Reading the August 2009 newsletter, it would seem that that IPI is taking the issue of high quality finish seriously! Here are a few extracts:
"The newly introduced ‘check list’ procedure is finally paying off. The contractors are now starting to work with it and understand more about our finishing standards. Apartments are first checked, issues are noted for the revision team to action. A few days later there is a further check before the unit is signed over. It does take a lot of time, however is providing the finishing results we look for."
In the Left wing of the Hotel (adjacent to Villa Moura), “the corridor walls and all exterior wooden frames have been repainted. On the inside we are now in the process of correcting flaws, such as damaged tiles and missing grouting. Once corrected, the rooms in the left wing will be re-painted.”
In the ‘Wellness’ area of the Hotel, “on the first floor (beauty treatments, hairdresser, dry massage) the toilets have been redone due to our finishing specifications. …The tiling in the toilets has been redone due to our finishing specifications and ready for installation. The marble floor in the main relax area has been torn up to be re-laid correctly."
Wednesday 2 September 2009
August 2009 Newsletter
Tuesday 11 August 2009
Latest Information from Mondi
In regard to worries about noise from the proposed Club/Disco near Adela, IPI say that the decision to relocate the nightclub at the basement of the commercial building in the Adela complex (between the two semi circle buildings of apartments) was due to noise concerns for guests staying in the hotel where the nightclub was originally to be located. IPI assure that soundproofing of the nightclub will allow people to party late into the night without disturbing the Adela residents.
On concerns about views from block C, IPI have said that the mini golf will probably be replaced with a shisha corner and Bedouin tent, although a final decision has yet to be made. Assurance has been given that no permanent building will be constructed in the area between the hotel block and Block C.
Clarification was also given on location of sports activities and activity centre: “At the end of block C and at the start of the beach, sports activities such as volleyball will be organized. The activity centre will be on the right-hand side of the beach next to the diving centre, amphitheatre and the beach restaurant.”
To a request for being able to book the airport transfer shuttle at short notice, IPI say that a minimum of 3 months notice must be given. Shorter notice than this will be permitted but is subject to availability.
Friday 31 July 2009
New Airport at Ain Sokhna (or Not)
Some more answers from the MONDI website:
- Regarding the much talked about proposed airport to be opened in Ain-Soukhna in 2010, IPI state that “this remains on the drawing board.” This is despite government permits for the future airport having been issued at the time ZBR was being marketed. IPI have tried to chase this up through official and unofficial channels, but have drawn a blank.
- On a question relating to the building opposite the Adela blocks (unmarked on the plan) owned by Egyptian investors IPI state that these apartments exterior will be updated before the opening of ZBR to meet the high standard of the resort, and will be maintained just like all other buildings. The owners of the apartments opposite the Adela blocks have to pay a maintenance charge as well.
Friday 24 July 2009
Recent Answers
- IPI plan to achieve a 5 star status for the whole resort
- It is unlikely that a Steering Group meeting will be held in London
- The free weeks of personal use which investors were not able to use because of construction delays can now be taken in the next agreed rental period (after the first 5 years) if they so wish. Investors need to inform IPI before the handover of the apartment if they want to use this option.
- Best Western normally start marketing and take bookings for a hotel 3 months before the official opening of a resort
- the Resort will be managed by a joint venture of El Mohanad and IPI, operating under the Best Western franchise
- The plot to the right of the resort is owned by the Egyptian authorities and is not for sale, and there are no plans to construct there
- The Escrow agent has released stage 5 payment for B block: the start of plastering
Tuesday 21 July 2009
Latest Summary Update
[The following summary based on the minutes of the IPI Steering Group meeting held 2/6/2009. Please log into the MONDI website for full report]
- El Mohanad main developer and part owner of land at ZBR
- El Mohanad have now hired new contractors and agreed with IPI on their efficient use
- One month’s advance of final delivery date to be given
- One month’s notice to be given for hand over after final delivery
- The steering group feel that IPI need to do more active on-site management
- Mr Rademaker to have access to construction planning (El Mohanad not keen on this) on behalf of steering group.
- IPI to take close-up photos and provide with technical descriptions to inform investors of the quality of finish, materials used, etc.
- IPI will not accept defects or poor workmanship - will be asked to be rectified.
- IPI to offer free hand over service, and produce a hand over report for each apartment listing all defects - reports to be given to Ell Mohanad and to owners.
- Once the whole resort is completed, the agreed maintenance period will be in line with the rental period of 5 years.
- There is a construction guarantee of 10 years, insured by the builder.
- An alternative Thermo Shield has been used and Mr Radenmaker will be submitting a report on this soon.
- Visitors report that apartments inside are surprisingly cool in spite of no air conditioning.
- Additional stairways to be added if considered necessary to ease access
- An administrative office to be established where owners can avail letting, administrative, support and financial services at a charge.
- Hotel owners without rental guarantee will pay 50 euro per month to cover cleaning, security, maintenance and insurance.
- Wearing of water shoes on beach is still recommended.
