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** IMPORTANT MESSAGE ** .... (03/14/2023)

Please read on for messages from Kenoyer Real Estate President Nan O’Hara, Lighthouse Resort & Club Board President Barry Buckley, and Vacatia CEO Caroline Shin. They have drafted these communications to provide an update to Lighthouse Resort & Club owners.

We understand the ownership community is extremely eager to be updated on the insurance claim, remediation, and reconstruction process. This is completely understandable; we are actively working with all of our resources on the details as quickly as possible. There is so much at stake in the reconstruction process; we must be diligent in our approach and execution.

We understand the future of the resort is at stake. We will do everything in our power to provide our collective expertise, support, and recommendations to assist the board and owners in making these unprecedented decisions.

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From Nan O’Hara

Dear Valued Owners:

This is a bittersweet message. After serving as Lighthouse Resort & Club’s management company for 25+ years, I have decided to retire. With a deep connection to Sanibel Island, the resort, and many of you, this was not an easy decision on my part. But as some of you who’ve already made similar career decisions understand, when it’s time, you just know.

With my retirement imminent, the decision was made to sell the assets of Kenoyer Real Estate. This, needless to say, prompted us to embark on the task of finding a property management company that would continue the Kenoyer legacy of owner-first service and fiscal stewardship to which you’ve grown accustomed. Upon meeting Vacatia, Ron and I felt that their values — along with their understanding of the importance for a market presence — aligned with Kenoyer’s, making them the clear-cut choice. Read on for more details from your board president, Barry Buckley; and Vacatia’s CEO, Caroline Shin.

I am thrilled that you chose Lighthouse Resort & Club as your home away from home, and honored that you have entrusted myself and the Kenoyer team to elevate your vacation experiences over the years. Thank you all for many treasured memories. By entrusting Lighthouse Resort & Club’s future with Vacatia, I am confident the resort is poised for a bright future.

Sincerely,

Nan O’Hara | President/Broker | Kenoyer Real Estate Corp.

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From Barry Buckley

Dear Fellow Owners:

I want to thank Nan O’Hara for her service. Lighthouse Resort & Club would not have been successful for more than 25 years without the dedication and steady presence of Nan and the Kenoyer team.

With the transition from Kenoyer to Vacatia Management Services, I am happy to report that we, as owners, are fortunate to have another management company in our corner. Further, Vacatia’s modern approach to timeshare management has proven successful throughout its portfolio of resorts in nine states, including several others on Florida’s Gulf Coast.

That alone would bode well for the resort’s future under normal circumstances. But, as you know, Lighthouse Resort & Club’s circumstances have been anything but normal since Hurricane Ian made landfall last September.

We have a long road ahead of us before Lighthouse Resort & Club reopens. Much of the rest of the island has the same difficult challenges and a lengthy time frame as well. My mission, which is shared by Vacatia, is getting owners back to their units as soon as possible. Their real estate advisory team has dealt with similar hurricane rebuilding situations in New Orleans. As we've stepped up the owner information access through Kenoyer, we will continue with Vacatia to provide current information throughout the remediation and rebuilding process, while working through the entire claims process with our multiple carriers. Many owners have looked to me to suggest alternative locations to stay as I've bounced around alternate locations while attending board meetings. Vacatia can develop solutions for owners looking for those alternatives. As always please don’t hesitate to contact me with any questions or updates.

Lighthouse Resort & Club may be offline for now, but I am very excited about placing the resort’s future in the extremely capable hands of Vacatia. For more details on the insurance and remediation process, please review the message from Vacatia’s CEO, Caroline Shin, on the next page.

Sincerely,

Barry Buckley | Board President | Lighthouse Resort & Club

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From Caroline Shin

Dear Owners:

The Vacatia team is grateful and excited for the opportunity to serve as your property manager. We’ve been through several transitions over the past few years, but it goes without saying that the situation at Lighthouse Resort & Club is different and poses a unique set of challenges. Before I move on to specifics, I want you to know that we pledge to communicate frequently and transparently going forward — especially throughout the insurance and remediation process.

We have been humbled by our first few visits to Lighthouse Resort & Club over the past several weeks. The devastation caused by Hurricane Ian was significant, to say the least. This is a challenging time to assume the role as property manager, and we are working closely with Barry Buckley, the rest of the board, and Hein Brothers to get up to speed quickly on all remediation work completed to date. Here are a few details:

  • We now have access to all completed engineering reports.

  • We have received updates on the insurance claim process to date.

  • We have engaged with two national general contractors that we have worked with at our other managed properties. These contractors specialize in storm reconstruction and insurance claim negotiation.

  • Together with the Lighthouse Resort & Club board, we will leverage these contractors’ expertise in reviewing all mediation work completed to date.

  • The two contractors and others the board has been in contact with will all bid on the work to rebuild the resort. Please be patient, as it will take our team a few weeks to gather the data and present all bids.

It has been our experience that this is the most critical phase of a major storm recovery. Professional craftsmanship and expert oversight are required to ensure that the resort is not only rebuilt, but done so in a manner that is both fiscally responsible and future-proof.

Thank you in advance for your patience and cooperation. We look forward to the day when we can welcome you back to the place that has created so many memories for you and your loved ones over the years.

Sincerely,

Caroline Shin | CEO | Vacatia

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