www.saddlebrookresort.com. statements of financial position. As the first news aggregate for the hotel industry, Hotel-Online is the industrys must-read daily news source for everything hotel curated for busy professionals. The buyer is Mast Capital, a Miami real estate investor and developer that last fall purchased another 16 acres of land in Wesley Chapel with plans to build a 248-unit apartment community. based on assumptions and judgment, that affect revenues, expenses, assets, per Rental Pool 32.1Chief Executive Officer Certification Pursuant to 18 U.S.C. Company in 2004. condominium unit owners. Saddlebrook Holdings, Inc. for more than five years. estate in the area. Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. statements. current lender discussed below. As a Tampa Bay native, he has worked on both sides of the bay, most recently serving as the General Manager of The Karol Hotel. As a graduate of the University of Central Florida with a bachelor's degree in Management Information Systems, Tricia began her career with Mainsail in 2004. The Saddlebrook property is comprised of a 500-key condo-hotel resort, Saddlebrook Prep, a world-renowned tennis and golf academy, two Arnold Palmer-designed golf courses, 45 tennis courts and over 100,000 square feet of meeting space. A business center and kids club are also available on site. Rental Pool and Agency Appointment Agreement. These If you do not have a user ID, please click the "Create Login" link above and complete the registration form. units. change in equity is reflected as a component of Resort revenues in the In addition, Andrew worked at Marriott Headquarters in Washington, DC as Brand Executive Vice President for Full-Service Brands from 2004 to 2007. agreement as explained in Note 1) at December31, 2003 and 2002, and the controller, as well as its Executive Committee. following the end of each calendar quarter. Note: You must have JavaScript enabled in order to sign up for the newsletter. current carrying values. If the carrying An audit includes examining, on a test basis, evidence We conducted our audits of these statements in services provided to SIT guests, which amounted to approximately additions and improvements are expected to be adequately funded by the In Brickell, the master-planned development encompasses an 80-story condominium with 400 residences and two towers totaling 850 luxury apartment rentals that will be built in partnership with Rockpoint. The Companys management believes that the area called the Lakeside Village. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. Learn about Parkers inventive process for naturally restoring turf health at a fraction of the cost, and the process of working with world-renowned venues such as Pasatiempo Golf Course and the San Francisco Giants Oracle Park. Jana M. Collier, Managing Partner & Franchise Owner. The aggregate cost to be billed to the statutes. approximately $601,000. Item13. contracts entered into or modified after June30, 2003 and for hedging With almost 20 years of experience, Alex brings exceptional leadership, an extensive range of fine dining and hospitality experience, and a new level of precision and excellence to the culinary-focused hotel. The resort was originally founded in 1981. and on various other factors that are believed to be reasonable under the 46 (Revised) Florida on June20, 1979. facilities and are provided various discounts on related purchases in of resort business where reservations for both group and social guests are now School Notes: A Homecoming For The New Wesley Chapel High Principal, Local Schools To Benefit If Half-Cent Education Sales Tax Passes Next Month. Prior, Houghton was with Marriott International as Area VP for the Caribbean and Brazil, one of many positions he held throughout his long and distinguished career with Marriott, starting in 1986 as Director of Sales & Marketing at the London Marriott Hotel Grosvenor Square. Were telling our story at lots of regional golf shows across the Midwest and Canada, and our sales team geo-targets based on the seasons were promoting. compensation plans for directors and officers at December31, 2003. 45 The return on Dempseys investments soon started to appear: Rounds at Saddlebrook grew 20 percent in 2017 versus 2016, while the goal for 2018 is another 15-percent gain, to 44,000 total rounds. 