- There to be a Shisha corner and Bedouin tent between the hotel and Block C, with no permanent structure in the area between the hotel block and Block C.
- Activity centre, diving centre, amphitheatre and the beach restaurant to be in the right hand side of the beach.
- Free airport shuttle to be operational on completion of the whole resort (3 months advance booking required)
- Due to the delay in apartment handover, the use of owners six weeks allowance to be looked at again by IPI.
- Each block to select a representative to join the Owners Association
- The Steering Group has suggested a short bi-weekly bulletin giving a quick update on resort progress.
Monday 13 July 2009
Looking Forward to a 5-star ZBR
Once the resort is up and running, everything should be done to ensure that holidaymakers have an excellent time, so that they leave glowing comments on feedback sites (such as tripadvisor) about their stay. So how do we ensure this? The following are some suggestions:
- abundance and good variety of food and drink at reasonable prices
- a good range of on-site activities for all age ranges
- access to to 'added value' features, such as organised excursions
- ensure apartments and resort facilities are maintained to a high standard
- excellent customer service from resort staff
- free transfers (or ability to book transfers) to the resort as part of the package
- on-going improvements, additions and developments to the resort, even after it is up and running
Friday 10 July 2009
Meeting With IPI On 2 July 2009
[Disclaimer: This is a very partial translation of original notes in Dutch, available on MONDI website, and there is no guarantee that this is an accurate translation of the original]
Present
IPI Henri Drall, Jurgen Oddens and Maxim of of the Togt were.
Mondi Rob Smulders represented
Investors Francis Rademaker and Ms Carola
History
Originally a construction project of ell Mohanad Real Estate, but organisation, the management and the finances were not great shape. IPI agreed with Ell Mohanad, to develop the Zafarana Beach Resort.
Ownership
At Marsa Alam project IPI owns the land but at Zafarana Beach Resort Ell Mohanad Real Estate is the main assignee, constituent and builder, as well as (partial) landlord.
Architectural testing/technical oplevering
Due to recent construction problems Ell Mohanad has appointed new subcontractors. To guarantee the structure, IPI with have agreed on the work schedule with Ell Mohanad and that no ad hoc changes are to be made. Investors will get at least one month notice of handover..
Final date of opening
IPI will be offering free inspection / snagging, and will provide more detail nearer the completion and handover dates
Supervision of construction
Ell Mohanad has been dragging it’s feet with regard to discussions on construction planning. IPI to intensify pressure on Ell Mohanad to ensure construction is well managed and on schedule, and to specification.
Specification
IPI plan to take close-up photos and provide technical descriptions to inform investors of the quality of finish, materials used, etc.
Guarantee, maintenance and repairing
IPI committed to high quality and standards – and defects, poor workmanship, etc will not be accepted and will be rectified. Pre-handover inspections reports (listing all defects, etc) of apartments by IPI will be given to Ell Mohanad. A copy of this will be provided to owners. IPI are prepared to carry out final inspection and snagging on behalf of owners free of charge.
Once the resort is up and running, the agreed maintenance period will be in line with the rental period of 5 years. There will be a construction guarantee of 10 years, which will be incorporated into the final paperwork.
Thermo Shield
Because there has been no distributor of Thermo Shield in Egypt for the last 2 years, another equivalent product has been chosen. IPI have asked Lord Rademaker to source a replacement product of similar properties, and he will soon submit a report on this. Meanwhile a number of investors who visited the resort have given positive feedback about the temperatures inside apartments.
So far visitors have confirmed (including those visiting during summer), that the temperature inside the apartments was cool despite there being no air conditioning.
Modifications in construction Of a number of apartment block the access to the portico which is himself now on the gallery, will be moved to the they side, so that less undesirable holdup for privé-ingangen will arise. Because of this the access of visitors in the kicking house will take place, instead of for privé-ingangen on the galleries.
IPI will ensure that the drawing of the resort to be adapted with facilities being schematically positioned on the plan. An administrative office will be established where owners without rental agreement can buy letting, administrative and financial services. Hotel owners without rental guarantee will contribution 50 euro per month to ensure the apartments are kept in good condition. The 50 euro, among other things will cover cleaning, security, maintenance and insurance. This amount stands pay exploitation costs apart from at a later stage
Reporting definite An environment study of the Egyptische authorities hasopleverdata conducted that there had be chosen for floating or wharf to 2e the reef. The sea, at a low water cog, mechanically is weed of stones and other one dead material, as well as the range.
Wearing water shoes at all times is recommended.
IPI assured that no building will be built between block C and the hotel, and nothing will be done to obstruct uninterrupted views of the sea. The activity centre will be to the extreme right of the resort, and nearby will be the diving school, amphitheatre and the beach restaurant. Sport activities such as beach-volleybal will be organised near the top of block C. To compensate for the loss of the large salt water swimming pool the swimming pool by the blocks F, G and H will be made larger than originally planned. It will have a large terrace with more facilities than the walk-in pool by the hotel.
