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
Saturday, 21 February 2009
Reply from IPI
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