelling in today’s highly competitive vacation marketplace. 

 

Occupancy 

Both resorts continue to maintain an extremely high occupancy rate in this difficult economic climate.  During this peak vacation time we have been experiencing occupancy rates of over 90%, unlike some of the well known vacation destinations on other parts of Grand Cayman.  While guests often comment that they do not see a crowded beach at our resorts, which is certainly a positive when owners and guests seek to escape the every-day hustle and bustle of their ordinary daily lives and search for some solitude, they often forget that our resorts host 3 separate swimming pools and two hot tubs, offering ample opportunities for peace and quiet.  In the evenings our guests may choose to eat in or dine at our unique Mimi’s Dock Bar or David’s Restaurant; or unlike the atmosphere at some other Caribbean destinations, they feel quite comfortable leaving the resort and dining off-property, without having a second thought as to their personal safety.  This alone makes your ownership at Morritt’s a very valuable vacation asset.  

Operations 

Management’s superb efforts at controlling expenses and maximizing revenue enabled both Associations to complete 2008 operations in line with budget projections.  The Board of both Associations thanked Dutch Hoffmann, General Manager for  MTC and MGR and his entire management team for accomplishing this goal.  Despite the fact that significant funds were expended in preparing for, and recovering from the damage caused by Hurricanes Gustav, Ike and Paloma, they were able to utilize all available funds and person power to make the necessary repairs to re-open each of the resorts.  Hurricane season always presents formidable hurdles; it also provides an opportunity for the owners to see how their dedicated staff can pull together, responding to the call by working long hours to minimize the financial impact that hurricane damage can impose upon a resort and its operating budget.  While Hurricane Paloma was practically a direct hit on our resorts, our employees worked untiringly in pre-storm preparation and post-storm recovery to enable the resorts to re-open and receive guests within record time. To all of our employees and their families who helped in this Herculean effort, we say, once again, a heartfelt thank you. 

Financials 

The accounting firm of Averett, Warmus, Durkee has begun the 2008 audit of each Association.  They started their preparatory work in December, and are scheduled to complete their field-work at GRM in Clearwater, Florida by the middle of February.  We anticipate receiving draft copies of the certified audits by the end of March.  These financial statements are a component of the documents required for Morritt Properties Cayman’s refinancing.  Once the audits are completed MPC can present them, along with other financial documents, to the institutions that the developer is negotiating with to secure the necessary financing to complete the build-out of the resort. 

Dining At Morritt’s 

David’s Restaurant has become the premier eating establishment on the entire East end of the island.  Nightly specials combined with other menu selections are both tasty and reasonably priced making this the best dining experience and value on Grand Cayman.  

Mondays find the restaurant and veranda filled to capacity with those enjoying the Caribbean Buffet and accompanying entertainment.  The return of the Shrimp Night Buffet on Tuesdays has been getting rave reviews from excited guests.  Wednesday evenings offer a fabulous lobster special or an opportunity to make a selection from the menu if you have another preference.  The Bon Voyage BBQ is Thursday night’s feature and you’ll find yourself heading back for the “jerk” spice of the islands more than once. 

David’s has certainly become a favorite eating destination on Grand Cayman and you don’t even need the car keys to get there! 

Employee Awards 

The most important resource of any organization is its’ people. As in any business, employees may come and go but our resorts are proud of the dedicated staff that has been with us over the years, through good times and difficult times.  We are pleased to see that employees who received their training at our resort are able to move on and improve their employment opportunities.  We also feel it is imperative to recognize those who contribute greatly to the success of our resorts and the pleasure they help us offer to our owners and guests.  We acknowledge this dedication and loyalty by selecting individual employees each month and once a year and present them with special awards.

At this time we recognize: 

·         Edwin Perez, General Maintenance EMPLOYEE OF THE YEAR

·         Janet Browning, Restaurant Manager  MANAGER OF THE YEAR

·         Jim LaRocca, Sales JANUARY 2009, EMPLOYEE OF THE MONTH
           

Additionally, the board members would like to take this opportunity to thank each and every employee for their extraordinary efforts in returning our resorts to their pre-storm state following the damage sustained by Hurricane Paloma.  No help was brought in from the outside and every one here answered the call to pitch in.  The teamwork and your willing attitudes were astonishing.  On behalf of all our owners, THANK YOU Morritt’s employees. 