After completion of the resort owners (or their representatives) will have use of a free transfer by shuttle bus. This service has to be booked 3 months in advance, so that IPI can make the necessary arrangements, and to avoid unexpected misunderstandings or problems. Because the opleveringsdatum have led strongly, IPI is willing to discuss the question of the weeks of personal use which could not be incorporated in the first years, and will raise this issue again soon. (the rest of the report is just an unedited translation from Yahoo Babelfish Translate)
Translated property proof
Given the construction status of the construction at this moment, is do belong to it legal reasons/statutory regulations not yet possible the owner eigenaren the translated property proofs. The ratified contract is according to IPI up to that time sufficient proof that the investors an apartment of ell has bought Mohanad. As soon as all individual owner eigenaren has accepted the apartments, by block-system/hotel wing an association of owner eigenaren is founded. Each block-system chooses then a so-called block-system representative, who will take meeting on behalf of its/its block-system in the central VVE. Concept statutes for VVE hope be able provide 2 months IPI. At present a first concept version is legally reviewed.
Interactive Internet site/home video
Zafarana Beach Resort IPI have had internal problems with regard to its Internet site management, as a result of which the interactive part of its Internet site is unfortunately not yet active. For the solution of this problem it is worked. Toch it according to the expectations still a number of weeks will last, before investors might the home video of the resort contemplate. Composing and sending newsletters are for IPI a time-consuming matter. The wheel group has recommended IPI for this reason, beside 6 a weekly newsletter, to the investors (two) weekly digital sending nieuwsflits, with in this in twinge words the most important developments of that period. None extended news therefore, but short update as a result of which investors are informed concerning the progress.
Price increase fall
Just like in the past at Zafarana Beach Resort case was, will raise IPI the prices of apartments on Marsa Alam Beach Resort soon. As a result, there is talk of a price increase. This does not involve however that talk would be of a value fall of the apartments on Zafarana Beach Resort. The question United Kingdom, which is related to several forums state to read to the end, to privé-situatie and stands in relation with which development thus. The wheel group believes that privézaken also effectively private to belong remain. The value which to the apartments will be possible is granted, is of course dependent on the assessment between supply and demand, but just like in the Netherlands, among others also of for example prices of simultaneous apartments in the same region or area.
Vragen-/opmerkingen, etc.
In May IPI have answered a large number of questions in a high tempo. Given answer some IPI were for the wheel group reason IPI invite for a conversation, which has taken place on 2 July last. It was a frank and constructive conversation, where also reciprocal irritations have not will from the way, but in which everyone established itself constructively, on a number of points more to create clarity. All investors have the possibility questions and/or of placing observations on private Mondi-forum. Mondi present all not yet more earlier asked/answered questions regularly to IPI, with the request answer these within 14 days. Questions and answers MONDI are archived and are registered. At this moment investors there no less than 263 are who regularly on Mondi-forum log in. That at present still but little questions/observations are placed, consider the wheel group as a good sign; if a indicator of returning rest and faith, which undoubtedly a positive impact on the resort, the investments and cooperation.
Hangpunten, on which will be come in the short term - IPI
construction planning/- specifications - IPI/F. Rademaker
Thermo Shield - F. Rademaker
Weeks personal use - IPI
VVE - IPI
Interactive Internet site IPI
Have do you ask and/or observations?
React by means of the private forum.
Sunday 31 May 2009
Request for Photos of ZBR?
Wim en Lieneke Nijsen is flying to Egypt on 4th June 2009, and has offered to take pictures at request of investors at Zafarana Beach Resort.
Contact him by email on lienekenijsen@12move.nl if you have any specific requests, but be quick!
Thursday 28 May 2009
Minutes 13th May 2009 Meeting
[UNOFFICIAL VERSION: Please note this is a revised version of the minutes from MONDI site, to make it easier to digest]
| Present | |
| Investors: | Peter Frankenmolen, Tom Aarts, Francis Rademaker, Carola Souljé, Koos van der Wees |
| IPI: | Maxim van der Togt, Jürgen Oddens, Henri Dral |
| Mondi: | Rob Smulders, Daphne Rieken/ |
Absent
Steven Rennie, Allan & Helen Jenkins, Poli Avramidis, Paul Cramer, Cees Dominicus, Wim Eelman, Frank Faessen, Hans Dekkers, Frank Grieving
It was reported that construction is progressing well, and the first apartments should be handed over to IPI this month, as mentioned in the recent newsletter.
It was decided that the Steering Group would be subdivided into 3 teams, construction, communication, and management.
Construction Team
This team will be kept briefed on construction planning and construction progress by IPI. The group will keep a close eye on construction management and make recommendations/suggestions where possible. IPI re-affirmed that build quality was of paramount importance at ZBR.
Communication Team
IPI agreed that excellent communication is necessary to foster good investor relations, and to avoid speculation and investor unease. To avoid English investors feeling left out of the decision making process it was agreed that there would be a permanent point of contact for English investors within the steering group.
The answers provided by IPI to the large number of from investors and all issues being discussed by the Steering Group will be communicated to all investors as a whole.
