Q & A concerning Capital Vacations
Q- Did Capital take over the Islander Beach Resort?
A- Capital did not take over the property nor do they own the property. Islander Owners still own the Resort and Capital Vacations is the new property management company for the Resort. The Board of Directors also made arrangements with Capital Sales and Marketing to purchase the foreclosed upon inventory, which reduces the bad debit on the Association books. This keeps down your Annual Assessments and allows Capital Vacations to offer Owners an opportunity to join Capitals Vacation Club which has multiple other options to travel outside of your week here at the Islander.
Q- How much of the Islander does Capital own? And if 51% of the owners convert does that mean Capital now owns the resort?
A. The Islander has 5814 unit weeks that were sold and each person on these deeds is an Islander Owner. In order for anyone or any company to own the Islander they would need to acquire a deed from every existing owner. Capital has a 3 year agreement with the Islander in which they purchase 200 intervals a year, thus a total of 600 units. For Capital to control the Association, they would need to hold a majority of the seats on the Board of Directors. Capital has no plans to take over this resort and your current Board has restrictions in place so Capital Management can never have a majority on the Board of Directors.
Q- Is Capital going to raise our Annual Assessment?
A-Islander Annual Assessments are controlled by the Islander Board of Directors.
Q.-Is the Daily Use Program ending?
A-The Board of Directors has no plans to end the Daily Use Program.
Q-Do we have to join the Capital Vacation Club program?
A-Owners are not required to join the vacation club.