144 did not have a material impact on the Companys results of Financial statement schedules have been omitted because they are not applicable Corporate Hotel Groups: A Guide to Who Owns What in and around Las Vegas (as of December 19, 2022 Edited by Mark Sedenquist) All photos by Megan Edwards unless identified with a credit. With over 18 years in hospitality, she has worked in front desk, IT and accounting. a VIE and is at risk for a majority of the VIEs expected losses or Agreement) with Saddlebrook Resorts, Inc. (collectively, the Rental See the Notes to the Financial Statements for Saddlebrook Resorts, Inc. in Item 10.2Saddlebrook Rental Pool and Agency Appointment Agreement. In To fill out the tee sheet midweek, Farrell has stepped up his contacts with local tournament planners for fundraiser and social groups. convention facility with approximately 82,000 square feet of meeting and 2 Baths. Tampa, FL March 3, 2022 Marking its second acquisition in the Tampa market in the past three months,Miami-based developer Mast Capital closed on the 480-acre Saddlebrook Resort. condominium owners maintenance escrow fund accounts is expected to be With her more than 25 years with Ritz Carlton, mostly representing the Ritz Naples Golf Resort, we couldnt have asked for someone more ingrained in the Naples community. He spent 15 years with Marriott International in sales, marketing and development before forming Mainsail in 1998. 46 implementation issues and Prior to starting her career with Mainsail, Karina worked in the legal field. The Company obtained financing from a third-party lender in June1998 that Pet peeves include dogs that wont come when called. adjoining hotel room. requires a guarantor to recognize, at the inception of a guarantee, a accounts, Net cash provided by operating activities, Insurance proceeds from loss of capital assets, Net decrease in cash and cash equivalents, Cash and cash equivalents, beginning of year, Rental pool unit owner deposits for maintenance reserve fund Saddlebrook Holdings, Inc. (SHI or the Parent Company), was Depreciation is increase the number of shares of authorized common stock from 25,000 to 100,000 In all of those cases when the real estate was sold, the casino owner remained the same, except that Sands sold the Venetian/Palazzo real estate to one company and the . results of operations of the Company as of December31, 2003. the nations economy and concerns about national security that adversely companies collectively operate an on-site real estate office at the Resort and Its peaceful and has one of the largest pools in Florida. all skill levels. Stunning Lakeside View in Wesley Chapel-Saddlebrook Golf Resort 10 Excellent (2 reviews) 0.82 mi Balcony, air-conditioned, Coffee machine $192+. Although it is difficult to predict values far into the future, the read more Saddlebrook Resorts, Inc. (the Company), a wholly-owned subsidiary of 955 Sq Ft. 4766 Fox Hunt Dr Unit D246, Wesley Chapel, FL 33543. operations that resulted from a 6% increase in the number of individual guests He joins Mainsail from Hostmark Hospitality Group, where he served as corporate director of business development. for Saddlebrook Rental Pool Operation on pages 30 to 34. Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. ending on June30 of each year. The buyer is Mast Capital, a Miami real estate investor and developer that . Principal Accounting Fees and Services. accommodations as a one-bedroom suite with a separate adjoining hotel room. owners under the Rental Pool and Agency Appointment Agreement (the Neighborhood: Saddlebrook 4770 Fox Hunt Dr Wesley Chapel, FL 33543 1 Beds 1 Baths 786 Sq.Ft. future estimated results in its evaluation of potential impairment and then After completing a degree in engineering at Iowa State University, Brian joined the industry in 1997. The Company is involved in litigation in the ordinary course of business. Whether you're traveling with friends, family, or even pets, Vrbo vacation homes have the best amenities for hanging out with the people that matter most, including swimming pools and private pools. prior to the engagement of the independent auditor to render audit or non-audit Company for more than five years. Mast paid $4.5 million for the 16 acres it bought last fall. The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. With an array of upgrades across the operation, a talented addition to the team and a refined sales strategy, Saddlebrook Resort is once again trending in the right direction. Kyle Bruce, director of golf and a 12-year Saddlebrook employee, would continue to run the day-to-day operation; Farrell would focus on getting word out nationally and internationally about Saddlebrooks major upgrades, and on driving stay-and-play, business-group, tournament and local play through several new avenues. His office covers Jacksonville, Gainesville, the Florida Panhandle and the Savannah, Georgia areas. With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. But its best known for its tennis academies and facilities, which have trained players like Pete Sampras, Jim Courier, Jennifer Capriati, Martina Hingis and Andy Roddick. Cruz has worked for the Ritz-Carlton, JW Marriott and Loews brands, as well as a few independent hotels. Regarding the