Management Team
The long term viability and success of ZBR is dependant on good management. A member of the Steering Group will be tasked to report on this in due course.
Provisional Appointment of Members
- Mr Rademaker will act as a building expert for the Construction Group, with Mr Frankenmolen supporting him. His knowledge and experience will certainly help in bringing the build to a successful completion.
- Mrs Souljé will act as the contact on behalf of the English investors, with Rob Smulders to arrange the first contact for this.
- Koos van der Wees will scrutinise the management of the resort, with Tom Aarts supporting him.
- It was pointed out that the majority of the questions have already been answered and Mrs. Souljé will collate this, and any unanswered questions will be sent to IPI via Mondi.
- In response to the most asked question, it is not yet possible to give a date for the final completion of ZBR.
- IPI to share construction plans/targets for each month, and to inform investors at the end of each month if the targets have been met.
- Members of the Steering Group will introduce themselves on the forum (MONDI website), and share their vision of how the Steering Group and IPI can work together to achieve a resort that we can all be happy with and proud of.
- Those unable to be present at the meeting may still join one of the groups after consultation with the Steering Group.
- IPI invites investors not present at the meeting for further contribution and support, especially in the area of communication. Mondi will continue to provide updates through their website and through News Bulletins.
Thursday 21 May 2009
Transfer / Travel Charges
Latest Information on current charges as supplied by IPI. A maximum of 3 people by car, and a maximum of 8 people by bus.
| By Car | By Bus | ||||
| From | To | Day Return | One day | Day Return | One day |
|---|---|---|---|---|---|
| Cairo | Zafarana BR Stella di Mare | € 120 € 100 | € 70 € 45 | € 150 € 150 | € 120 € 90 |
| Stella di Mare | Zafarana BR Suez | € 45 € 45 | -- | € 90 € 90 | -- |
| Hurghada | Zafarana BR Stella di Mare | € 190 € 230 | € 100 € 115 | € 250 € 300 | € 150 € 190 |
| Marsa Alam | € 200 | € 115 | € 250 | € 150 | |
| Lamaya Beach Resort | Marsa Alam | € 45 | - | € 70 | - |
| Marsa Alam Int. Airport | Lamaya Beach Resort | - | € 20 | - | - |
Monday 4 May 2009
Meeting Arranged for 13th May 2009
Steering Group Meeting
13th of May 2009
Attendance: Investors who have signed up for the Steering Group, and the board of IPI.
Pupose: To form the steering group and to formulate tasks and priorities. To promote communication between investors and IPI Management. The agenda for the meeting will be published on the MONDI IPI secure site.
Action: Investors are requested to post their questions / concerns / comments on the secured MONDI forum website. These questions will be discussed during this meeting. A report of the meeting will appear on the secure MONDI site.
View of hotel and the sea from block C (photo taken by Soulje, 29/4/2009)
Tuesday 31 March 2009
Latest Newsletter
In addition to some new photos published on the IPI site, here is a a short summary of the latest newsletter:
- In week 12 and 13 IPI inspected the resort and agreed on a schedule of work till week 20. The number of construction workers is to be expanded to around 150.
- Investors will be informed of the completion date two weeks prior to completion of the apartment, after which investors will have one month to conduct inspection / snagging.
- Only about 30% of owners have signed up with MONDI so far; those of who haven’t applied yet are urged to do so by sending an email to aftersales@ipibv.eu
Accesing the MONDI website
go to http://www.mondi.nl/
login using top right of screen (Username = your email, and password = Zafaranaxxx, supplied by MONDI)
click on 'kopersbelangen' on left menu bar (under heading 'forum')
click on 'more info' under the 'Zafarana Beach Resort (English version)' section
Now click on the 'Go to the forum' link
You can post questions and comments in the little box at the bottom (click on 'Plaatsen') to submit
Friday 6 March 2009
Progress Report
With a bit of luck, now that new sub-contractors are in place we will see good construction progress. Let’s hope the engineer, Amr Foad will ensure the finishing is to a high standard. Photos around the end of March should give us a pleasant surprise on the progress and quality of finish!
Full text of email from IPI below:
Further to our last update to you on 6 February where we advised you of the situation in regard to the sub-contractors, we would like to update you on the latest developments.
The new sub-contracts have surveyed the work done to date and it was concluded that a small amount of work would need to be rectified. We are pleased to announce that the new sub-contractors have been employed by IPI and that they started work on 4 March 2009 with production over the coming weeks being increased. The new sub-contractors will be overseen by both the IPI Board of Directors and our engineer, Amr Foad, who specializes in finishings, to ensure that works run smoothly.
In week 13 the IPI Board of Directors will be on site to check the sub-contractors progress. Photographs will be taken and, on the Board's return, will be posted on our website for your information and perusal.
Thursday 5 March 2009
Report by MONDI
The following report by MONDI dated 3 March 2009 may be of interest to investors:
Over the past few weeks, concerned investors in the Best Western Zafarana Beach Resort have been in contact with us. We fully understand their concerns, especially as a firm completion date can not yet be given.
