Here are my notes from the Club O update given on BNB
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A couple who owns and is on the board gave a detailed update to a packed crowd aboard the boat.
Structural engineers inspected each unit.
60% of units destroyed or beyond economic repair.
40% may be salvageable.
Two entities. Hotel company and owners association.
They have a phased plan put together for rebuild.
Phase 1 Stretch goal is to have 30 of those which are owned by the hotel company open by year 2018 end. Again a stretch goal. They believe hotel company has the funds to do so.
Phase 2 is the other salvageable units that are owner owned and subject to insurance and personal decisions to put more owner money in to rebuild.
Insurance is being negotiated. Under French insurance you hire an insurance agent who in the end gets a percentage.
They had just switched insurance two years ago as their previous long time carrier exited St Martin market.
They just let a contract for debris removal. This has been a long process reviewing/rejecting bids and the price is substantial. 100k’s
They have architects drawing up concepts and negotiating with local govt. Govt rqmts are fluid at this point.
They do know anything within 80meters of high tide is now considered high risk zone.
This is true of all orient.
Possible requirement for previously floating slabs to be anchored into bedrock. Safe rooms may be necessary on premises. Each unit, scattered communal or 1 large TBD.
Luckily club o was closed but what if they were not?
Question was raised and tiny thought to a hotel like building inland in addition. The last phase of rebuild.
Debating pros/cons of booking to public utilities.
Club O utilities were more reliable,economical and efficient. For instance the electrical plant heat made the hot water. The treated grey water watered the plants.
The current electrical system is not compatible with public utilities.
Some engineer owners are looking into rebuilding their own utilities.
Most owners want to rebuild units if they can. A few may drop out.
There were about 12 units for sale at time of storm.
A May owners mtg will have some votes on the rebuild.
The chair concession and perch lite are not club orient run operations. It is ad hoc by some employees.
There is NO club o security at present.
Club O is closed at the moment.
French labor law requires payment of employees at some level even while revenue ops are ceased.
24 hour Security was largest expense line item in the hotel budget.
Refunds are being made by hotel company.
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