Miss Cleo           

Miss Cleo has left her legacy here at Morritt’s Tortuga and Grand Resorts.  Some of her special recipes are featured items on the menu and her wonderful cookbook is sold here at the resort as well.  This beloved lady is still welcoming well-wishers at her home down the road from the resort. 

                                 Advance BONUS Weeks 

The Boards are keenly aware of the financial difficulties that many of our owners are experiencing in this period of tumultuous economic uncertainty.  Many cite the steeply rising cost of airfare to get to our resort as placing an increasing financial burden on their vacation budgets.  To help address this concern, the Board of each Association has authorized GRM to allow owners who are members of the Golden Turtle Club (“GTC”) to reserve an advance bonus week 365 days in advance during the period beginning May 1, and concluding on October 31.   All of course, based upon availability.  Previously, GTC members could only reserve a bonus week 30 days in advance.  The 30-day advance requirement will remain in effect for the period beginning November 1, and concluding on April 30.  The Boards felt that this action would permit owners to extend their stays at the resort and thereby spread the cost of airfare over a longer vacation period. 

As always, all accounts must be current to take advantage of this benefit 

Updating our web site 

Penny Towe, is doing a wonderful job of providing weekly updates on the Morritt’s web-site. Be sure to catch up on all the latest goings-on by frequent trips to the site. www.morritts.com

 

Respectfully submitted,

                         

	The Board of Directors Morritt’s Tortuga Club, Ltd. David G. Morritt Manfred Lissinna Myron Holtz Mimi Morritt Dutch Hoffmann	The Board of Directors Morritt’s Grand Resort, Ltd. David G. Morritt Les Graham Daryl Thompson Mimi Morritt Dutch Hoffmann

 

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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:

• A premium reduction on the property program

• Enhanced commitment from Ironshore (our primary carrier)

• Decreased involvement of Lloyds of London (our “Ivan” insurer)

• Participation of two Bermuda markets developed by the personal efforts of Dutch Hoffmann

•   Continued favorable tax status resulting in a savings of another 3.1% of total premium

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.

	The Board of Directors Morritt’s Tortuga Club, Ltd. David G. Morritt Manfred Lissinna Myron Holtz Mimi Morritt Dutch Hoffmann		The Board of Directors Morritt’s Grand Resort, Ltd. David G. Morritt Les Graham Daryl Thompson Mimi Morritt Dutch Hoffmann

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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,

 

 

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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
Food & Beverage Director

 

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Hello from Sales! 

 

The Sales Department would like to thank all the owners for their support in making the owner referral program a success.  Our owners have continued to send family and friends to their “slice of paradise” and now they too can enjoy what you and your families have enjoyed for years.   

Be sure when making a reservation for family or friends that you register them as your referral.  When they become owners, you will qualify for the US$1000 referral fee. 

If the sales department can do anything to make your next vacation more enjoyable please feel free to contact any one of the hosts that are here to serve you and your families. 

Please stop by the sales department and say hello on your next trip to paradise. 

Michael Nichols
Sales Manager

 

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A Letter from Mimi Morritt 

Dear Owners, Friends, Guests, 

I would like to bring you up to date with what is happening with the refurbishment of the Tortuga Resort. 

We started with the Maintenance Department back in January requesting quotes from different sources both on the Island and in the States for the things we needed..  We had to wait for all these quotes to come in and then calculate how best to use the budget we had been allocated.  As this was all determined by the level of importance, I decided to personally visit all 97 rooms in late January.  I did not like disturbing people while on their vacation – but it was important! I took a total of 2019 photos! This was a long and detailed process, but it had to be done; and, therefore, I took it upon myself to accomplish to ensure that every detail was looked into. 

To give you an idea of the level of detail, when I visited the 97 rooms – I took photos of:

The overall painting of the rooms, kitchen cabinets, every piece of furnishing, bathroom tub, vanity unit, shower curtains, shower rod, towel rods, faucet, light fixtures, exhaust fan, shower head, tiling throughout – kitchen, bathroom and floor, living room area, dining room area, all carpets, drapes, bedspread and artwork 

So far this summer, we have received bedroom furniture, TV armoire, TV étagère, mirrors, nightstand, etc.  We have emptied one container and have another one coming and others to follow. – it’s all GO!!! This is for living room, dining room and bedroom furniture.

