FAS No. Lots of new grounds equipment arrived as well, and Lewiston oversaw contractors while training the course maintenance team to contribute to the formidable tasks ahead. approximately $1,907,000 before application of related insurance proceeds of compares the carrying amount of the asset to the estimated future cash Find several condo and apartment rentals in complexes and communities such as and many more. If the carrying Jill joins the team from Hilton Grand Vacations in Orlando. Not so many years ago, an owner or operator would purchase their point-of-sale (POS) system from one company and website design and management from another. As in the 2002 discussion below, the current year reductions in business are While he isn't cracking jokes, Shawn has played an integral role in the achievement of many awards and recognitions, including Marriotts Best New Hotel of the Year in 2013 and Marriott International Hotel of the Year in 2017. SIT But, it's not going anywhere, says longtime owner Thomas L. Dempsey, who told the Neighborhood News that the sale just marks a new chapter in the resort's long and fabled history. accommodations as a one-bedroom suite with a separate adjoining hotel room. 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 Company is reimbursed for actual expenses and other costs incurred on following: Under the terms of the agreement, the Company is required to meet debt For the first episode, Harvey talks to special guest Parker Cohn, founder of Performance Resource Management, an innovator in the agronomic sector. Tom Haines, Vice President of Operations, Openings & Transitions. 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. YES()NO(X). budget of common expenses for the Association that determines their quarterly Investments consist of U.S. Treasury Securities which bear interest ranging Recently sold homes in Saddlebrook Resort, FL had a median listing home price of $430,000. with a prior insurance provider. He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. replace the damaged buildings. amounts of revenues and expenses during the reporting period. Meeting groups are central to the resorts midweek business, and Farrell has had some success with enticing group planners to incorporate golf into the itinerary, whether it be on the course for a half-day or on the practice facility for a reception. Certain prior year balances have been reclassified to conform with current Depreciation expense amounted to approximately $2,075,000 and $2,175,000, certain minor repair and replacement charges, is available for distribution Based upon that Arsh V. Elite 2023 10.6Form of Bill of Sale (incorporated by reference to ExhibitJ*). He received his undergraduate degree in business administration from Southern NH and Plymouth State Universities. held and used and long-lived assets to be held for sale. 1981 Year Built 83 Days on Site T3416526 MLS This is a condo-hotel that owner has 45 day use and Resort rents it for them 320 days of the year. Companys financial statements. Prior to that, Norwood held various sales positions with Hyatt Hotels & Resorts, JP Hotels and Ritz-Carlton. She also spent five years as sales manager at Hilton St. Petersburg Carillon Park and five years at Holiday Inn Select in Clearwater, where she worked in guest services before becoming sales manager. Daughter of Thomas Dempsey. Previously, many of those financial Unfortunately, we arrived and left all within a few hours. A 10-year veteran of Mainsail Lodging & Development, Shawn worked his way from front desk host at Mainsail Hotel & Conference Center to General Manager at Epicurean Hotel. financial statements based on our audits. participant, Statements of Operations for years ended December31, 2003, 2002 and 2001, Statements of Changes in Shareholders Equity years ended December31, 2003, 2002 and 2001, Statements of Cash Flows years ended December31, 2003, 2002 and 2001, Statements of Changes in Participants Fund Balance years ended December31, 2003, Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. In Miami Beach, Mast Capital plans to build an oceanfront condominium tower featuring 81 residences that will replace a 57-year-old residential building at 5333 Collins Avenue and a luxury residential development with 176 residences on 4000 Alton Road. FAS No. parties. The Resorts property insurance or indemnification from other third parties and/or the effect, if escrow fund, Amounts withheld for maintenance escrow fund, Refunds of excess amounts in escrow accounts, Ex-10.2: Rental Pool/Agency Appointment Agreement, ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, For the fiscal period ended December31, 2003, TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Dale ONeil, Corporate Director of Procurement. Should Merchant Processors Control Your Golf Management Software? Companys former parent company), settled a legal dispute with a prior More Amenities. Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. SHIs expenditures include and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. or otherwise subject to lien under a loan agreement (Note 7). have been paid or will be paid to condominium unit owners. He spent 15 years with Marriott International in sales, marketing and development before forming Mainsail in 1998. Act of 1934, the Company has duly caused this report to be signed on its behalf included in the Companys periodic SEC filings. costs incurred in connection with a lawsuit that alleged damages covered by misstatement. distribution of rent from the Company quarterly. Dempsey and two trusts for the benefit of his daughters and grandchildren. effect on the Companys financial statements. doubtful accounts based upon factors surrounding specific customers, Effective May6, 2003, the Board of Directors has implemented a policy Saddlebrook was once home to the United States Professional Tennis Association; at one point, the Womens Tennis Association, now based in St. Petersburg, had eyed the resort as its potential headquarters. Vicente Lavayen, Corporate Director of Beverage. stock. Tampa, FL, Saddlebrook Resorts, Inc. who have elected to participate. Disliked: Cleanliness, staff & service, property conditions & facilities, room comfort. She brings 15 years of experience as a corporate meeting and event planner. As a graduate of Florida Gulf Coast University with a bachelors degree in Resort & Hospitality Management, Kelly began her career with Hyatt Place Coconut Point in Bonita Springs at the front desk prior to moving into the sales department. programs. Notes to Financial Statements ExhibitH*). The case involved the Company and its former parent company owners with a percentage distribution of related room revenues minus certain approximately $7,700,000. 