Page 10 - virna2017april-june

STONERIDGE RESORT
16 17
APRIL – JUNE 2017 RESORTDEVELOPER.COM VACATION INDUSTRY REVIEW
This is exactly the type of resort renovation championed by Jan
Samson, senior vice president of corporate and business development
for Vacation Resorts International (VRI), which offers resort and
homeowners’ association–management services to the shared owner-
ship industry. “It’s not just about replacing what you have,” she says.
“Ask yourself what new buyers will want that you don’t have. If your
resort doesn’t have adequate Wi-Fi, for example, it’s a no-go for many
vacationers.”
Scrimping on maintenance to keep fees low is a losing strategy.
“Often, we see legacy resorts with board members who haven’t raised
maintenance fees in years,” she says. “Their owners are aging out, and
they can’t attract new buyers or renters. They’re headed for a down-
ward spiral. Renters can be great leads for new owners, but if they
don’t enjoy their stay, they won’t buy.”
In an ideal world, all resorts would have adequate reserves and
could pay for improvements from their reserve funds. Often, however,
that isn’t the case. “If your resort has not reserved appropriately and
doesn’t have the funds available, do your due diligence in creating a
long-term plan. You can then consider a loan, a special assessment, or
a combination of the two,” Samson advises. “The key is to have a plan
you can share with your owners. We all dread special assessments,
but if you don’t keep your resort updated, you’ll eventually regret it.
Guests want to visit a resort that’s clean, comfortable, and updated. If
the bed has a dip in the middle, the couch is worn and sagging, and
appliances don’t work, they won’t be back.”
Mariner Beach Club: Beach Revival
A few years ago in St. Pete Beach, Florida, it seemed that Mariner Beach
Club’s heyday was way behind it. The two-story, 30-unit property had
LEGACY MATTERS
Keeping Current
Rejuvenated Legacy Resorts
Ready for the Future
MARINER BEACH CLUB
Before
There’s a new energy at Stoneridge Resort
in Blanchard, Idaho. “It’s so fun watching people
arrive at the front desk,” says Cindy Thomas, gen-
eral manager. “One person comes in and looks
amazed, then their spouse walks in and they say,
‘Wow!’ to each other. It’s just created this excite-
ment from owners and first-time guests alike.
They don’t see this resort as 35 years old.”
The cause of the excitement is clear: a total rethinking of the resort that has not
only refreshed its appearance, but has also refreshed its function and value to owners.
So much so, in fact, that resales have been invigorated and owners are returning.
BY JUDY KENNINGER
Before