Grand Georgian Refurbishment eeting

Transcription

1 Grand Georgian Refurbishment Owner UpdateMeeting eeting

2 Today s Meeting -Forward Focus Briefest history of how we come to be here Where here is Identify what is at stake A picture paints a thousand words A new proposal Questions from the floor

3 In the room GG Board representation Emily Sparling, Refurb and Asset Coordinator HOS James Henry, VP, Hospitality Kevin Kingsbury, Director, Lodging Perry Ford, Manager, HOS Sharon McSweeney, Asset Coordinator, HOS

4 Where have we been? We started communicating in Sept 2016 Committee formed in full consultation with previous board Dec 2016 Establish concept, scope and initial costs. V1 budget sent. Feb 2017 Town Hall meeting to discuss budget and scope concerns. March 2017 Revised Packages sent with reduced admin fee BMR absorbs design cost. May 2017 Town Hall meeting todiscuss revised budget and next steps. Survey offered and accepted May 2017 Survey completed and results sent to ownership June 2017 GG AGM and Board Election July 2017 Communicating as we worked on go forward August/ Sept 2017

5 So, where are we? Stalled? Far from it We have been managingthe concerns of some owners and creating new ways to move forward We have been focused on finding an essential solution Listening and taking into account what we have heard Most vocally opposed agree the refurbishment is necessary Cost and timeline has been the issue

6 Impact of the current state Guest feedback Group organizer feedback Long term customers Group business impact Hard to recover

7 A picture paints a thousand words Computer generated renderings of original concept

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11 Combined responses Acknowledgement Forms & Survey Yes Not moving forward Have not heard from 6% 14% 80%

12 Acknowledgments received Acknowledgement Forms Received 24% * 76% * = no + survey yes + not heard from

13 PIP PropertyImprovementPlan Breaks down refurbishment into smaller, more frequent phases This plan proposes a 4 year rollout Incremental calls on Owners funds are smaller but more frequent A widely used model in the hospitality industry Can introduce some inconsistency A mix of new, newish, older and old Building never gets a grand reveal and relaunch Some loss of scale efficiencies Shipping Contractors Out of Orders, etc. Cash flow vs. Guest impact

14 A Proposal 4 Phase (PIP) Approach for GG Soft and case goods -split between 3 phases -followed by kitchen and bathrooms One bigger up front phase Two smaller phases to follow One, scaled back, kitchen and bathroom phase Four phases 4 years Cycle restarts at a point to be determined Provides greater certainty/predictability as to costs of ownership into future years Phases 3 and certainly 4 decision not required right now Universal model?

15 PHASE ONE

16 SCOPE Paint (walls/ trim) Carpet Fireplace screen Artwork Sleeper sofa Lounge chair Dining sets Coffee table End table Bachelor 6,900 1 Bedroom 8,000 1-Bedroom with Den 11,600 2-Bedroom 11,700 2-Bedroom lock/off 12,800

17 PHASE TWO

18 SCOPE Decorative lighting Overhead lighting Mattress/ box/ frame/ bedding Desk Appliances Bachelor 4,000 1 Bedroom 4,400 1-Bedroom with Den 4,400 2-Bedroom 5,800 2-Bedroom lock/off 6,200

19 PHASE THREE

20 SCOPE Window Treatments Full length mirror Dresser Headboard Night stands Television Patio Furniture Bachelor 2,600 1 Bedroom 4,500 1-Bedroom with Den 4,800 2-Bedroom 6,500 2-Bedroom lock/off 7,300

21 PHASE FOUR Scaled back kitchen and bathrooms

22 SCOPE Bathroom: Bath tub as needed only Shower doors Vanity top Vanity sink & tap Bathroom accessories Shower curtain Bathroom ceiling fan Vanity light Vanity mirror Painting, drywall, caulking Kitchen: Cabinet hardware Counter top Sink as needed only Faucet CONSIDERATIONS/ OPTIONS Tile on tile Shower surround Bachelor 4,600 1 Bedroom 4,700 1-Bedroom with Den 5,200 2-Bedroom 8,100 2-Bedroom lock/off 8,900

23 What is not in kitchens and bathrooms Construction and demolition Floor tile New cabinet doors Shower conversions Vanity cabinet Kitchen backsplash Tub surround New plumbing

24 Phase 1 Fall 2018 Bachelor 1 Bedroom 1 Bedroom plus Den $6,900 $8,000 2 Bedroom 2 Bedroom lock off $11,600 $11,700 $12,800 Phase 2 Fall 2019 $4,000 $4,400 $4,400 $4,800 $6,200 Phase 3 Fall 2020 $2,600 $4,500 $4,800 $6,500 $7,300 Phase 4 Fall 2021 $4,600 $4,700 $5,200 $8,100 $8,900 ALL PHASE TOTAL $18,100 $21,600 $26,000 $32,100 $35,200 %Reductionover previous estimate 28% 23% 22% 23% 26%

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