There has been increased speculation in regard to the resort and in particular that the financial position of IPI could be a problem. Should IPI lack financial means, then this would endanger the completion of the project and client's investments could be at risk. Therefore, IPI took the initiative to request us to inform the investors of IPI's financial status and to conduct a financial audit on their accounts. After due consideration of what is needed to complete the project and the (copy) bank statements we can conclude that IPI is not in financial difficulties.
There is no point to speculating about the problems with the contractors. The main importance to all investors is that the building activities will soon be resumed and that the standard of finish is good. The construction will recommence as soon as all formalities have been concluded with the new contractor. Mondi has monitored IPI's board of directors, who are cooperating fully by providing confidential and strategic in formation. Mondi has had to sign a statement of secrecy to that effect.
We understand that there are numerous questions amongst the investors. For all these questions we refer you to the Q&A-module on www.mondi.in. All investors of Zafarana Beach Resort will be offered membership to Mondi. Members of the Mondi interest group can ask unlimited questions as well as see questions raised by other investors. Through experience we have found this to be the most efficient working method. Mondi is currently working on a secure section of the Q&A module on the website (Mondi.nl) in order to make a part of it solely accessible for Zafarana Beach Resort members to ensure your privacy.
By forming a committee, preferably consisting of three investors, Mondi wants to follow the progress and developments of the project in order to keep you informed of all activities. When necessary Mondi will consult with experts to ensure a close control of the development. It is foremost in your interest that IPI can focus on a high standard of finish with completion to be confirmed at a later date. In our opinion there is no doubt regarding the good intentions of the directors of IPI. Our principle aim is to look after the investors; we are independent and will take our own course of action with this in mind. Mondi's sole own interest is that the Zafarana Beach Resort will be completed to the satisfaction of the investors. The first objective for Mondi is to reassure the investors and to form the committee that can anticipate developments in a fast and adequate manner with us.
We understand the need for you to be advised immediately over any questions or concerns you may have. We would also like to prevent further speculation. In addition, we are aware that the quality of the finish should go hand in hand with detailed agreements well considerate. We hope to work together in a positive and constructive way with you, in order for you to enjoy your apartment in Egypt in the end.
We trust you have found this letter informative.
Rob Smulders
Managing Director
MONDI to Form Zafarana Steering Group
IPI have recently reported that whilst the creation of the Association of Owners has been delayed, it will now be founded and managed by MONDI.
MONDI appears to be a Dutch independent group which works for the interests of its members. IPI say that they have negotiated a one year membership MONDI for Zafarana investors, and have agreed to pay the cost of this year's membership on investors behalf. This new set-up effectively introduces another layer between the investor and IPI communication process.
We are told that construction updates are to be made available through a secure Q&A section on the MONDI website, which at present is in Dutch only.
IPI also report that MONDI has recently carried out a financial audit of IPI with regard to Zafarana Beach Resort. MONDI's conclusion is that currently IPI does not face any financial difficulties.
Below is the full text of email from Kim Bobeldijk:
As you are aware, during the meeting held in the Netherlands on 16 November 2008, among other things, the AoE was discussed. However, as advised in our letter of 6 February, due to recent developments the progression of this association has been delayed.
This is most regrettable as this association is a good tool for the owners/investors to communicate with us, the developers. However, we have been looking at ways to resolve this in the short term and IPI concluded that an Interest Association of Owners (IAoO) should be formed. This will be founded and managed by MONDI.
MONDI is the Dutch independent group which stands for the collective interests of its members. IPI have negotiated a one year membership for each investor in the Zafarana Beach Resort to join MONDI. As a good will gesture, the cost of this membership will be paid for by IPI for our investors. Rob Smulders, Director of MONDI, will form a steering group together with a number of investors to oversee the running of the IAoO. The IAoO will be responsible for the communication of all information relating to the development. You will be able to liaise with the IAoO who will, in turn, liaise with IPI.
The association will maintain frequent contact with IPI in order to keep investors fully up to date with the Zafarana Beach Resort. Updates will be available to investors through a secure Q&A section on the MONDI website (www.mondi.nl). At present the MONDI website is only in Dutch. However, MONDI will have all updates regarding the Zafarana Beach Resort translated into English for our non-speaking Dutch clients.
In order for you to become a member of MONDI they require your contact details. We therefore respectfully request your permission for us to send your details to MONDI in order to activate your membership. MONDI will then contact you in regard to your interest in becoming a member of the steering group.
Financial position
We have received numerous questions in relation to IPI's financial situation; the most common one being if IPI have the financial means to complete the construction. We have given multiple affirmations that IPI are financially sound. However, in the current economic climate, the delay in completion, the speculations on the various forums and investors repeated questions themselves, we obviously still need to give our investors the peace of mind they so rightly deserve.
Therefore, IPI instructed MONDI to come in and undertake an audit of our finances in regard to the Zafarana Beach Resort. This has now been completed and we have great pleasure in enclosing the report from Rob Smulders of MONDI. We believe this will give our investors the reassurance that they need.
