MonteLago Village FAQs |
MonteLago Village
Frequently Asked Questions
Who is Intrawest Hospitality Management (IHM)?
IHM is a company Intrawest has formed to offer rental management services for a portion of their lodging properties. Currently, Intrawest is involved in the operations of 12 different resorts in Canada and the U.S., including such resorts as Whistler/Blackcomb and Panorama Resort, British Columbia; Blue Mountain, Ontario; Mont. Tremblant, Quebec; Stratton Mountain, VT; Snowshoe, WV; Sandestin, FL; Copper Mountain and Winter Park, CO; Mammoth and Squaw Valley, CA; Lake Las Vegas, NV; and others. IHM and its affiliates manage nearly 7000 homes across all of Intrawest’s resorts. For more information on Intrawest, please visit Intrawest’s website at www.intrawest.com.
What is IHM’s management fee?
IHM splits the gross revenue on a unit 50/50 with each owner based on the individual unit’s production. With our 50% we handle all expenses for running our lodging operation, including:
• Marketing, sales and public relations team, appropriate for the rental of these units. Corporately this includes full-time sales people in conferences/meetings, international and national destination sales, groups and leisure lodging sales. It also includes teams of specialized internet and database marketing professionals to help drive demand for our lodging units across the network.
• Conference services and facilities
• A dedicated lodging revenue management team to help maximize rental income for our homeowners
• Centralized 24-Hour Reservation Call Center
• Providing a high level of housekeeping to our rental guests on a daily basis. Owners do not pay for housekeeping services for rental guests (please see Schedule B in the Rental Management Agreement.)
• On site maintenance staff to repair, replace, and maintain the units & public areas.
• A front desk located at Viera with fully uniformed staff, 24-hours per day.
• Business services available with fax, photocopier and computer services for all guests.
• Peak hour bell and concierge services.
• Packaging of our rooms with a variety of activities (golf, spas, boat rentals, weddings, etc) to help drive occupancy.
• On-site PBX telephone system connected with front desk computer and voice-mail. In-room telephones have data ports for use in high-speed connection to the Internet. No charge to owners for local, 800 number calls.
How much can the Owners use their unit? Are there any restrictions? What is the booking policy?
As far as IHM is concerned, the Owner can use the unit as much as he/she wants. There is an explanation of Owner use in our Rental Management Agreement. (Please see Article I, Section B.) Twice per year, you will receive an Owner Calendar. If you know the dates you will be here, simply print and fill out the calendar and send it back to us. If you would like to make a reservation with less notice, you can personally phone in a reservation to the Owner Relations Manager. We will always try our best to fulfill an owner request.
NOTE: You must understand that owner occupancy reduces the overall opportunity for revenue and this is even more dramatic during peak occupancy periods. Back to the supply and demand theory, when demand is the highest (many holiday weekends), the potential revenue we can achieve is also by far, the highest. This should be considered in determining dates for your personal use.
What rates will be charged to rent my unit?
Our goal is to occupy the units at the best rate the current demand allows. We create prices based on many factors, but the main influence is simply supply and demand. On the days where demand is high we, will maximize on that demand with higher rates. On the other hand, on the days where supply is high we will offer a very competitive rate. In both these situations we win as the units are occupied and therefore we are receiving revenue.
IHM’s Revenue Management team will use its best pricing judgment, which may include increasing or decreasing these rental rates. The mix of the types of rentals and guests will affect the overall nightly rate, but in general terms, the nightly realized revenue will be at the maximum level we can achieve without turning business away. (Please see Schedule C in the Rental Management Agreement.)
How is the rate structure determined?
IHM’s Revenue Management Team, with the MonteLago Village, completes a VERY comprehensive pricing and competitive analysis before determining the rate structure at MonteLago Village. Together we take into consideration the proximity to the many services and amenities that surround the condominiums, as well as the amenities that are on-site. The rates are set according to what we determined should be charged for the level of accommodations and services provided. The rates are not static, with so many factors influencing a buying decision for our guests, we would be remiss to simply create rates once a year and then not touch them until next season rolls around. Rates are constantly re-examined to ensure we are ALWAYS maximizing the revenue the units generate for our homeowners.
Here are some of the many features and services the property provides that influence what rates are set:
• Concerts, Movies, Free Water Taxi, and other special events and activities
• Year-round heated outdoor hot tub and pool.
• High-speed Internet connectivity.
• 24-hour front desk.
• Peak-hour Bellman and Concierge staff.
• Daily housekeeping with superior amenities package including coffee, bottled water and daily newspaper.
• Availability of underground parking.
• Proximity to MonteLago Village and the lake.
• Children’s game room
How often will our unit be rented?
We cannot in any way predict or guarantee occupancies or revenues. However, we can share with you figures based on our history (we first opened for business at MonteLago Village in late September 2003) along with historical information from other local lodging establishments and other resorts where we perform rental management services. Generally at our other resorts, this type of lodging product has been achieving 32 - 55% occupancies annually depending on the maturity of the resort. We also have good data on “average” annual occupancies in the Lake Las Vegas Resort area. In general, the collective average occupancy in the immediate area has varied greatly depending on a number of factors. The successes at the best hotels are due to their efforts in marketing and sales to tour operators, travel wholesalers and travel groups as well as actively soliciting and hosting corporate groups in their conference facilities. It is our goal to help drive occupancy by actively marketing to wholesale and tour operator companies that are an excellent source of extended stay bookings, rounding out occupancy throughout the year, especially during the quieter periods. Using these and other distribution networks can account for up to 40% of all room nights achieved. Also, the inclusion of meeting space in Viera and MonteLago Village helps drive occupancy. Please see the enclosed marketing synopsis with more details on our marketing plans.
