By now, I’m sure you have received the notice from Alvarez & Marsal that Loreto Bay is closing down all hospitality related and construction activities. The question we are being asked by many owners is “what do I do about property management since I am currently enrolled in the Loreto Bay program”.
Our intention is to quickly transition the existing Property Management operation to a newly created company not related to LB and run by the same staff in the current Property Management office. We have the support of Alvarez & Marsal to accomplish this.
We expect to be able to accomplish this quickly, and we are committed to keeping you informed as we make this transition. Our commitment to service to our owners will not change. And because of our experience servicing you and your home, we expect to have a smooth transition. During the following weeks we will be working with all the homeowners to reimburse any monies you have in your Property Management account or collect if you have a balance.
As soon as we have more information, we will let you know. In the meantime, if you have any questions at all, please do not hesitate to contact me.
Property Management Division Manager