We have received 2 containers with sofa sleepers, loveseats, sofa, armchairs, and swivels and do you know, it takes 4 men to carry a sofa sleeper! There are 120 pieces of artwork and new drapes for some of the living room windows.  There are 17 new kitchens on order and 30 vanity units, they will take approximately 8 weeks to arrive at the resort and then a few more weeks on top to install.  Each new kitchen will receive a 30” cooker with microwave and exhaust above. 

We have 20 new Tiki huts along the beach – which everyone seems to enjoy! There are more scheduled to be installed! We have built some side tables for BBQ grills and we have put a low table under each Tiki hut.  Please keep them in that location, as they are, after all, for your comfort! 

I do hope that with all this work going on to “upgrade” our resort; we will not disturb you too much while you are on vacation! I am sure that you will be very happy, and enjoy all the new refurbishments.  Please be patient with our Teams. 

With best wishes, 

Mimi Morritt, Zee Designer

P.S.  I forgot something you have been waiting for years!!! A ceiling fan in all the bedrooms and living rooms.

 

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A note from Global Resort Management !

The Reservations Department at Global is committed to providing every owner with professional, courteous, and prompt service. In an effort to clarify a few questions that owners have expressed, we would like to remind all owners of a few points.

Morritt’s Tortuga Club  1-bedroom Oceanfront & Seaside Owners -  If you have not as yet made your 2008 reservation at Morritt’s, we have availability for August through December 14, 2008.

BURN WEEKS

Studio Oceanfront Owners -  We have a limited number of 1 bedroom Oceanfront/Seaside units available for August through December 14, 2008.  Call our reservations department (800-447-0309) to utilize your 2008 unit/week with this one time offer at no additional cost to you.

Advance Bonus Weeks -  Call our Reservations Department to book a 1-bedroom Oceanfront/Seaside unit for the cost of the 2008 maintenance fee - $710.00.

Any owner(s) who are considering “banking” their 2008 unit week(s) usage to a future year must use RCI. The deadline for banking their 2008 unit week(s) with RCI is December 15, 2008.

We would also like to ask that all “fixed week” owners please contact our Reservations Department to confirm their reservations for weeks 51 and/or 52.

Don’t forget that there are internal exchanges available through Global Resort Management three months to one year out for all Golden Turtle Club Members.   We currently have plenty inventory available for travel to Mexico for the remainder of the 2008 year. All fees must be current in order to request an exchange.

There is a 35 day cancellation policy on all reservations. If an owner calls to cancel their reservation within the 35 day period due to illness, they must have a doctor’s note or they will loose their week usage for that year. Remember that all bonus weeks are non refundable.

Feel free to contact our Reservations Department at 800-447-0309 or 727-447-5344 Monday through Friday 9am to 5pm EST with any questions or concerns. If any owner has difficulty with making reservations you can reach me at bhuskey@grmgmt.com and I will do everything possible to address your issue.

Thank you for your support, we are here to serve you with your current and future reservation requests.

Sincerely,

Bradley Huskey

Reservations Manager         

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(Monday July 21, 2008)

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RCI DEPOSITS

You must call Global Resort Management, Inc. to bank your week with RCI.  Once you have submitted your request, you can anticipate a 48 hour turn around.  If you do not receive a written confirmation from RCI within 10 days, call us for a follow-up.  Please have your RCI membership number available when the banking request is made with Global.

Make your reservations or bank your week with RCI as early as possible.  Reservations can be made up to 365 days in advance.  You may bank your week up to 2 years in advance.  The deadline for banking your current year (2008) week with RCI is 12/15/2008.  Remember “the early bird gets the room”. 

Your Maintenance Fee must be paid before you can use, rent, exchange or bank with RCI.

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Global Resort Management Exchange Opportunities

If you have not already planned your 2008 or 2009 vacation, contact Sharon Thornton, Global’s Exchange Coordinator at 1-800-447-0309 Extension 111 to check on availability.

One of the many benefits of being a member of the Golden Turtle Club (“GTC”) is that you can exchange your Morritt’s unit/week through our exchange services.

Global has access to many resorts all over the U.S., Caribbean, Europe and Mexico.  Call now and inquiry for current availability. 

If you would like to take that extra vacation, as a GTC member you may also purchase a “Wholesale Week” at anyone of the many resorts available through Global Exchange. 

Call today 1-800-447-0309….Sharon or anyone of our staff will be happy to assist you in your vacation request!

