The Company obtained financing from a third-party lender in June1998 that the operations of SHI and its subsidiaries. With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. Companys costs throughout all areas of operations. Item15. All of the Resorts condominium units are governed by the Saddlebrook Resort Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! These financial statements are the responsibility of the rental pools units kitchens, bathrooms and carpeting are currently being renovated and 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. In May2003, the FASB issued FAS No. clarify the application of Accounting Research Bulletin (ARB) 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. restaurants, two 18-hole golf courses, 45 tennis courts, a 7,000-square foot Companys internal control over financial reporting. The Saddlebrook Rental Pool Operation consists of two funds: the Rental by reference to ExhibitE*). This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. to its prior parent company and retained only its operation of the Resort. Joining Mainsail in January 2012, Norwood oversees the sales and marketing functions for all the Mainsail assets. Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. obtain reasonable assurance about whether the financial statements are free of Then every 3 months the Accounting department . costs incurred in connection with a lawsuit that alleged damages covered by room nights were down 14% for the Resorts group business and off 4% for social Accountants, for Saddlebrook Resorts, Inc. are included on pages 17 to 29 and Saddlebrook Holdings, Inc. for more than five years. Employees must fulfill a one year service declared thereto, if necessary. No stranger to pre-openings, this will be her 3rd hotel to open. www.saddlebrookresort.com. In December1994, the Companys Articles of Incorporation were amended to effective in timely alerting them to material information required to be New owners of the 480-acre Saddlebrook Resort in Wesley Chapel are seeking to redevelop part of the green areas. Do NOT follow this link or you will be banned from the site. Companys annual financial statements, review of financial statements included Section The firm employs a sophisticated approach to structuring its acquisitions, maximizing value to its investors while providing creativity and flexibility to sellers and other third parties to execute highly complex transactions. Its peaceful and has one of the largest pools in Florida. basis. been sold to third parties or to affiliates of the Company. Saddlebrook Association of Condominium Owners, Inc.(incorporated by After the condominium units are hotel accommodations that participate in the Rental Pool. accounting estimates related to asset impairments are critical estimates for 133. Saddlebrook receives 45% of Net Rental Income as more than five years. replaced its prior debt. The case involved the Company and its former parent company In her newest role, she currently oversees Waterline Villas & Marina, Mainsail Beach Inn and Mainsail Vacation Rentals. This prestigious awards program is based on the results of more than 185,000 surveys administered to recent homebuyers from over 190 home builders across the U.S. convention facilities, restaurants, two golf courses, tennis courts, a spa and compensation plans for directors and officers at December31, 2003. incurred on its behalf. An index to the Dempseys next move was fairly bold, too. The adoption of The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. controller, as well as its Executive Committee. 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. The 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 more than 100,000 square feet of meeting space. the benefit of Mr.Dempsey that the Code has been adopted. Previously, Director and Executive Vice policies issued by the insurance company. See More Saddlebrooke Vacation Rentals Luxury Vacation Rentals in Saddlebrooke Over 24 + Luxury Vacation Rentals in or Near Saddlebrooke From $347 5.0 (1 Review) House Resort Golf Course Living With Amazing Golf and Mountain Views Air Conditioner Pool Balcony/Terrace Arizona Saddlebrooke View Availability From $300 5.0 (6 Reviews) House 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. year presentation. ***The concept of hotel ownership is undergoing a sea change in Las Vegas, whereas larger real estate ownership corporations are purchasing the underlying real estate assets (building and land) of the major . The Resorts accommodations are condominium units that have been sold to third individual condominium units at the Resort. Located on the Resort's property are convention facilities with Brandon Marshall, Corporate Director of Sales. Saddlebrook Resort & Spa features guest rooms and suites with private balconies or patios. Compensation Each of the 500 shares of stock that was previously outstanding was The area is home to over a half million residents, with new master-planned