CHAIRMAN OF THE BOARD
DON KASHEVAROF

2007 was a good year for Seldovia Native Association, Inc.  The Dimond Center Hotel continued its remarkable run. Every year, for the five years we have owned the hotel, revenue and profit have increased.  During 2007, the profit of the hotel increased by 38% from the year before.  The occupancy of the hotel has averaged above 80% for the past two years, which is way above industry standards.  The Board of Directors has worked with the CEO to develop the expansion plan for the hotel, and we are now working with the Municipality of Anchorage to approve a parking zoning variance that would allow the expansion to go forward.  However, we are closely analyzing the slowing economic conditions and our decision to build the Don Kashevaroff, Chmn.     expansion will only be made when we are comfortable with the economic climate in which we will be operating.

SNA signed a contract with the Seldovia Village Tribe to manage the new ferry project on their behalf.  We expect to go to bid with the shipyards, during May or June of 2008, to build the ferry.  The anticipated inaugural run of the ferry is scheduled for May 2010. 

Main Street Market showed improvement in 2007,  almost paying for itself. Running a store in a small town with limited customers is a difficult task but the staff redesigned the store and improved the hotel operations to reverse a losing trend.

Red Mountain, our SBA 8a company, completed its first government contract. Red Mountain even made a small profit while acquiring bonding and on-the-job training while completing this first project. 

Finally, 2007 was the last full year for our CEO Michael Beal. I would like to thank him for a job well done. Over the last eleven years SNA has transitioned from a small remote village corporation into a well known, stable, revenue producing corporation with hard assets. Because of Michael’s hard work we now own a store with a small hotel in Seldovia, have a startup 8a company, are managing the Kachemak Bay ferry project, and operate the best hotel in Alaska.  Michael will leave SNA in very good condition, much better than when he arrived. If any shareholders happen to be wandering around the desert this next year and stumble across him, please let him know how much he is appreciated.

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