 

 

MAY 2008
MANAGEMENT UPDATE
 

FOOD & BEVERAGE

Morritt’s Resort(s) pleased to announce the appointment of Michael Finnerty as the new Food and Beverage Director. Mike has been in the restaurant and hospitality industry for years, and has both international and US market experience.  Mike was selected from almost 1,000 applicants who expressed an interest in the Morritt’s opportunity. 

AWARDS

Morritt Properties Cayman Ltd. (MPCL) was the recent recipient of some of the highest awards and recognition that the timeshare hospitality industry can bestow upon a resort.  German Rojas of RCI traveled to Morritt’s in March to present the following awards:

Morritt’s Grand Resort (MGR) has received the prestigious Gold Crown Award.

Morritt’s Tortuga Club (MTC) has been recognized as a Silver Crown Award property.

The Gold and Silver Crown awards are the highest given to properties in the RCI system.  Only the highest caliber resorts in the world receive this level of status.  The awards are based upon guest comment cards and inspection scores.  These awards are of special value to those of our owners who choose to exchange their weeks through RCI and achieve a higher level of trading power based upon the award status of their particular resort. 

GUEST INFORMATION AND SALES OPERATIONS

The Resort Information Centre that was located at the Grand Pool has recently been relocated to the Main building.  Your hosts can be found in the resort lobby and in the second floor space previously occupied by Ivan’s Eatery, while their new offices are being constructed in the lobby area.  It is hoped that the location of the new offices will make it easier for our guests to contact their resort host for any information or assistance they may need. 

2008-2009 Insurance
 

MPCL and the MGR and MTC Associations have renewed the insurance coverage for the resort with HRH for the 2008-2009 policy year.  The lead underwriter on all layers of the new policy is Ironshore, a Bermuda company.  The resorts are fortunate that HRH was able to place coverage with other Bermuda-based insurers.  Scott Meyer, who represents HRH, credits his and resort General Manager, Dutch Hoffmann’s trip to Bermuda last September to meet with several insurance companies as instrumental in lowering the premium and securing new underwriters.
 

 

GOLDEN TURTLE CLUB (GTC)

The current benefits available to GTC members are in the process of being reviewed and revised; as Management is seeking ways improve those benefits and further enhance the value of membership in the GTC.  Please check our website in the next week or two for a posting outlining the new benefits. 

NEW FITNESS CENTRE AND GYM

The list of improvements continues at Morritt’s with the opening of the new “state of the art” fitness centre.  The old gym room has been closed and the fitness centre has been relocated to the building previously occupied by the Resort Information Centre.  The new equipment that was ordered and scheduled for delivery several months ago has arrived and our guests’ workouts should be more pleasant as in between deep breaths one can look out over the vanishing edge pool and into the blue Caribbean Sea as they burn off those calories and change unnecessary tissue into muscle. 

NEW KID’S CLUB ROOM

Morritt’s will be opening a new Kid’s Club room in the next few weeks.  The new facility will be located in the space previously occupied by the old gym.  The room will provide a dedicated area for the exclusive use of the children of our owners and guests who participate in Kid’s Club activities.  The new location is far superior to the old one as it is closer to the Premier Pool where many of the resort activities take place.  

SEASIDE HOUSEKEEPING STORAGE

As part of our ongoing effort to improve the “look” of the resort, and in response to concerns expressed by owners and guests about the lack of a dedicated storage area for the housekeeping carts and supplies used at the Wembley, the room which formerly housed the Kid’s Club will now be used to store housekeeping carts and supplies.  They will now be secure and out sight, yet readily available to the Wembley housekeeping staff. 

SHOPPING CENTRE

MPCL is in the process of identifying new tenants for the Morritt’s Shopping Centre.  MPCL is negotiating with a brand-name coffee operator for license to use their products and recipes in a new coffee house to be located in the shopping centre.  Food and Beverage Director, Mike Finnerty, is spearheading this effort, and an announcement is expected soon.  Mike is also continuing efforts to secure a Pizza Parlor and Ice Cream Parlor for the Centre.  Many inquiries have been received for the leasing of space at the Centre; however, MPCL evaluates these potential tenants to insure they will complement the existing tenants, Fosters Food Fair IGA, Waves, Olde English Bakery and the most recent addition, Goldsmith fine Jewelers. 