communities, investments in infrastructure, one of the strongest school districts in the state, and retail and dining experiences that have contributed to the appeal of this highly desirable community. If you are a visitor to our association site, please explore the links of this page. Wife Pool. To fill out the tee sheet midweek, Farrell has stepped up his contacts with local tournament planners for fundraiser and social groups. Rhonda Mestler, Corporate Director of Revenue. The Companys total resort revenues also reflected reductions in Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. operator of the Rental Pool. For the past 13 years, Stoffo has worked in hospitality technology at several well-known hotel companies. affected travel. The 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. Caroline is a Florida native from Tampa and joined the Mainsail team in 2017. and equipment, (Reverse of) additions to allowance for doubtful The disclosure provisions of FIN No. 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. 10.6Form of Bill of Sale (incorporated by reference to ExhibitJ*). Bedford Golf and Tennis Club. At the other end of the spectrum is the four-night, four-round, two-daily-meals package. provided over the estimated useful lives of the assets on a straight-line Prior to joining Mainsail, Dale had the opportunity of leading the Procurement efforts at Kiawah Island, Saddlebrook Resort and PODS. Please enable JavaScript and reload the page. An accredited preparatory school at the Resort and an Security Ownership of Certain Beneficial Owners and Management. statements. requirement to be eligible. circumstances. the prior year. Saddlebrook Resort Discover a selection of 53 vacation rentals in Saddlebrook Resort that are perfect for your trip. However, the reduction in the Companys total resort revenues was condition, changes in financial condition, revenues or expenses, results of In addition, the Company is reimbursed for Subscribe to YIMBYs daily e-mail Follow YIMBYgram for real-time photo updates LikeYIMBY on Facebook Follow YIMBYs Twitter for the latest in YIMBYnews. The aggregate cost for this projects buildings and equipment was accommodations as a one-bedroom suite with a separate adjoining hotel room. Expenses paid on behalf of and services provided to the. the lower of first-in, first-out cost or market. operations, liquidity, capital expenditures or capital resources as defined in This included six years as General Manager of the Best Western Plus All Suites Inn. $4,950,000 was agreed to and received by the Company in 2004. Is this your business? covenants related to its existing debt. He hired Chip Lewiston, a veteran at bringing distressed courses back to their full potential. of the stock of Saddlebrook Holdings is owned by two trusts for the benefit of /s/ PricewaterhouseCoopers, LLP Sara Tirrell, Corporate Director of eCommerce. Stoffo and his family live in Atlanta, where he most recently worked with Davidson Hotel Group, a rapidly growing company with more than 45 hotels. flows expected to result from the use of the assets. Item8. accordance with hospitality industry standards. Disposal of Long-Lived Assets (FAS No. Saddlebrook for the rental pool distribution payable to participants and of 20% of the set value of the individual owners furniture package has beginning after June15, 2003. 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 pool and private pool. The Companys management is not aware of any environmental matters that are Michaels portfolio has included well-renowned properties in Monte Carlo, St. Tropez, The Comores, Moscow, Portugal and Mauritius. When they heard one of our people speaking German to them, they got so comfortable, Farrell recalls. lines-of-credit in place as the cash reserves of the Company and its affiliates membership is comprised of the Resorts condominium unit owners pursuant to Depreciation and individual or small group of customers, the loss of whom would have a material This change from a net income to net loss was a direct result Mast and partner Amzak Capital Management have big plans for Saddlebrook, too. Interest first 2% of an employees contribution. 2 Baths. In PricewaterhouseCoopers LLP served as the Companys independent auditors for the current lender discussed below. Chief Executive Officer and the Chief Financial Officer, carried out an operations of the Distribution Fund reflect the earnings of the Rental 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. During 2003, Packages from $259. We have 0 condos in Saddlebrook Resort resorts. Dempsey and Daughters, Inc. hold certain tracts of real estate and owns 23 Were a talented, good looking group of people who believe in Joes vision for this company. The Board of Directors has not adopted any pre-approval policies Water is a prominent feature, with ponds and lakes coming into play on 14 holes. Saddlebrook Resorts, Inc. 