Owners Concerns regarding the sales process - Les Arcs 1950

Robert

I am emailing you further to our telephone conversation on 2 February 2006, as I have heard nothing further from you.

During our conversation we discussed the issues that I wished to discuss with ITW on behalf of the owners that I represent. You may recall that these included :


“SECTION 2” ISSUES

a) The apparent differences between the service level model that HMC feel they are contracted to supply, and the service levels sold to the owners when they purchased their apartments.
b) The issue relating to the end of the initial HMC lease. Currently, under French law, HMC are entitled to extend the Lease or to be paid compensation. ITW indicated during the sales process that they would pay any compensation arising, but this issue requires clarification.
c) The realisation that the "Rental Return" model is materially likely to be less than ITW indicated during the sales process.
d) Issues relating to problems with owners apartments arising from the initial building stage, but which have not yet been addressed satisfactorily.
g) The position regarding the provision of Child Care facilities
h) The Apartment sales process - general "overselling"
I) The amount to be spent by HMC on refurbishment. (something between 0% and .6%) ?

“SECTION 3” ISSUES 

a) Resort Club
b) Fabric of Buildings Issues

During our conversation, you indicated that you felt that I was being unfair to ITW, and that I was never going to be satisfied with the resort, and that I should consider selling my apartment. I tried to point out to you that the issues that I wished to address were on behalf of a large number of owners who felt that they had been "oversold" and let down by ITW.

My fear is that if ITW continue to avoid addressing these issues, then some owners will take matters into their own hands and commence either legal action, or a concerted PR campaign that would be designed to highlight the shortcomings of ITW when they establish a new ski resort (this latter option is already rumoured to be under way).

I am obviously waiting for confirmation as to when you would and your designated ITW representatives would like to meet to discuss the above, and look forward to your early reply.


Kind regards


Nigel J Campling FCA
Owner - Apartment 251 - RdM
www.camplingand.co.uk