June 12, 2023
Dear :
I hope this letter finds you well. I am writing to inform you of an important decision we have made regarding the future of The Atrium Resort.
Through the years, we have strived to keep maintenance fees low and special assessments at a minimum to provide value to our owners. Unfortunately, the association’s financial position has worsened over the years due to a declining owner base, which accelerated during the pandemic, and an increase in timeshare exit scams. Our aging property requires significant repairs, including replacement of the cooling tower, a new roof, air conditioning, water heaters, exterior resealing, flooring, street repaving, and various renovation projects from standard wear and tear. This essential work will require a sizeable special assessment, as our reserve funding is insufficient.
After much counsel, review, and discussion, we are offering another option as an alternative to a large special assessment. As you may know, VSA manages two beachfront properties nearby: Ocean Sands Resort and Ocean Key Resort. In addition to their desirable beachfront locations, these resorts have more on-site amenities, such as restaurants and larger pools. Please see the attached information for more details on these properties.
VSA has agreed to offer Atrium owners the option to transfer ownership into Ocean Sands Resort or Ocean Key Resort.
· You will only pay a small deed-processing fee if you switch to a week in the same season (e.g., if you own Week 11 at The Atrium and you switch into Week 12 at Ocean Key).
· If you prefer, you can purchase an upgrade to a higher season or transfer to a sister resort in a different location, such as Florida, New Orleans, Arizona, or Montana.
· If you have an outstanding mortgage, it will be transferred to your new deed.
· If you do not have an outstanding mortgage, you have the option to return your Atrium deed to VSA.
We understand that choosing to relocate your ownership may bring up questions. Beginning June 13, we will be organizing individual meetings, both via telephone and in person at The Atrium, to discuss your options in detail. These meetings will provide you with an opportunity to explore the benefits and advantages of migrating your ownership, tailored specifically to your individual account. We highly encourage you to schedule an appointment at your earliest convenience to ensure a time that suits your schedule. To do so, please visit bit.ly/the_atrium_resort, where you can easily book a phone meeting with one of our owner representatives. If you have any questions, reach out to our dedicated team at 877-704-2607.
If you elect to keep your ownership at The Atrium, you will receive further communication from us on the repair and renovation funding schedule. We want to be straightforward with you. We expect the shared costs of these projects to be substantial, and we recommend that you discuss your options with a VSA specialist so you can make the best decision for your family.
If you decide to switch to a sister resort, you will be joining a more financially robust resort with a larger ownership base, so you may continue to vacation at a good value. Thank you for supporting your association throughout the years.
Sincerely,
Joe Cantrell | The Atrium Resort Board President