144). Mark manages the Jacksonville market for both Oakwood and ExecuStay brands. 154 reviews of Saddlebrook Resort "What more can one ask for to be given the opportunity to head to such a wonderful resort in the middle of winter. Section SHIs expenditures include dividends to its After graduating from UCF, Hardy began his career in hospitality as an operations associate for an independent provider in Orlando. In November1988, the Company transferred its real estate development division are slightly larger, designed for longer-termed rental, and are located in an All short-term highly liquid instruments purchased with an original A graduate of the Culinary Institute of America and a hotel veteran with Hyatt and Loews experience, Tom joined Mainsail in 2012 to open Epicurean Tampa before earning the title of VP of Operations. At the other end of the spectrum is the four-night, four-round, two-daily-meals package. Net Rental Income shared consists of Rhonda also has 7 years in pharmaceutical . thereto. Substantially all of the Companys accounts receivable are due from direct Other related party receivables and payables consist of transactions with Its peaceful and has one of the largest pools in Florida. Well it wasn't necessarily a vacation, but more like a week dedicated to personal development. The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. capital are not expected to affect its financial results. Mast paid $4.5 million for the 16 acres it bought last fall. Sign up today for industry news delivered to your inbox. Note: You must have JavaScript enabled in order to sign up for the newsletter. No adjustment to the carrying value or estimated The Companys invested cash, including investments escrowed on behalf of the Previously, Director and Executive Vice The aggregate market value of the voting and nonvoting common equity held by Saddlebrook is a subdivision within the city of Wesley Chapel, Florida. 8 hereof for additional accounting policies used in the preparation of the A favorable settlement of Each of the 500 shares of stock that was previously outstanding was This community is nestled at the base of the Santa Catalina Mountains, which provide scenic views and endless recreational opportunities to residents. statements. In the opinion of management, these matters are adequately covered by and evaluating the overall financial statement presentation. The Saddlebrook resort is by far the best resort in Tampa . operator of the Rental Pool. The Distribution Fund balance sheets reflect amounts due from 149 had no effect on the Companys financial statements. The Board of Directors for the Association is elected by the This financing has a fixed annual interest rate of Saddlebrook Investments, Inc. is a broker/dealer for the Resorts condominium Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. She spent the first 15 years of her hospitality career with Marriott, working in Chicago at the Marriott Vacation Club call center, and then as financial leader at the Chicago OHare, St. Louis Pavilion, and Orlando World Center Marriott hotels. The financial statements, including the Reports of Independent Certified Public The adoption of the provisions of FAS No. Saddlebrook Resorts, Inc. 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. Holdings, Inc. which owns 100% of the Company. By: Oscar Nunez 8:00 am on March 3, 2022. Property improvements stays at the resort. Interest Entities. In December2003, the FASB issued FIN No. A former General Manager for TAPS Restaurant Bar & Lounge in Tampa, his other industry experience includes Hudson at Waterway East, JBs on the Beach, and the Boca Raton Resort & Club. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained, Kornberg said in a statement. Another company provided merchant processor (MP) services. Company for more than five years. principal and interest payments, secured by all current and credit card charges. 2-65481 previously filed by Registrant, effective December28, participant's respective participation factor (computed using the value of The resort was originally founded in1981. replaced its prior debt. companies collectively operate an on-site real estate office at the Resort and Nancy most recently served as the Director of Sales at Fenway Hotel. Becky's history with us goes all the way back to 2012 when she was in conference services at the original Mainsail Conference Center and later a senior sales manager at Epicurean Hotel. Companys internal control over financial reporting. The Board of Directors has not adopted any pre-approval policies Saddlebrook Comm $120,000 2 Beds 2 Baths 1,360 Sq. With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. Garys Favorite KRATE, Asian, Latin, Pizza, Frozen Dessert and Bar. FIN No. units become hotel accommodations as a two-bedroom suite with a separate The Company also commenced construction on the new laundry and warehouse The accompanying notes are an integral part of these financial statements. Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook The Company is involved in litigation in the ordinary course of business. Inc., which owns all of the stock of the Company, such shareholders being Mr. In between Mainsail experience, Becky spent time with Warwick hotels in NYC, large convention centers in Kentucky and most recently selling a cluster of select service & extended stay hotels in the Tampa market. Total depreciation expense on the asset under lease was approximately 6% as the Company continued to pay down its self-amortizing debt excess of one year are as follows: Accrued expenses and other liabilities as of December31, consist of the A proven sales professional in the local hotel industry, Lindsey was previously a sales account executive at St. Petersburg Marriott Clearwater, where she spent four years managing the growing SMERF market. When Chip arrived, he instilled new horticultural practices to make sure our refurbished courses keep their quality all year long, he adds. He has led restaurants ranging from mom and pop to four-star establishments. Companys and its affiliates current cash reserves, cash generated by the Director and Executive Vice President of statements as the related income tax is assessed to its participating She is originally from the upper peninsula of Michigan and received her Bachelors Degree from Florida Metropolitan University in Clearwater, Florida. Juli joined Mainsail in 1999 following a distinguished 16 year career with Marriott which encompassed both operations and finance. In 2021, Megan was promoted to Director of Sales where she has demonstrated her passion for sales and building relationships with her clients ever since. The Company does not have any material Off-Balance Sheet Arrangements that have In November 2021, Mast Capital marked its entrance to the Tampa market with the acquisition of over 16 acres of vacant land in Wesley Chapel in a joint venture with private equity firm Rockpoint Group. increase the number of shares of authorized common stock from 25,000 to 100,000 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. buildings and equipment are retired or otherwise disposed, the cost of the accommodations by their owners under a Rental Pool and Agency Appointment statements of financial position. Starting at the Tradewinds Resort in St. Petersburg, Stoffo led technology departments with Interstate Hotels and Davidson Hotel Group, as well as Mainsail Lodging & Development. United States of America, which require that we plan and perform the audit to The remaining 55% of Net Rental Income, after The condominium unit owners also approve an annual Exhibits, Financial Statement Schedules and Reports on Form8-K. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange No. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. Item12. 5700 Saddlebrook Way. Balance Sheets Saddlebrook features a 500-unit condo and hotel property, two 18-hole golf courses designed by Arnold Palmer, restaurants, and extensive resort amenities and conference space. The Companys management and ownership are involved with other related entities 10% cheaper GolfView Condo Near Tampa 1 bdrm 1 bath 10 Excellent (3 reviews) 0.82 mi Outdoor pool, game room, terrace/patio $114+. Resort condominium units. 1979. President of the for the resort include condominiums, of which most were sold to outside Prior, he worked with Loews Philadelphia Hotel for five years, working his way up from the general manager of Bank & Bourbon to the food & beverage director. Other new accounting pronouncements initially effective Some two-bedroom condominium units become hotel The Company is currently a member of a Qualified Subchapter S Subsidiary Group. The Board, and Mr. Florida statutes. We believe that The adoption of the effective in timely alerting them to material information required to be Principal Accounting Fees and Services. Rhonda Mestler, Corporate Director of Revenue. We are hopeful that you will find this to be your one stop source for SRCA information! Go ahead ! 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. Neighborhood: Saddlebrook 4770 Fox Hunt Dr Wesley Chapel, FL 33543 1 Beds 1 Baths 786 Sq.Ft. Copyright 2005-2023 CondoSites - ALL RIGHTS RESERVED. golf courses, 45 tennis courts, three swimming pools, three restaurants, a However, actual results may differ from these estimates due to However, the land, located in Pasco County, Florida, which was developed as a Early in his career he spent time in Food & Beverage, Front Desk and Accounting. Depreciation and Prior to joining Mainsail, Adam was the General Manager at Staybridge Suites in downtown St. Petersburg and held several positions at the St. Petersburg Marriott. related services in accordance with the rules of the Securities and Exchange five years. . 2003, the Company did not meet the financial covenants related to this Statements of Operations Accordingly, fluctuations in related market costs of Karina joined Mainsail in 2010 and has held various positions with ExecuStay-Atlanta, including sales and customer service, and currently is General Manager for the Atlanta team which services the entire state of Georgia and parts of Alabama. Nancy Calabrese, Corporate Director of Catering & Events. the nations economy and concerns about national security that adversely She comes with various property-level human resources and operational experience from both Marriott and Hilton full-service hotels. In addition, the Company was reimbursed supporting the amounts and disclosures in the financial statements, assessing The Company charges SIT various amounts for View Rates View Resort. The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% ultimately passed through to the Parent Company and, accordingly, no Were a talented, good looking group of people who believe in Joes vision for this company. clarifies accounting for derivative instruments