Greetings from Fort Myers Beach!  I hope this newsletter finds you enjoying the fall months.  Revenue for the resort continued to be strong late into the summer months, and our refurbishment program is almost in full swing.  In addition, the condo association has been busy with a membership meeting and is in preparation for a budget meeting very soon. 

The summer continued to provide the resort with high occupancy and strong revenue right up until school went back in session toward late August.  Revenue was up compared to last year for both July and August.  Both months saw significant ADR increases over the prior year along with slight occupancy increases. 

Unfortunately, it appears that the weaker economy and active storm season are going to have a significant impact on the fall months.  Currently the resort is seeing reduced occupancy and revenue numbers for September, October, and November.  We have started some additional last minute promotions for the fall months in an effort to ensure we are getting our share of the market. 

This hurricane season had been pretty quiet this year until about the middle of August and then took off like crazy!  We took all necessary precautions for Fay as it approached, and luckily the storm was not as intense as they originally predicted.  No mandatory evacuations were ordered and the resort stayed open throughout the storm.  Since then we have been fortunate enough to miss the remainder of the storms thus far. 

Since we are in our slower time of the year, this is the time that we continue to focus on our refurbishment projects.  As you know, our main project for this year is a new flat screen television for each unit.  A sample TV has been ordered, installed and looks great. 

As you all know, a Membership Meeting was held for the condo association back in July.  The main topic for the meeting was the proposed amendment to the association’s documents regarding responsibility of the windows.  By far a majority of the owners were voting in favor of the association taking responsibility for the windows, so the amendment has passed. 

The association has also entered into an agreement with a local consulting company that feels they will be able to successfully negotiate a claim with the association’s insurance company for damages caused by hurricane Charley.  I will continue to provide you with further information on this topic as it becomes available. 

As we begin the fall season, we know that our Budget and Annual Meetings are just around the corner.  The association’s budget includes a small increase in association dues mainly due to increases in utility rates.  FPL has increase rates by 8% as of August 1st, and will further increase by 8% on January 1st.  Altogether, this has increased electric cost for the association 32% compared to the 2008 budgeted expense. 

Towards the end of this month, the spa at GullWing will get a little make over.  A company will be in to refinish the spa and put in new tiles along the water line.  This will result in the spa being closed for about a week. 

Although our occupancy may be suffering a little for the next few months, I can assure you we are taking advantage of the extra time by completing annual preventative maintenance programs on the suites and ensuring that the common areas are kept up and are ready for season. 

As always, if you have any questions or would like additional information on the items mentioned, please feel free to let me know.  I always welcome your comments and suggestions.  Please feel free to reach by phone at (239) 765-4300, or by email at CurtB@SunStream.com.