MTC POOLSIDE UNIT REFURBISHING

The MTC Association’s efforts to refurbish the poolside units are in operating mode.  The refurbishing team is headed by Mimi Morritt with the assistance of Chief Engineer, Cameron Maclaren.  Mimi took over 2000 photos; every room in every unit was photographed and a matrix spread sheet with photos and notes was prepared for each unit.  The spread sheet catalogues the condition of the units; paint, wall tiles in kitchen and baths, tub, shower rod, shower head, vanity, sink and faucets, commode, light bar, robe hooks toilet paper holder and vent fan.  Kitchen cabinets, countertops sink and faucets. Living room and bedroom furniture, living room and bedroom drapes, bedspread, carpeting and floor tile, artwork, tables and lamps, just to give you an idea of the detail.

On the equipment; air handlers and hot water heaters, screen doors window screens and front door hardware.

On the enhancements, there will be a fan in every room and the ranges will now be 30 inches wide, with a microwave and exhaust hood.

The refurbishing of units in an operating resort presents a Herculean task of scheduling and patience.  We ask that all of our owners and guests understand the complexity involved in juggling unit inventory with delivery schedules and manpower availability.  We look forward to your cooperation in helping us to restore our resort to a new level of elegance that meets all of your expectations. 

WHAT MORRITT’S HAS TO OFFER

When you think about Morritt’s we would like to remind you of all that we offer and have available to make your ownership at Morritt’s a spectacular experience.

Take the following for example:

Two award-winning resorts staffed 24 hours a day; blue Caribbean waters with a reef protected white sand beach; Mimi’s, Cayman’s only true Dock Bar and casual restaurant; David’s Restaurant, fine dining in relaxed informal Caribbean setting; Grand Pool bar; Premier Pool bar; Windows Lounge; Tortuga Divers, two dive boats with multiple daily departures directly from Morritt’s dock to some of the best dive sites in the world; scuba diving training and certification on site; Wave runners, wind surfing, aqua bikes, kayaks, catamarans and snorkel trips right from the beach resort; two deep sea or reef fishing charter boats with Captain Herman and his crew; beach volleyball; tennis court; ping pong; horse shoes; shuffle board; bicycle rental; library books and table games to borrow; fully-equipped modern fitness centre; Kid’s Club; Children’s play area; Water Aerobics; full schedule of daily activities, including traditional bingo, musical bingo, name that tune, ice cream socials, mudslide madness; beer pong, yoga, Texas holdem, sand sculpting, bon fires and movie nights; Wednesday night comedy show with The Big Kahuna; Monday night Welcome Party and Caribbean night with a live band, limbo dancing and fire eater show; DJ parties with theme nights like 80’s night, Reggae Night; all request night, today’s hit night and karaoke night; Waves retail shopping; full service Fosters IGA Food market; Goldsmiths fine jewelry; Olde English Bakery; full service La Mer Spa offering massage services, facials, body treatments, manicures, pedicures; ear candling and waxing; 3 swimming pools; 2 hot tubs; beach shade palapas; business centre; high speed wired and wireless internet service; concierge service; check-in baggage service; daily shuttle service to Georgetown; transportation assistance; meeting and banquet facilities; wedding services; in house vacation exchange program; resort tours with a personal resort host; daily housekeeping; guest laundry facilities; and  Golden Turtle Club membership.

More than enough to keep our owners and guests busy and entertained.

	The Board of Directors Morritt’s Tortuga Club, Ltd. David G. Morritt Manfred Lissinna Myron Holtz Mimi Morritt Dutch Hoffmann		The Board of Directors Morritt’s Grand Resort, Ltd. David G. Morritt Les Graham Daryl Thompson Mimi Morritt Dutch Hoffmann

 

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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
 

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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

daryl@ParamedServices.com 

(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.

The Board of Directors Morritt’s Grand Resort, Ltd. David G. Morritt Les Graham Peter Illoway Mimi Morritt Dutch Hoffmann	The Board of Directors Morritt’s Tortuga Club, Ltd. David G. Morritt Manfred Lissinna Myron Holtz Mimi Morritt Dutch Hoffmann

 

 

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.

 

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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) 

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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 24^th. 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: 

1. 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”).
2. 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.
3. 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.
4.  *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.
5. All maintenance fees must be paid with respect to the Unit Week owned before managing entity will make a reservation.
6. 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. 

1. A Plan Participant wishing to exchange their Unit Week must be current on all maintenance fees for the current year or future year requested.
2. A Plan Participant must supply GRM Exchange with three (3) travel dates and three (3) destination points.
3. 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.
4. Make your exchange request as early as possible.  The more time GRM Exchange has to search the quicker results you will experience.
5. Upon a Plan Participants verbal acceptance of an Exchange the Exchange shall be complete and FINAL.
6. 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! 

