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Marriott’s Phuket Beach Club
Advisory Committee Meeting 2 November, 2018
A regular meeting of Marriott’s Phuket Beach Club Advisory Committee was held on 2 November 2018, at JW Marriott Phuket Resort & Spa, 231 Moo 3, Tambol Maikhao, Ampher Talang, Phuket, Thailand 83110.
Present from the Advisory Committee were: Barry Parsons, Chairman; Joanne Taylor, Vice Chairman; Dirk von Wahl, Member; David Johnston, Member and Tracey Gramlick, Member
Present from Marriott Vacation Club® International, representing the Management Company, were:
Christian Broby, Vice President, Market Operations and Asset Management; Ignacio Munoz, Regional Director of Resort Operations, Asia Pacific; Craig Chilton, Regional Director of Finance, Resort Operations Asia Pacific; Olivier Le Quinquis, General Manager; Napaporn Khuhaprema, Director of Finance;
Matthias Sutter, General Manager, JW Marriott Phuket Resort & Spa; Worawit Duangkae, Market Chief Engineer and Nittaya Champa, Resort Operations Administrative Assistant
CALL TO ORDER
Barry Parsons, Chairman, called the meeting to order at 09:00 a.m., Thai time.
ESTABLISHMENT OF QUORUM
With all Advisory Committee Members present, quorum was met.
APPOINTMENT OF RECORDING SECRETARY
Mr. Parsons appointed Nittaya Champa to serve as Recording Secretary.
APPROVAL OF ADVISORY COMMITTEE MEETING MINUTES
A motion was made by Joanne Taylor to waive the reading of the 4 May 2018 Advisory Committee Meeting Minutes and approved as presented. The motion was seconded by David Johnston and unanimously carried.
APPROVAL OF NOMINATING COMMITTEE MEETING MINUTES
A motion was made by Tracey Gramlick to approve the 18 May 2018 Nominating Committee Meeting Minutes as read. The motion was seconded by David Johnston and unanimously carried.
ACTION POINTS LIST
The Action Points List from the previous meeting was reviewed. Highlights included:
▪ Elevator will be refurbished with actual design to save cost after the 2018 soft good renovation is completed; a full elevator cabin replacement project is scheduled in 2021
▪ HVAC replacement will be completed over the next four years, three buildings (36 units) per year beginning in 2019
▪ Purchase of new gym equipment, a Marriott International shared project, was approved and moving forward
▪ JW Marriott Phuket Resort & Spa Hotel Agreement auto renews twice; each renewal is for a ten-year period
▪ Food and Beverage promotions will be more clearly presented
▪ Owner Listed for Rent (OLFR) and Thailand Tax ID process is under review by the Management Company
▪ An updated Volunteer Form was presented; the Advisory Committee suggested additional items be added; Management will inquire if these items can be included on the online volunteer form and report back to the Committee.
▪ Generation Water Project will be implemented in early 2019; the Advisory Committee agreed to use of the 0.5-liter bottle; an update on usage and costs will be presented at the next meeting
RESORT OPERATIONS REPORT
Olivier Le Quinquis presented the Resort Operations Report. Highlights included:
▪ 2017 and 2018 occupancy were presented; 2018 budgeted occupancy is 93%
▪ 2017 and 2018 occupancy breakdown were presented
▪ Three-year comparison of reservations by countries was presented
▪ 2017 and 2018 Guest Satisfaction Survey (GSS) results were presented as well as strategies and action plans to achieve the year-end goal
▪ New and ongoing initiatives included:
o The weekly Owners Forum, along with an additional forum, will be held in Japanese during Japanese Golden Week
o A heavy-duty dehumidifier will be added as part of preventative maintenance to be rotated amongst high humidity rooms (based on occupancy) to run overnight
o Previous procedures put in place, such as Courtesy villa visits, Problem Elimination Committee, Guest Relations team, and Housekeeping services, will continue to evolve and improve
o Guest Relations team makes pre-arrival calls to Owners with the goal to ensure better service and anticipate Owners’ needs to maximize on-site resort experiences
▪ An update on 2018 projects was presented
▪ Internet speed will be increased from 140Mbps to 300Mbps in 2019
▪ HVAC project will be spread over four years, beginning in 2019 and three buildings completed until 2022
▪ An estimation to install solar panels for hot water was presented but is not feasible due to limitation of providers in Phuket and return of investment; the Advisory Committee suggested Management conduct an annual review on adding solar panels
FINANCIAL UPDATE
2018 Financial Results and Cash Position
Napaporn Khuhaprema presented the 2018 Financial results. Highlights included:
▪ On-site operations savings were driven mainly by four items: service charge, lower staff turnover, delay of Generation Water project to 2019, and mid-year Advisory Committee Meeting held via Skype instead of in person