How does housekeeping work?
Since housekeeping and maintenance of the unit are such an integral part of the guest experience, we devote substantial management time to quality control. We perform inspections by trained managers to ensure that the quality of cleaning and unit presentation meet our high-level service standard. For our rental guests, daily housekeeping, and towel change are provided. IHM pays for all housekeeping costs and services, including all laundry, guest supplies and amenities, as well as labor for such services provided to rental guests (please see Schedule B in the Rental Management Agreement.)
How does maintenance work?
As set forth with more particularity in Article III (G) of the Rental Management Agreement, IHM is responsible for the routine maintenance and repairs of the interior of the unit, and the Owner is responsible for non-routine maintenance and repairs of the interior of the unit. Quick and efficient response to your unit’s maintenance needs is one of our major objectives, and to that end IHM (a) responds to maintenance requests from you and the rental guests; (b) conducts on-going preventative maintenance inspections; (c) maintains an inventory of commonly used repair items and tools on the property; and (d) radio dispatches maintenance personnel for quick service to you and the rental guests (Please see Schedule B of the Rental Management Agreement.)
How are damage / theft treated in the unit? Who pays?
If any damage or theft should occur within a unit, IHM will endeavor to attach the damage or theft to the Rental Guest who caused it, and charge them accordingly. If this cannot be done, to the extent there is damage and/or theft to the unit or any of the personal property identified on SCHEDULE E of the Rental Management Agreement, and to the extent such damage and/or theft is caused by a Rental Guest of the unit, a guest of any Rental Guest of the unit or an employee or agent of IHM, IHM shall pay (a) the first $500 of the repair or replacement cost incurred by Owner as a result of such damage and/or theft; or (b) if Owner files an insurance claim in respect of such damage or loss, Owner’s insurance deductible up to $500. Notwithstanding the generality of the foregoing, IHM shall not be responsible for any costs relating to loss or damage due to smoking in a unit that is designated as a “Smoking Unit.” (Please see Article V, Section B of the Rental Management Agreement)
What is covered in the Home Owner’s Association (HOA) fees?
Operating in its capacity as rental manager, IHM has absolutely no control or influence over the HOA. Management of the condominium is governed by a separate agreement between a property manager (not necessarily the same entity as the rental manager) and the HOA. The annual budget and levels of service for the condominium are determined by the HOA’s board. All owners are required to pay their allocated share of HOA expenses, which represent the overall costs of operating and maintaining the building, whether they are participating in a rental program or not. HOA fees cover, among other things, expenses for electricity, gas, water, sewer, cable television, landscaping, garbage removal, pool and hot tub maintenance, elevator maintenance, reserve fund, administrative (legal, accounting, management) insurance, common area maintenance and utilities, and common area property taxes(to the extent such taxes may be separately assessed). A detailed account and list of these items can be found in your HOA documents.
Do I need additional insurance coverage?
To participate in the rental management program, an Owner must obtain certain insurance. Specific instructions and minimum amounts are detailed in the Rental Management Agreement. The cost of this insurance is the responsibility of the Owner. (Please see Article V, Section D/Paragraph 1 of the Rental Management Agreement).
How does IHM decide which units get rented first?
When a guest calls and requests a particular size, location, feature, view or type of unit, we will do everything possible to fulfill our guest’s needs as best as we can. When a guest calls and has no particular request, our sophisticated property management system, the Springer-Miller System, distributes rentals on a fair and equitable basis, making sure that there is parity among all rental unit types while taking into consideration Owner use.
Can we make our unit a non-smoking unit?
Each Owner has the right to designate their unit as a “smoking” or “non-smoking” unit. On the last page of your Rental Management Agreement, you will find the section where you will indicate your choice. Although IHM cannot guarantee that someone will not smoke in a non-smoking unit, it is our experience that most people honor that request.
Can we add personal items to the décor of the unit?
We really try to limit the number of personal items in the units. The reality is that most rental guests consider this as public accommodations and not a residence. The décor should reflect this. It is also important when renting to corporate and business groups that all units are virtually identical. This adds to the ease and comfort of dealing with these groups, and it is what they expect. Also, personal items are too hard to keep track of and may go missing. We cannot therefore, guarantee the security of these kinds of items. If you would like to have these types of items when occupying your unit please feel free to do so. Prior to your departure, simply store them in your Owner’s closet. Please call if you have any questions regarding this policy.
Do I need to do anything about telephone service?
As a convenience and courtesy for owners, IHM has activated phone service in all of the units. There is a $50 monthly fee for this service that includes two lines of service, voicemail and unlimited high speed Internet access. This phone service is integrated with our reservation system and allows us to properly track and bill rental guests for their long distance calls.