The Board of Directors Morritt’s Grand Resort, Ltd. David G. Morritt Les Graham Peter Illoway Mimi Morritt Dutch Hoffmann	The Board of Directors Morritt’s Tortuga Club, Ltd. David G. Morritt Manfred Lissinna Myron Holtz Mimi Morritt Dutch Hoffmann

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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.

REPORT OF THE
MORRITT’S TORTUGA CLUB AND MORRITT’S GRAND RESORT
2007 GENERAL MEETING
Thursday, October 25, 2007

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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!

                

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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

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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 29^th. 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 3/31/07-3/31/08)

As a result of the hard work by Scott Meyer and the Thilman Filippini team we have been able to secure an anniversary date for the policies outside of the timeframe that is considered wind (hurricane) season. By doing so, we should be able to secure, in future years, rates based on a market with more available resources. 

Grand Resort Third building (Tower):  

For the past several months our architects at BDCL have been working on the design of the third building to be built at Morritt’s Grand Resort. It will certainly exceed any standards that are associated with the term “Grand”. While our priority is the rebuilding of Morritt’s from damages sustained in Ivan, we realize that plans must be made for the future and we have been moving forward with those plans. An exciting announcement will be forthcoming  in the near future. 

Sales and Resort Hosts:  

We would like to welcome Mike Nichols, our new Director of Sales,  back to Morritt’s. Mike has a long history with Morritt’s and was instrumental in its growth pre-Hurricane Ivan.   Mike left Grand Cayman after Ivan and we are thrilled to have him back. Mike will be assisted by Bob Daigle,  Senior Sales Manager and Hal Ebanks,  Sales Manager.  Together they lead our team consisting of Risa Goldberg, Alex Johnson, Jim Laroca, Kim Parker, Debbie Talowsky and Penny  Towe. 

Morritt’s Shopping Centre:  

Fosters Food Fair, Red Sails Waves store and Cayman Kickboxing and Yoga will soon be joined by the opening of the “Old English Bakery”. Design and equipment drawings are also being reviewed for a pizza and wing shop, which and should be opening in the next several months. Samplings of many pizza companies’ products have taken place to assure we have Cayman’s best pizza, and we are confident you will agree. We hope to have the pizza parlor open in the next several months. Management is currently negotiating with several other tenants and we expect to have announcements in the near future. By years end the shopping centre should have full occupancy and a great tenant mix. 

Golden Turtle Club:  

We have been able to extend our Golden Turtle Club packages through April 2008.  Global Resort Management, Inc. will be posting the new packages shortly on this website.  Keep checking for the  latest information and prices. We are also happy to announce packages are now available from NYC’s JFK airport with limited travel dates. 

Fishing:  

For interest to our fishermen, Captain Herman’s boats have recently landed several large Marlins. The latest catch weighed in at over 300 lbs. In addition to Marlin, large Wahoo and Mahi Mahi have been tugging at the lines.

 Red Sail:  

Red Sail’s diving facilities are now fully operational from our new dock. For the convenience of our diving owners and guests, Red Sail has installed rinse tanks, showers and gear lockers on the dock.  The tenders have been put to rest and the boats now board from the dock. Red Sail has also put a renewed emphasis on wind surfing. Morritt’s is known as having some of the best wind surfing in the world. 

We look forward to your next visit to Morritt’s….. your place in the sun!

 

April 2007
Morritt's Tortuga Club
&
Morritt's Grand Resort
 Board Members
Tour New Seaside Building

 
(From Left to Right: Les Graham-MGR, Pete Illoway-MGR, Ursula Tripke-GRM,
Manfred Lissinna-MTC, Dutch Hoffmann-Gen. Resort Mgr, Myron Holtz-MTC,
Trever Owen-Royal Construction, Steven Burger-GRM)

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(Left to Right: Dutch Hoffmann, Myron Holtz, Pete Illoway, Mimi Morritt and Manfred Lissinna)

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Board of Directors Update April 24, 20077

The directors for both Morritt’s Tortuga Club, Ltd. and  Morritt’s Grand Resort, Ltd. met in Grand Cayman for their quarterly meeting the week of April 16, 2007.  The boards met both jointly and independently of each other to conduct business as it relates to each individual association. 