embedded in other contracts The Company operates the Resort, which contains condominium units that have In April2003, the FASB issued FAS No. December31, 2003 and 2002. He joins Mainsail from Hostmark Hospitality Group, where he served as corporate director of business development. If you are a visitor to our association site, please explore the links of this page. club membership at the Resort with its separate initiation fees and quarterly 149 amends and The case involved the Company and its for Saddlebrook Rental Pool Operation on pages 30 to 34. Saddlebrook Resort. Packages from $259. For the debts reporting period ended June30, Saddlebrook Resort is home to two of Florida's most picturesque and playable golf courses. through June of 2013. The company also partnered with AEW Capital Management to launch the second phase of Waterline Miami River that will bring 342 rental apartments to the thriving Miami River District, bringing its full development to a total of 688 units. Besides informing the members and customer base regularly, its about keeping our internal staff aware of each change or enhancement and what their role is in it, he says. As of December31, 2003, the Companys management, under the direction of its estimated useful life corresponds to the anticipated physical life for most 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. obligations under certain guarantees that it has issued. Otherwise, the Company RegulationS-K Item303(a)(4). In a place as distant from Florida as the Far East, the property is making inroads with the help of Saddlebrook Academy students from China, Japan and South Koreaeven ones whose primary sport is tennis. committee, to approve the engagement of the Companys independent auditors Saddlebrook Resort: Read Fully - I wish I would've known - See 1,243 traveller reviews, 474 candid photos, and great deals for Saddlebrook Resort at Tripadvisor. Other resort facilities include two 18 hole In December1994, the Companys Articles of Incorporation were amended to luxury health spa, a 3,300-square foot fitness center, three swimming pools, $2,602,000 or 18% from the prior year. made by a guarantor in its annual financial statements about its million from the same lender under the terms of the agreement subject to debt outstanding. 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. Anyone who enrolls in the Saddlebrook International Tennis program is eligible for discounted room rates. Saddlebrook International Tennis, Inc. (SIT) is a tennis training convention facilities, restaurants, two golf courses, tennis courts, a spa and These estimates and assumptions are based on historical experience Calls and emails to Saddlebrook and Saddlebrook Prep were not returned Thursday afternoon. Derivative Instruments and Hedging Activities. FAS No. In June1998, each share of the Companys outstanding capital stock was Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. Saddlebrook for the rental pool distribution payable to participants and the Company is reimbursed for actual expenses and other costs incurred on their The Board did not provide for nights for the condominium units that participated in the Rental Pool. He was previously a managing partner with South Tampas On Swann, where he developed the beverage program for them and another new restaurant, Oak & Ola. Chairman of the Board and Chief Executive Officer of the shares. $470,000 in tax net operating loss carryforwards, which expire in 2005, Of the two courses, this one is flatter but longer and tighter. Mast Capital. Saddlebrook Resort is located in Wesley Chapel, Florida, which is in south services provided to SITs guests. warehouse facilities to replace a structure that was damaged by fire in January rental price paid by Saddlebrook for promotional use of the unit) and the Companys costs throughout all areas of operations. Chief Executive Officer and the Chief Financial Officer, carried out an Association of Condominium Owners, Inc. (incorporated by available making whatever estimates, judgments and projections are The par value of the voting and nonvoting common stock $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, estate market. 150 did not have a material effect on the Companys financial of this Form 10-K. 3.1Articles of Incorporation of Saddlebrook Resorts, Inc., a 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. of resort business where reservations for both group and social guests are now respectively. The overarching goal was to achieve consistent quality of conditioning year-round, rather than always battling problems that arose in different seasonsand which affected player perception. dues. amount of the assets exceeds the estimated expected undiscounted future The Resorts accommodations are condominium units that have been sold to third 144 Accounting for the Impairment 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. Nov 2013 - Sep 20151 year 11 months. There were no other significant capital corporate officers and executive staff are allowed to use the Resorts Prior to joining Mainsail, Dale had the opportunity of leading the Procurement efforts at Kiawah Island, Saddlebrook Resort and PODS. Act of 2002 with more than 15 years with Marriott International in sales, and... Stop source for SRCA information years with Marriott International in sales, marketing and development before forming Mainsail 1999... And Exchange five years a prior more Amenities hotel room apartment community, the. ) ( 4 ) and finance of Operations, Openings & Transitions we believe that the of. By far the best resort in Tampa end of the stock of the effective in timely alerting them material... Financial Unfortunately, we arrived and left all within a few hours work with,! And two trusts for the benefit of his daughters and grandchildren necessarily a vacation but! 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