Saturday 21 February 2009
Reply from IPI
Dear Best Western Zafarana Beach Resort Investors Group,
We would like to thank you for your most recent letter. We would especially like to thank for the positive remarks you have made regarding our transparency, integrity and customer services in our dedication to deliver, to the highest possible standards, the Best Western Zafarana Beach Resort. We have great pleasure in answering your questions below as clearly as we can at this moment in time.
Provision of Air Conditioning
As you are aware, the air conditioning system that will be provided will be state of the art; providing cool air in the summer and warm in the winter. Each system, which is digitally regulated, is independent to the apartment it is installed in and can therefore be controlled to the occupants' preference. No units will be visible to the outside of the buildings as these will be placed in the ventilation shafts for the garden and middle apartments and on the roof of the upstairs room in the penthouses. The costings, €3750 for the garden and middle apartments and €4000 for the penthouses will be reimbursed over the five year rental guarantee period through an increased rental return. We believe that this is quite a unique offer to be given by a developer and, although we appreciate your suggestions, we will not amend this.
Effect of Global Economic Downturn
We are in the process of preparing for a financial audit by a third party independent which will look closely at the construction funding being held for the resort. As soon as this is complete we will be able to provide you with the reassurance, from the third party, that all is in order and you have no worries in regard to the financial stability for this project.
Association of Owners
You will be able to tell, from our letter of 6 February 2009, that all of our efforts have been trained on the development of the Best Western Zafarana Beach Resort. We have unfortunately therefore not been able to progress with the AoO. However, we are happy to report that this matter was discussed internally last week and the foundations for an Interest Organisation for Owners are being laid now. We will update you accordingly.
Detailed Site Plan
We do not have an updated site plan available; the main changes are to where buildings will now be located - namely, the beach bar, the sports areas, playground and amphitheatre.
We trust you find this information useful and we will keep you, and all our investors, abreast of developments as they happen.
Met vriendelijke groet / With kind regards,
IPI bedrijvengroep / IPI Group
Maxim van der Tog
Thursday 5 February 2009
Investor Communication
Dear IPI,
We were reassured with your comprehensive response to our previous letter (24/10/2008) regarding the various issues we raised. We also thank you for the recent email updating us on developments. We are particularly encouraged to note your commitment of ensuring that quality is not compromised in completing the resort.
Also, we would also like to reassure you that investors wish to work with IPI in every way to ensure that Best Western Zafarana Beach Resort is not only an excellent investment, but also a wonderful place to holiday.
And we reiterate that we have generally been impressed with the transparency, integrity and good customer service provided by IPI. Nevertheless, we have some concerns and suggestions which we would like to bring to your attention.
Provision of Air Conditioning
We are aware that you addressed the question of the Thermoshield performance in your last letter, but a group of investors would nevertheless like to strongly suggest that air-conditioning be installed by IPI as standard in all units without requesting up front payment from us. This would obviate the need the need to reimburse us, as you will of course be able to recover the money from additional rental of our units over a 5 year period.
We feel that air-conditioning will not only enhance the standard and reputation of our resort, but is in keeping with the standard of a 5 star resort. We would be grateful if IPI were to agree to this proposal - we would see this as a wonderful gesture of goodwill, given that we have been extremely patient with the ongoing construction delays.
Effect of Global economic downturn
We are all feeling the effects of the economic global downturn and are hopeful that IPI is coping well with the current economic downturn. To ease our worries it would be good if you were able to provide reassurance that IPI is in good financial shape.
Association of Owners
We are wondering how this is progressing, so an update on this would be appreciated.
Detailed Site Plan
To help us understand the various changes that have been made to the resort since its launch, we wonder if IPI is in a position to provide a detailed up to date site plan?
As you rightly stated in your last letter, we consider it best to bring our concerns to your attention rather than having lengthy discussions on a internet discussion forum. The most pressing issue for us currently is regarding installation of air conditioning - we are hopeful that you will take our suggestion on board.
We look forward to your response.
Best Regards,
Best Western Zafarana Beach Resort Investors Group
Monday 15 December 2008
Property Investment Guru Backs Egypt
Real estate mogul Sam Zell, chairman of Equity Group Investments and Equity International, is regarded as a wise voice within the industry.
According to him Brazil, Egypt, and China remain some of the best places for property investments as the global financial crisis drags on.
These countries have a shortage of affordable housing and infrastructures that support foreign investment, Zell told a forum in New York sponsored by the University of Pennsylvania's Wharton business school.
source: PropertyWire, 6 Dec 2008
Friday 12 December 2008
Facilicities at Best Western Zafarana
- Fitness centre
- Wellness centre with steam bath
- Swimming pools
- Tennis courts
- Diving school
- Water sport facilities
- Shuttle services to and from the airport
- In-house serviced laundry
- Limo service and car rental
- Children's playground
- Restaurants and bars
- 24 hour concierge, reception and room services
- 24 hour in house security services with manned gate
- Supermarket
- Boutiques
- Travel and excursion services
- Dive centre and water sports shop
- Private beach with house coral reef and two private jetties
- Internet connection in all apartments
Thursday 11 December 2008
Straight From the Horse's Mouth
About the Best Western Zafarana Beach Resort, as published on the IPI website:
The construction of the Best Western Zafarana Beach Resort is in full swing. The first completions will be in the first half of 2009 and in the spring of 2009 the complete resort will be fully operational. The resort was completely sold out in 2007, but there will always be apartments and villas available for resale. Please visit the estate agency section for currently available properties.