Many changes have occurred since their last meeting in October 2006 much to the board’s satisfaction and delight. 

Dutch Hoffmann, General Resort Manager, opened the Joint-Board Meeting on April 177^th with a resort overview reporting of current accomplishments and future building plans. 

            Current Accomplishments:

1.      Opening of the Veranda with seaside dining

2.      Opening of the Dock and Dock Bar

3.      Launching of Dive Boats from the new Dock

4.      On schedule for the opening of the 4001 Seaside Concrete Building for July 1^st

5.      Food & Beverage is receiving rave reviews from owners and guests as to the new menu and the quality of food being served 

Future Building:

1.      Ground breaking for the 2000 Building

2.      Renovation of David’s Restaurant

3.      Extension of the walkway from the Dock to the Veranda

4.      Additional leases for Morritt’s Shopping Centre

 The board members also discussed the ongoing insurance arbitration.     

So as not to hamper the litigation process we have been advised by our legal representative to refrain from commenting on our web site.  The arbitration process continues to move forward.

 Steven Burger, Independent Contractor for Global Resort Management, Inc., provided both boards with drafts of the December 31, 2006 financial statements.  He further reported that the auditors are prepared to provide the “Final December 31, 2006 Audit” by end of May.

 Mr. Trevor Owen, Project Manager, Royal Construction, Ltd., took the board members on a tour of the 4001 (The Wembley) Concrete Seaside Building.  Later in the afternoon Mr. Hoffmann made arrangements with Red Sail to take the board members out to sea to view the resorts from the water.  What a sight to behold!  There is nothing on the East End of Grand Cayman that can compare to this view!

 Overall the board of directors were met with a much improved atmosphere, ambiance as never before experienced as well as  happy and satisfied owners.

 We look forward to your next visit to Grand Cayman and  Morritt’s.

Morritt’s Tortuga Club, Ltd.

Morritt’s Grand Resort, Ltd.

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April 2007 Resort Update ;

 

Insurance Property-Liability:

On March 31, 2007 Dutch Hoffmann notified the members of both boards that Thilman Filippinni bound a loss limitation policy on our current 2006/2007 coverage.  This renewal policy places us outside the hurricane season with the same terms as the one being replaced and also includes the new Seaside Building.  We increased coverage by US$5M and reduced premiums by over US$300,000.  One of the board members responded “Thank you this is good news…..no sorry….great news!  We all agree. 

Seaside Buildings:

                        4001-Building:  The construction of our first Seaside building is moving closer to completion everyday. As crews continue their work on the exterior, the interiors are also being readied for completion. Furniture and accessories have been ordered and are being manufactured to our specifications. In the next few weeks the scaffolding will be taken down and the beauty of Morritt’s finest building will become evident to all. While the scaffolding will come down, work on the interior will continue. We remain on schedule for July occupancy. 

                        2000-Building:  The next phase of our build-out will soon begin.  Plans for the 2000 building are being finalized and the permitting process has begun. The 2000 building is currently on schedule for completion in late 2008. 

Veranda:
                        The veranda has been completed and is fast becoming a favorite spot for our owners and guests during lunch and nightly dining. Not only are they enjoying the wonderful food and environment, but they are being treated to one of the best entertainment schedules offered on the island. Monday is full of excitement during our welcome party, which includes great Cayman bands playing your favorite party music and our traditional live fire show.

 Dock:
                        The construction of the dock is now complete  and Red Sail is boarding  their dive boats from the dock Shortly, we will open Caymans first real dock bar. Nowhere else on the island will you find such a great structure. It has cost the developer well over a million dollars to construct this unbelievable bar and dive facility.

 Activities:

                        The Monday night welcome party is always a favorite of our owners and guests.  It is the perfect way to start your vacation enjoying our Cayman bands playing your favorite party music, with our always popular live Fire Eater/Limbo Dancer. 

                        Tuesday night we welcome “Vicki” with her cabaret and Karaoke presentations.  Our guests are encouraged to participate and share their talents. 

                        Wednesday evening continues to be one of our most popular entertainment events.  You will enjoy an evening filled with laughs and entertainment provided by the Big Kahuna comedy show.  This evening is reserved for adult entertainment.  Have a great night out while our experienced staff cares for your children.  Reservations are required for child care, call Extension 5964. 

                        Thursday evening offers the finest in Caribbean bands featuring popular Caribbean music. 