▪ Corporate-related expenses were higher than budgeted due to higher regional allocations, which were partially offset with savings from lower insurance expenses
▪ Savings in utilities of 1.66M THB were mainly attributed to lower consumption of electricity due to air conditioners and appliances being turned off during the soft good renovation
▪ Surplus in corporate income tax (CIT) was due to Reserve-driven portion of CIT being transferred to Reserve as previously agreed
▪ Saving in property tax was due to a lower increase than anticipated in the budget
▪ Other revenues were mainly driven by higher than budgeted occupancy-related income due to additional income from rental of week 53 and Interval International weeks
▪ Cash position of 2018 was presented
2019 Budget versus 2018 Budget
Ms. Khuhaprema presented the 2019 Budget versus the 2018 Budget. Highlights included:
▪ The increase in on-site operations was driven mainly by the addition of Director of Rooms and promotions in Engineering and Housekeeping, which were partially offset by the decrease in service charge; maintenance and landscaping expenses were budgeted to increase by JW Marriott Phuket Resort & Spa to maintain the resort to brand standards
▪ Corporate allocations increased by re-classifying expenses from on-site operations and insurance expenses; these increases are expected to be offset with gain in exchange rate for Owner Services costs to be charged in US Dollars
▪ Increase in utilities was driven mainly by increased internet speed, additional fees for digital televisions, higher electricity rate offset with savings from lower consumption in water and lower renewal price of pest control contracts
▪ To minimize an overall increase in Club Dues, a plan of conducting the 2019 mid-year Advisory Committee Meeting via Skype and a proposal of decreasing Reserves by 0.37% was introduced
A motion was made by Barry Parsons to approve the proposed annual budget of Club Dues in total amount of 273,835,466 THB, a 3.45% increase, and Maintenance Fee of 36,924.95 THB per unit week. The motion was seconded by David Johnston and unanimously carried.
Club Dues Receivable and Delinquency Update
Craig Chilton presented an update of the Club Dues receivables from January to September 2018
▪ Lower receivables of 2018 was 3.7% compared to 4.3% in 2017
▪ Year-end 2018 receivable level is expected to be similar to that of 2017 at 3.4%
Reserve Projects and Cash Flow Statement
Mr. Chilton presented the projection of cash flow for Reserve and Mr. Le Quinquis presented an update on Reserve projects. Highlights included:
▪ The ending balance of 2018 Reserve fund was forecasted to be 93.5M THB, higher than forecasted in May 2018, driven by lower spending of JW Marriott Phuket Resort & Spa and savings in 2018 resort projects
▪ Although 2019 Reserve contribution was proposed in the annual budget, there are potential savings from Reserve projects in the future and spending by JW Marriott Phuket Resort & Spa was not expected to be as high as the proposed amounts in the cash flow projection, possibly increasing the cash balance in future years
▪ An estimated savings of 35% was driven by the savings of the soft goods renovation
▪ Vingcard door system project was postponed and will be installed in conjunction with JW Marriott Phuket Resort & Spa
▪ Air handlers project was moved to 2019 to be installed in conjunction with the new air conditioning project
Appointment of Auditors
A motion was made by Barry Parsons to approve appointment of PricewaterhouseCoopers as auditors for 2018. The motion was seconded by Joanne Taylor and unanimously carried.
ELECTION RESULTS
Mr. Le Quinquis announced the election results:
▪ Barry Parsons and Martin Franz Berlin were elected, each to serve a three-year term on the Advisory Committee with 1,473 votes and 1,386 votes accordingly
On behalf of Advisory Committee, Mr. Parsons acknowledged and thanked Dirk von Wahl for his dedication and contribution made during his three years on the Advisory Committee.
A motion was made by Tracey Gramlick to elect Barry Parsons as Chairman and Joanne Taylor as Vice Chairman for 2018-2019. The motion was seconded by David Johnston and unanimously carried.
NEW BUSINESS
Management reported Marriott Vacation Club Renaissance in Bali Nusa Dua is expected to open in 2020 and the Management Company is seeking other opportunities in Asia Pacific.
Establishment of 2019 Advisory Committee Meeting Dates
The 2019 Advisory Committee Meetings are scheduled for 7 June, 2019 and 1 November, 2019.
ADJOURNMENT
There being no further business to come before the Advisory Committee, Mr. Parsons adjourned the meeting at 12:17 p.m.
Submitted by: Approved by:
_____________________________________ _____________________________________
Nittaya Champa Date Barry Parsons Date
Recording Secretary Chairman
These minutes are subject to approval at the next Advisory Committee Meeting
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