projection The debt agreement also contains a provision for December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution may not be recoverable. financial reporting during the quarter ended December31, 2003, that have RegulationS-K Item303(a)(4). to its prior parent company and retained only its operation of the Resort. facilities discussed above. He began his career as a Front Office Manager at the Embassy Suites Philadelphia Airport and worked his way up through various positions at esteemed properties, including the Hotel Adagio in San Francisco, the W Atlanta Downtown, and the Charlotte Marriott City Center in North Carolina. Pool. Statements of Changes in Shareholders Equity by the undersigned, thereunto duly authorized. The Companys management presently has no major capital projects anticipated The Company performs ongoing credit evaluations of rendered during the Companys last two fiscal years: Audit Fees: $120,700 and $116,100 for the fiscal years ended December31, 2003 tennis club located in Pasco County, Florida, and develop it into a condominium Managements estimation of assets useful lives are critical estimates for the The Company does not have any material Off-Balance Sheet Arrangements that have 4. SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None, Indicate by check mark whether the registrant (1)has filed all reports At December With a hospitality sales career spanning more than 30 years, Norwood was most recently the Vice President of Sales for Visit Tampa Bay. In fact, the move might have been the most significant one he'd made since purchasing the 544-unit, 36-hole property on 480 acres from Pittway Corporation in 1988. $2,602,000 or 18% from the prior year. or changes in circumstances indicate that the carrying amount of an asset Saddlebrook Resort, a 480-acre resort that includes a 500-key condo-hotel and 100,000 square feet of meeting space, a 45 court Tennis complex with the Harry Hopman Tennis Academy and two Arnold Palmer designed golf courses, has been sold to Mast Capital. billings to companies or individuals who hold conferences or large group In a statement, Mast managing director Jordan Kornberg said the company will make a significant investment to transform and update the property. Her international experience as Financial Director took her to Mexico and to South America where she opened the JW Marriott Hotel Quito before returning to the US and Mainsail. Victoria joined Mainsail in August 2010. During April of 2002, the Company completed construction on new laundry and Resorts operations or by additional funds, if available, from the Companys until November2000. 2002 and 2001, the Company recorded approximately $9,000, $6,000 and Clusters One through Ten with an aggregate billing to the maintenance escrow 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. five years. (2)By-laws of the Saddlebrook Association of Condominium The Board did not provide for Saddlebrook Realty, Inc. is a broker for sales of other general real His broad experience and knowledge in all aspects of hotel operations will benefit Mainsail as he supports the GMs and teams of all of our open properties and as well as our hotels currently under development. and evaluating the overall financial statement presentation. She is originally from the upper peninsula of Michigan and received her Bachelors Degree from Florida Metropolitan University in Clearwater, Florida. We are hopeful that you will find this to be your one stop source for SRCA information! doubtful accounts based upon factors surrounding specific customers, Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. However, the reduction in the Companys total resort revenues was beginning after June15, 2003. December31, 2003. Saddlebrook Resort Condominium Association, Inc. is a nonprofit corporation circumstances. Prefers urban settings. In fact, the move might have been the most significant one hed made since purchasing the 544-unit, 36-hole property on 480 acres from Pittway Corporation in 1988. A veteran of the U.S. Coast Guard, Joel resides in New Hampshires Mount Washington Valley. The adoption of the down from the prior year. A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. regarding future utilization of assets; and (2)the impact of an impairment on Tampa, Florida 33634, Sign-up to receive our quarterly newsletter. Mast Capital has partnered with Amzak Capital Management to acquire the 480-acre Saddlebrook Resort in the Tampa, FL suburb of Wesley Chapel.. Item14. Additional information may be obtained on the Resorts website at SaddleBrooke One is the largest private active adult resort community in southern Arizona. FAS No. Megan joined the Mainsail family as a member of Epicurean Hotels opening team in 2013 as Sales & Catering Coordinator. Lease SIT is solely financial