From its inception in 1997 to December of 2007 the Silver Creek Lodge was operated as a condo-hotel with a “rental pool” style of management. In a nutshell Silver Star Hospitality operated/managed the Silver Creek Lodge as a “limited service hotel” on behalf of the owners. Owners were (more recently) allowed unlimited personal use but on a night when an owner occupied their unit the owner did not participate in any of the “shared revenue” from that night. When owners were not occupying their unit it was always available to the public. The management company produced detailed financial statements and issued cheques when an owner was in a “cash” position.

At the June 2007 Annual General Meeting the owners voted to transition to a new management style where owners could either “opt in” or “opt out” of the rental portion of the management agreement. Under the present arrangement owners are still allowed unlimited personal use but can now; live in their unit all year round without any additional fees, lock and leave their unit, book their unit for friends/guests, or when not utilizing their unit have it remain available for public bookings. 60% of the net rental income goes to the owner and 40% to the management company. The management agreement prohibits private rentals and the solicitation of private rentals.

Owners are responsible for the strata fees which cover the cost of the operations of the building including, heat, power, phone, cable, Internet, water, sewer, building maintenance, common area maintenance (hot tub, gym, lockers etc security), snow removal, garbage, building insurance, and also finances the contingency fund for future expenses. Basically the only items not covered by the strata fees are property taxes and liability / contents insurance. An owner is now responsible for the maintenance of his own unit and renovations and personalizations are permitted.

An Executive Summary and the detailed Management Agreement are provided below:

Executive Summary   Rental Management and Cost Sharing