We have received a great deal of positive feed back from our owners and guests who have enjoyed both the entertainment as well as the food.  Pass on your good thoughts! 

David’s: 

                        Our architects and quantity surveyors are finalizing plans for a redesigned David’s Restaurant which will include a bar and lounge and will provide indoor dining to complement the Veranda, which will allow us to serve you indoors in a great environment during inclement weather.  Baring any unforeseen delays, David’s will reopen in the next few months. 

Awards:

                        On March 4^th Morritts Grand Resort received the Gold Crown award and Morritts Tortuga Club received the Silver Crown award from RCI. These awards are the two highest designations RCI gives to affiliated properties. We are proud to receive this recognition. It continues Morritts long tradition of excellence. Our owners continue to see their investment in vacation ownership recognized as the best in the business.  

Audits:  

                        The Board of Directors of Morritt’s Tortuga Club, Morritt’s Grand Resort and Morritt Properties Cayman, Ltd. have selected Lewis, Birch and Ricardo as our auditors for the 2006 audits.  By selecting Lewis, Birch and Ricardo we are confident we will avoid the delays we experienced with Grant Thornton.  We are expecting the audits to be completed and ready for release in June.

 Sales:

                        Everyone at Morritt Properties Cayman Ltd. is thrilled to welcome back some familiar faces to our resort host staff. Kimberly Parker and Debbie Talowsky have returned to the team. We are also excited to announce a new member of our resort host staff Penny….. Penny has relocated from England and is sure to add a European flair, along with the knowledge and experience of being a long time timeshare owner.  Kimberly, Debbie and Penny join Risa Goldberg, Alex Johnson and Jim Larocca. 

Please stop by the information centre on your next visit  and let us update  you on what is new in Grand Cayman !

 

 

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German Rojas III Castillo (centre), Resort Condominiums International (RCI) Account Executive, presents a plaque to Morritt’s Resorts General Manager Dutch Hoffman (right) at the Tortuga Club in East End on Monday. Carlos Figaredo, Research Services Manager at RCI Caribbean, looks on. Photo by Andy Harrison

Morritt’s Resorts receive international awards for outstanding service
Thursday, March 8, 2007

The two Morritt’s Timeshare resorts on Grand Cayman both received international awards this week in recognition of their outstanding service. Representatives of Resort Condominiums International (RCI) presented the Morritt’s team with two awards during a presentation held at the Tortuga Club in East End on Monday, 5 March.

RCI is a global vacation network and specializes in timeshare resorts. In order to better serve their members and reward excellence in their partnering companies, RCI introduced a merit system that evaluates each resort.

There are five criteria used in these assessments; check in and check out, housekeeping, room maintenance, resort maintenance and finally hospitality. These are reviewed during a seven-day visit from an RCI member and marked accordingly to determine at what standard the resort currently operates. For the 2007 season, the Morritt’s Tortuga Club will boast RCI Silver Crown status while the Morritt’s will have the very distinct honor of being the only Gold Crown resort in Grand Cayman.
Morritt’s Resort General Manager, Dutch Hoffman, accepted the award but was quick to point out that it was the whole team that was being honored. “While you see me receiving an award today, it’s all of you who have earned this,” Mr Hoffman said to his staff.
 
Speaking after the presentation, Mr Hoffman reiterated how pleased he was with each member of his team.

“This is the highest recognition we can receive in the timeshare industry. Yes, it’s about the resort but most importantly it’s about the people. Service has so much to do with winning this award,” said Mr Hoffman. “I’m so proud of everyone who works here.”

Handing out the accolades were RCI Account Executive, German Rojas III Castillo, and Research Services Manager, Carlos Figaredo.

“We have over four thousand timeshare resorts worldwide, of which only around 18 percent achieve Gold Crown status. The award comes from the recognition from our members that the quality and service at the property is of the highest standard,” said Mr Castillo.

Both RCI representatives were quick to point out how impressed they were with developments at the East End resort, especially following the devastation of Hurricane Ivan. “Even when Ivan hit they recovered so quickly and are receiving awards so soon afterwards,” said Mr Figaredo.
 
“RCI and Morritt’s have had a very successful partnership for a very long time. We think the improvements being made will give our members the best of the best in hospitality.”

Also present at the award ceremony lending her support was Cayman’s culinary maestro, Cleopatra Conolly ‘Miss Cleo,’ who is also an ambassador for the resort.

andy@caymannetnews.com