RENTAL PROGRAM OVERVIEW Cape Residence owners have the opportunity to participate in a Rental program which will be professionally managed by the Thompson Hotel Management, the latest addition to the Hyatt hotel group. Owners will enjoy the benefits of a full-service Rental Management program with included services such as: rental management, marketing, housekeeping, accounting, tax payments, welcome amenities, concierge services, hotel check in /out, residence inspections. Rental Guests will have full access to all Thompson hotel Amenities and services.
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Participation in the rental program will provide many benefits and service discounts only available to those owners participating.
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Contract term is twelve (12) months with the option of cancelling by giving three (3) month notice, in the understanding that during the term of the contract Thompson may book reservations from the effective date of the Rental Management Agreement to the end of end of that calendar year plus the following two (2) calendar years. For example, if contract term starts on June 1st, 2020, Thompson will be able to make reservations of the unit from June 1st 2020 until December 31st, 2022.
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Within 30 days of signing the rental management agreement, the owners can provide a calendar detailing the dates in which they will make use of their residence for the next 24 months. All dates not occupied by owner or owner guests will be available for rental.
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Should owner want to occupy last minute its residence, the reservations manager will make every possible effort to honor the owner’s request.
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Owner may reserve the residence for themselves, their family, and their guests without limitation.
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Owners in rental pool will receive sixty (60) days of daily housekeeping services per year complimentary; departure cleanings will be charged to the owner’s account. Further cleanings will be charged at a discounted rate based on the size of the residence (for reference prices are on “a la carte” services).
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Housekeeping services, including departure cleanings, for rental guests will be provided through the Rental Program at no cost to owners.
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All personal items and property of the owner will be stored in the Owner’s Closet when their residence is occupied by a rental guest. Owner should be responsible for storing their personal items at the time of their departure.
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Residences in the program will be rented on a rotational basis to ensure fair and accurate allocation of rental nights.
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Gross rental income will be split between rental manager and owner with forty sixty (60%) percent of the income being paid to the owner and (40%) percent to manager from which it will: o Sales and marketing costs associated to the rental of the unit including travel agent, OTA and central reservation commissions (c.10-15% of gross rental income) o Management Fee payable to Thompson Hotel Management o Housekeeping and Cleaning Services as well as required supplies associated to the rental of the unit o Credit card commissions associated to the rental of the unit o Daily Housekeeping Services as well as required supplies for Owners Occupancy Period (up to 60 nights)
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Rental income will be deposited into a custodial bank account and a monthly statement will be provided to owners.
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Guests referred by residence to the manager will receive a ten (10%) percent referral commission that can be credited as a Resort Credit.
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