The Zafarana Beach Resort lies on an extraordinarily beautiful virgin diving lagoon, north of the Egyptian city of Zafarana and directly on the Red Sea Coast. In the near future the accessibility of Zafarana will increase while the preparations for the international airport, containing a 3.6 km runway, 30 km north of the resort in Ain Soukhna. Until the completion of the airport the resort will provide transport to and from all the existing airports. This transport varies from shuttle to limo services.
Best Western Zafarana Beach Resort offers ample opportunities for sports and recreation with numerous tennis courts, swimming pools, a fitness/wellness centre and dive school.
The wellness centre is a place for relaxation and rejuvenation, where you can truly enjoy your well-deserved holiday.
The water sports centre, which is situated near the ‘jetty', offers ample water activities. Here your options include windsurfing, sailing and of course, diving and snorkeling where you can be accompanied by experienced diving instructors.
The resort will also feature an open-air theatre with music and theatrical performances and an in-house entertainment team so the youngsters will never get bored. Additionally there is a day nursery and playgrounds.
Of course, there are various places to eat and drink in the resort. Menus will feature dishes from various international kitchens.
Throughout the resort you will find an array of shops for your daily needs, and the boutiques will provide the perfect place to source souvenirs and the perfect gift for that special someone.
In brief, the Best Western Zafarana Beach Resort offers a great deal of luxury.
Sunday 7 December 2008
Wednesday 3 December 2008
Zafarana a Property Hot Spot
"What makes this particular development unique is not just the tennis courts, spas, restaurants and swimming pools, but for divers it is the on-site dive school, dive shop and dive safaris that will be run from the resort."
A new luxury beach resort on The Red Sea at Zafarana Egypt is set to become a property hot spot in Egypt. The 5 star resort is one of a relatively new breed of developments emerging in Egypt and will attract divers, investors and holidaymakers to its virgin reefs and pristine waters.
Most people are familiar with the best known diving regions of Sharm El Sheikh, Hurghada and Taba. With huge numbers of visitors to dive sites in these areas, over recent years there has been a push to enable access to some of the more secret untouched diving locations in the Red Sea. One of these new emerging diving hot spots is located around Zafarana, situated in between Cairo and Hurghada.
The Red Sea is widely regarded as the premier diving destination in the world offering value for money, reasonable travel times and amazing reef and wreck diving opportunities. These factors also provide the basis for a booming property market with investors, holiday makers and divers taking advantage of the sound investment potential of property on the Red Sea Riviera.
Consequently, a luxury, five star, beach-front resort is currently under construction on the shores of the Red Sea near Zafarana. With 2,500 units the development will provide both holiday makers and experienced divers, the opportunity to explore areas previously not offered on a commercial basis. The Zafarana Beach Resort is one of a relatively new breed of developments emerging in Egypt, as savvy developers are creating high spec, European standard builds with first class facilities. What makes this particular development unique is not just the tennis courts, spas, restaurants and swimming pools, but for divers it is the on-site dive school, dive shop and dive safaris that will be run from the resort.
With three virgin reefs which have never been commercially dived, this development is an exciting prospect for all those looking to discover spectacular new locations to explore. The pristine waters are home to a vast array of marine life, from dolphins and turtles, to barracuda and a huge variety of sponges and coral. Furthermore the resort will provide day trip access to the multitude of wreck dives scattered along the coast from Zafarana to Ras Gharib, previously only accessible on stay aboard cruises.
The Zafarana Beach Resort is testament to the increasing popularity of the Red Sea Riviera as the number one medium haul destination for European holiday makers.
Zoë Waterhouse from Fairfax Investments explains, “ this is an amazing opportunity. There are three virgin reefs less than 50 metres from the private beach at Zafarana; it is definitely an opportunity not to be missed for sun seekers, families, divers and investors alike. We are always interested in developments which offer diving facilities and easy access to dive sites as this often results in greater rental yields and high capital appreciation. However, the facilities, virgin coral reefs, private beach and the incredible starting price of only €26,500 makes this resort unique”.
With the Zafarana Beach Resort currently one of the fastest selling developments on the Red Sea, the hope is that new developments will follow suit and allow people access to other secret places in this spectacular country.
source: simpligroupproperty, Tuesday, 04 November 2008
Monday 1 December 2008
Best Western Growth Timeline
The following has been taken from the Best Western website, please visit for further information.