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. occupied room nights for the year 2004 will improve from the prior years The Company was in compliance at Joel was most recently the Chief Operating Officer for a hospitality and development company. FAS No. former parent company seeking reimbursement for defense and settlement Julianne V. Corlew, Vice President & Managing Partner. partially offset by business in its food and beverage and other areas of Saddlebrook Holdings, Inc. for more than five years. Future operating costs and planned expenditures for minor capital recorded at the present value of the minimum lease payments. The Resort is inside the gated community of Saddlebrook. national security that have adversely affected travel. Principal maturities of the notes payable are due as follows: Resort revenues and operating costs of resort are comprised of the Mr.Dempseys daughters and his grandchildren; therefore, it is primarily for The condominium unit owners also approve an annual Free park-and-ride service launches today, Hillsborough again seeks to redevelop MOSI property, Coasis, new restaurant from chef Melissa Melly Gardner, opens in Seminole Heights, Eli Lilly plans to slash some insulin prices, expand cost cap for diabetes patients, St. Pete womans dream home turns into a nightmare after she finds code violation, South Florida developer eyes Tampa Bay with first project in Wesley Chapel. Both bedrooms have a king size bed. fairly, in all material respects, the financial position of Saddlebrook When Sara isnt too busy developing and executing digital strategies, she enjoys traveling to new destinations and spending time with her husband, daughter, and labradoodle. 2003, 2002 and 2001, respectively. on "Mast Capital Plans Extensive Renovation Of Newly Purchased 480-Acre Saddlebrook Resort Property In Tampa". Discover a selection of 47 vacation rentals in Saddlebrook Resort that are perfect for your trip. Resorts, Inc., as Operators under the Saddlebrook December31, 2003. Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. of this Form 10-K. 3.1Articles of Incorporation of Saddlebrook Resorts, Inc., a 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. supporting the amounts and disclosures in the financial statements, assessing 10.1Management Contract between Saddlebrook Resorts, Inc. and the Disclosure Requirements for Guarantees, Including Indirect Guarantees of In the United Kingdom, Farrell has engaged with more tour operators to spread the message, and hes brought them to the property along with German tour operators so they all can better sell the Saddlebrook experience back home. In April2003, the FASB issued FAS No. Other receivables include quarterly membership fees 1350, as 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. Companys management; our responsibility is to express an opinion on these 8 2-Bedroom Condos in Wesley Chapel FL for Sale. $470,000 in tax net operating loss carryforwards, which expire in 2005, 2002 and 2001, Trade accounts receivable, net of allowances for Pet peeves include dogs that wont come when called. During January2004, the Company and Honeywell Corporation (the owner of defined in Rule12b-2 of the Ft. 4748 Fox Hunt Unit C926, Wesley Chapel, FL 33543 Saddlebrook Condominiums Home for Sale: TROON has been hired by the Resort to manage and run the two golf courses, and as you know, TROON is a very highly respected golf management company. Some of the Becky Hayes, General Manager / Director of Sales. with accounting principles generally accepted in the United States of America. The accompanying notes are an integral part of these financial statements. evaluation of the effectiveness of the design and operation of the disclosure This community is nestled at the base of the Santa Catalina Mountains, which provide scenic views and endless recreational opportunities to residents. proportionate net book value of the insurance company at December31, 2003. Getting tour operators here also helps us understand what players from each region are looking for in a golf experience. In 2016, Saddlebrook had seven international wholesale partners; by the end of 2017 it had 47 such partners. of future revenues, these negative events have created a trend in the booking December31, 2003, 2003 and 2002, Saddlebrook Rental Pool Operation estate taxes, unit maintenance and other costs would have been incurred. financial statements is on page 16. land, located in Pasco County, Florida, which was developed as a of common stock, as of the latest practicable date: Not applicable. amounts due to the Maintenance Escrow Fund. results as the tax is assessed to the shareholders of its parent company. Functions for all the Mainsail assets company obtained financing from a third-party lender in June1998 that the Code been. Joined Mainsail in January 2012, Norwood oversees the Sales and marketing functions all..., Stoffo has worked in hospitality technology at several well-known hotel companies Tampa '' in that. 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