A detailed mailing has been prepared by Host Hotels which will be sent to all Limited Partners the week of February 21. Host has asked me to make the information available on the web site. You can now access the electronic version of Host‚s mailing on the What‚s New Page of the web site or from the Partnership Information Page. The mailing includes a multi-page cover letter, financial statements and a detailed series of answers to anticipated questions.
The majority of the information deals with two timely and important topics:
• Election of a new General Partner
• Proposed changes to the Reciprocal Exchange Program
Both matters will be presented for approval by the Limited Partners in the coming months.
Although Host expects to present both matters for a vote at the same meeting, the Board considers these to be entirely separate issues that are worthy of your thoughtful consideration.
Special Committees Appointed
In recognition of the importance of both of these matters, I have appointed two special committees to examine the details surrounding these issues and make recommendations to the Board. As president, I will serve as a non-voting ex officio member of both committees.
The Limited Partnership Agreement requires that compensation to a new General Partner be recommended by the Board of Directors and approved by all of the Limited Partners. Before the Board can make a responsible recommendation to the Limited Partners, we want to be certain that we have carefully weighed all the relevant considerations. The work of the committee will assist the Board in achieving this goal.
Serving on the General Partner Committee will be Board Members Jack Florio, Gary Torrence and Robert Zubenko. Also on the committee are former Board Presidents Brenda Kaplan, Joel Stein and David Bartholomew.
Changing the Reciprocal Exchange Program can have a material impact on our financial returns and the value of our investments. The Reciprocal Exchange Committee is composed of Board Members Charlie Clist, Christopher Gable and Biffie Kelly joined by former Board President Connie Clark.
The Board of Directors invites your input
The Board wants to hear from you. Please share your comments or questions about the General Partner Transition, Reciprocal Exchange Program or any other concerns you have. You can reply to this email and your message will be sent to firstname.lastname@example.org and then forwarded to us.
The Board will next meet on Thursday, March 2, 2017 at 4:00 p.m. MST. To listen to the meeting call 800-567-5900. When prompted, key in the access code 5340985.
We will continue to keep you informed about these and other matters affecting your Camelback investment. Please continue to watch your inbox and check the Camelback owners web site for the latest updates.
Thank you again for your participation and support of Camelback Inn.
With kind regards,
Council of Co-Owners
Marriott Resort Hotel Condominium ‚" Camelback Inn