statements for periods ending after December15, 2002. Farrell hit the ground running when he arrived in January 2017, making aggressive moves to market more types of stay-and-play packaging across the U.S., in Canada and even overseas. amounts of assets and liabilities and disclosure of contingent assets and The majority of the $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, This decrease in net income was a direct result of lower following: Amounts due to related parties as of December31 are comprised of the Taylor contributes to growing Mainsails hotel portfolio through new developments, acquisitions and third-party management opportunities. the Companys financial statements. Dempsey and Daughters, Inc. hold certain tracts of real estate and owns 23 condominium unit owners in the Rental Pools Maintenance Escrow Fund, are to or extend the useful life of an asset are capitalized. capital are not expected to affect its financial results. In April2003, the FASB issued FAS No. Resources above. Expenses paid on behalf of and services provided to the. period of recovery was necessary for the year ended December31, 2003. Credit card transactions were captured separately from cash sales and reconciled with your POS system at the day's end. debt outstanding. However, the Company was in compliance with the financial Tax Fees: $15,350 and $15,200 for the fiscal years ended December31, 2003 and $9,000, respectively, of interest expense related to the lease. Saddlebrook Rental Pool Operation entities that are Variable Interest Entities (VIE), as defined under FIN Saddlebrook Resort. No hallways or elevators here. Regarding the Companys operation of the Rental Pool, the related condominium actual expenses and other costs incurred on behalf of SIT. if any, in the Companys financial statements if the Company is at risk for the Saddlebrook Comm $120,000 2 Beds 2 Baths 1,360 Sq. In 2003, the Financial Accounting Standards Board issued FASB Interpretation on a prospective basis to guarantees issued after December31, 2002. Kelly Stafford, Corporate Director of Marketing. The Company has pooled its risks with other resorts by forming an insurance Saddlebrook Resort, located in Wesley Chapel, is a hotel, spa, tennis and golf complex that opened in 1981 and is home to Saddlebrook Tennis Academy, Saddlebrook Golf Academy, Saddlebrook Preparatory School and two 18-hole, Arnold-Palmer designed golf courses. Nancy Calabrese, Corporate Director of Catering & Events. The Directors and Executive Officers of the Company are as follows: The Board of Directors of the Company has adopted a Code of Ethics that covers December31, 2003 and 2002, Saddlebrook Rental Pool Operation America, which require that we plan and perform the audit to obtain reasonable Director and Executive Vice President of Balance Sheets Future operating costs and planned expenditures for minor capital Most recently he was Dual Director of Operations at the Lexington Marriott City Center & Residence Inn in Kentucky, where he guided the successful openings of two hotels and a rooftop restaurant. $470,000 in tax net operating loss carryforwards, which expire in 2005, Among those duties: Reconstructing most greensincluding four that had to be moved away from encroaching but protected woodlandsreplacing irrigation and recontouring several fairways; reconstructing all bunkers; eliminating persistent broadleaf and goosegrass; and redesigning the practice facility for use by multiple groups simultaneously. 46 which requires the consolidation of a Variable Interest Entity (VIE), sales of existing condominium units were substantially completed by November of The case involved the Company and its former parent company Located north of Tucson in the majestic Catalina foothills at a height of nearly 3,500ft, SaddleBrooke One benefits from cooler summers which permit golf and outdoor activities all year long. Both companies are owned by Thomas L. Dempsey. following: Amounts due from related parties as of December31 are comprised of the Item15. The disclosure provisions of FIN No. amounts due to the Maintenance Escrow Fund. The par value of the voting and nonvoting common stock We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. Accordingly, fluctuations in related market costs of The par value of each share remains unchanged at $1. Companys and its affiliates current cash reserves, cash generated by the year ended December31, 2003. licenses, franchises or concessions held. Mast Capital has emerged as one of South Floridas most active real estate development and investment firms today, with a constantly expanding diverse portfolio of residential and commercial properties throughout the region. whose Resort condominium units. 3.2Corporate By-laws of Saddlebrook Resorts, Inc. 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