Dear GullWing unit owners, 

As fall approaches GullWing has slowed down compared to the summer, and we are starting to get caught up on some of our projects.  Rental results for this year continue to be very favorable compared to last year and we will soon be looking at refurbishment once again.  I hope you find this information useful, please feel free to contact me with any questions you may have. 

As I mentioned, the staff has been busy getting caught up on some of our projects for this year.  One of the biggest projects that they started was the boardwalk decking project.  As you can see from the pictures, the test area has been completed, and I will be talking with the board of directors to look at finishing the rest of the area soon.  In addition, we have upgraded the vending machines located by the entrance to the pool area.  The old machines were very worn down, and were not providing the association with much revenue.  The new machines carry a much nicer selection of products and pay the association a larger commission percentage.  For the first time this year, the staff was also forced to complete storm preparation for Tropical Storm Ernesto.  The property was fully prepared for the worst, but fortunately did not experience anything more than a day of heavy rain.

The resort operations continue to look very favorable compared to last year.  Some of our accomplishments year to date includes:

• Revenue for the year is up 10.7%
• Occupancy has increased this year by 7% compared to last year.
• The average rate for the resort is also up $4.23 compared to last year.
• Net Operating Income this year is up by 11% compared to last year.
• GullWing’s comment card scores continue to score in the 90’s every month.
• As we forecast for the late fall months, revenue continues to look strong.
• Bookings for October and November are exceeding last year, and distributions should exceed last year as well.
• Part of this increase is related to the closing of Pointe Estero next door. This has been somewhat offset by complaints of noise but overall it has been a positive for GullWing income.

We have received many favorable comments from guests concerning all the new refurbishment items that were completed this year.  I am looking forward to meeting with the refurbishment committee to look at a small project for this year, and planning a larger project for next year.  If you have any questions or suggestions for items you would like the committee to consider, please feel free to let me know, and I will discuss those items with them at the next meeting. 

As you can see GullWing unit owners have been enjoying a very good year with rental result far exceeding last year.  The refurbishment items that were completed this year are a big hit with many of our guests, and we look forward to keeping the improvements coming for unit owners and our guests. 

If you have any thoughts, suggestions, or concerns, please don’t hesitate to contact me directly.  You can reach me by phone at (239) 765-4300 or by email at CurtB@sunstream.com.  I look forward to seeing everyone as you will soon start making your winter trips to the resort.  Just a reminder, please let us know as soon as you have dates in mind for your trip to ensure your unit will be available.

Sincerely,

Curt Brenner
General Manager