NOB HILL INN
San Francisco, California
Located in scenic San Francisco, the Nob Hill Inn is an "urban timeshare" that was left in a half-sold condition by a bankrupt developer. The resulting chaos included inadequate reserves, underfunded operating accounts, faulty reporting to all government agencies, no ownership enhancement programs, poor financial recordkeeping, and a high percentage of delinquent accounts.
The Association Board was dissatisfied with their managing agent and negotiated an arrangement whereby management responsibilities were assigned to Vacation Resorts International. VRI negotiated an interest-free loan for the Association to undertake a comprehensive refurbishment program, reorganized the Association's financial affairs, installed a rental program at the Front Desk using System 9900 and invited the owners to enjoy the entire package of VRI Ownership Enhancement Programs.
Benefiting from all VRI systems and programs, a tenacious Board of Directors has rebuilt Association capital reserves, paid $100,000 in delinquent taxes, restored Association financial strength, and now enjoys the full confidence of Association members. The special contribution of VRI staff has helped to restore the Nob Hill Inn to its rightful position as a San Francisco landmark.