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Q: Who is the new owner of the Royal? A: Golden West Properties of North Hollywood, California. Q: I heard at the last owner’s meeting that the current building owner was no longer going to operate the Royal as a hotel. What does that mean to me as an owner? A: Please see the board of directors letter: Click Here. It addresses your question and explains that the HOA’s will continue providing hotel operations at the Royal. The board hopes to make this owner decision transparent to the owners. Q: Who is operating the Royal Resort? A: Trading Places International is currently managing the Royal Resort and continues to manage the Right-to-Use and Deeded Owners Associations. Q: If I was a Right-to-Use (RTU) owner and tried to convert to Deeded, but have not yet received my Deed, am I still a RTU owner? A: Please contact TPI at 866-218-2793 x203; you’re most likely still a RTU owner. Q: What if the new owner tries to sell the property, how does that affect us owners? A. New buyers would have an obligation to the existing 5000 owners. We can only be dissolved as an association if 75% of members in-good-standing vote to do so. Q: In the budgets I often see, “Reserves Account”, what is that? A: We are a non-profit association and place any excess funds there to satisfy the IRS as well as to accumulate funds for the replacement / repair of the building / equipment / furniture. Q: The Letter from the board discusses the removal of Cosmos restaurant and the Lobby bar vendors. Have replacements for either been identified yet? A: The lobby bar vendor vacated the Royal in Summer of 2009 and Cosmos restaurant should be off the property by March 2010. Replacements have not yet been found but are being sought for each. As soon as replacements are identified the HOA Newsletter will announce it to the entire Association family. |