1946 Best Western Motels was founded by M. K. Guertin, a hotelier with 23 years of experience in the business. The hotel chain began as an informal link between properties with each hotel recommending other hotel lodging establishments to travelers. The "referral system" consisted of phone calls from one front desk operator to another.
1951 In a guest editorial published in American Motel Magazine, Guertin spoke of the importance of advertising properties to the general traveling public. This was considered a very revolutionary approach in the industry.
1962 The Best Western Hotel Chain had the only hospitality reservations service covering the entire United States and Canada.
1962 Best Western began using the crown logo with a rope border to identify member properties.
1963 Best Western was the largest hotel motel chain in the industry with 699 member properties and 35,201 motel rooms.
1964 The group of motels east of the Mississippi River was incorporated as Best Eastern, Inc.
1966 The entire membership, Best Western and Best Eastern, joined under the Best Western name. A seven-person Board of Directors was elected by regional members to provide leadership and make policy decisions. Guertin retired.
1966 The organization moved its headquarters from Long Beach, California, to Phoenix, Arizona. The Board decided to relocate because of the savings involved in centralizing operations and the potential for further expanding membership services.
1966 A major expansion of Best Western services was announced. Changes included: Establishing a new hotel reservation center offering toll-free service for business commuters, travel agents and vacationers through arrangements with American Express; expanding into Europe, the Caribbean and the Pacific; increasing membership standards; opening sales offices in Washington, D.C., Montreal, Phoenix and Seattle; establishing tie-ins with airlines and representatives from other transportation industry members and investigating stronger infiltration of tour and business meeting markets.
1972 Properties were required to accept six major credit cards. Hotel reservations that were charged were considered "guaranteed" and a hotel room had to be held for the entire night. Properties had the right to bill for "no show" clients.
1974 Best Western Hotels decided to drop its referral organization image, eliminated the word "motel" from its name and began competing directly with other full-service hotel lodging chains.
1976 Best Western began its push for foreign expansion. Affiliation agreements were signed with 411 properties in Australia and New Zealand.
1977 To meet the demands of rapid growth, a multi-million dollar Best Western International Headquarters complex was designed and built in northeast Phoenix.
1977 The phrase, "world's largest lodging chain" became a part of Best Western's corporate identification and advertising theme.
1979 Best Western was accommodating 15 million guests and generating $1 billion in hotel room sales.
1980 Agreements were signed bringing 9 properties in Denmark, 120 properties in France, 19 properties in Finland, 23 properties in Spain, 19 properties in Sweden and 93 properties in Switzerland into the international hotel chain. By this time, Best Western's 903 international affiliates comprised 34 percent of the chain's total membership.
1980 Best Western membership rose to 2,654 hoteliers worldwide.
1981 In August, a satellite hotel reservations center was established inside the Arizona Center for Women (ACW), a minimum-security correctional facility in Phoenix. This innovative venture, employing inmates as reservations sales agents, answered the chain's business need for a flexible work force. The program brought numerous awards and worldwide attention to Best Western. The ACW satellite hotel reservations center closed in 1992.
1988 The Gold Crown Club® International Program for frequent travelers was launched in September. Within a year, it would report more than 200,000 members and sales of more than $40 million.
1993 The brand identity study, now complete, recommended the adoption of a new Best Western logo and identity. On Nov. 30, the members approved the adoption of a new logo and officially retired the Gold Crown logo.
1995 Best Western introduced its first hotel listings on the Internet at BestWestern.com. Full information on 150 member properties, including photographs, became instantly available via personal home computer. 2002 Best Western members implemented BestRequests®, a uniform worldwide package of amenities and services. 2004 Best Western launched the hotel industry’s largest High-Speed Internet Access (HSIA) initiative with the fastest implementation. In just eight months, the company established free wireless or hard-wired HSIA in some portion of the public areas, and at least 15 percent of hotel rooms, at all of its North American properties. 2004 Best Western became the first-ever Official Hotel of NASCAR®. The NASCAR® travel discount RaceFan®Rate was created. 2005 Best Western transitioned North American and international hotel reservations to a call center in Manila, Philippines. 2005 Best Western began averaging $1 million in online hotel reservations per day through www.bestwestern.com.
2002 Best Western members implemented BestRequests®, a uniform worldwide package of amenities and services.
2004 Best Western launched the hotel industry’s largest High-Speed Internet Access (HSIA) initiative with the fastest implementation. In just eight months, the company established free wireless or hard-wired HSIA in some portion of the public areas, and at least 15 percent of hotel rooms, at all of its North American properties.
2004 Best Western became the first-ever Official Hotel of NASCAR®. The NASCAR® travel discount RaceFan®Rate was created.
2005 Best Western transitioned North American and international hotel reservations to a call center in Manila, Philippines.
2005 Best Western began averaging $1 million in online hotel reservations per day through www.bestwestern.co
Thursday 27 November 2008
Update From The Recent IPI meeting
Hopefully all investors have by now received the minutes of the recent meeting held on November 16th. Here is a summary of some of the information provided by IPI in the Question & Answer session: