Dear Guest,

The shifts in exchange rates affect you as a Doorways customer because you are traveling to Europe. It also can hit Doorways hard because we collect payment from you in dollars and in most cases pay owners in Euro. To protect our company from losses due to fluctuating currency, we set a range when establishing our prices for the year. If the dollar strengthens outside this range, we give money back to you, and if the dollar weakens, we have to collect additional funds.

According to Ruesch, International today:

$1.5814 = €1.0

$2.0059 = £1.0

US MARKET - 07/25/2008 07:49 AM

Still reeling from yesterday’s miserable U.S. housing and jobs data and crude oil’s rebound off a seven-week low, the greenback opens broadly weaker against its major rivals. The Dow industrials fell more than 280 points yesterday after sales of existing U.S. homes plunged to a 10-year low in June, while claims for weekly jobless benefits spiked higher. The disappointing U.S. reports, ahead of more due out this morning, reminded investors that the world’s largest economy is not out of the woods yet. The U.S. currency earlier this week had risen to a two-week peak against the euro and a one-month high versus the Japanese yen on hawkish remarks from Treasury Secretary Henry Paulson and Philadelphia Fed President Plosser, who commented that U.S. lending rates may need to increase soon rather than later in order to curb rising inflationary pressures. Sterling rose against its key rivals after UK growth figures were released as expected in the second quarter, which for now eased some worries that the British economy is nearing recession. The single currency bounced off yesterday’s two-week low, largely on the back of the broadly weaker dollar. This morning’s U.S. data includes durable goods orders, the University of Michigan’s survey of consumer sentiment and new home sales figures.

For people booking for 2008...

"Prices are subject to shifts in currency exchange rates and will be adjusted up or down at the time of payment only if the rate falls outside of the ranges: 1.1-1.4 dollar/Euro or 1.9-2.2 dollar/£. When adjustments are necessary, we will use the currency we use to pay the owner and calculate it from the exchange rate received on the actual transfer."

In 2000 and in 2001 Doorways actually gave a refund to guests after they paid their final bill. Everyone was very happy then! Now, unfortunately, customers renting properties for which the owners are paid in Euros may be charged a currency adjustment on the unpaid balance, according to the value of the dollar versus the Euro at the time of the final bill. On villas for which the owners are paid in US dollars (look for the "guaranteed US dollar rate" on our website), there will be no adjustment. Should you want to protect yourself against decline of the dollar, you can pay your final bill early or be sure to book a villa with a guaranteed US dollar rate.

We are infinitely grateful for your cooperation. And here's hoping that the dollar regains its strength.

Kit Burns, President
Doorways, Ltd.

IMPORTANT LINKS:

Click to view the 2008 Financial Agreement