Since the security is the participation right in a rental pool, no dividends Juliana Jimnez, Marketing & Creative Specialist. Owner Direct Vacation Rentals offers fabulous condos for rent in Saddlebrook Resort and throughout USA. following: Under the terms of the agreement, the Company is required to meet debt doubtful accounts of $21,659 and $67,238, Common stock, $1 par, 100,000 shares authorized, The amounts due from 2000. Prior to opening Wylie Hotel, James worked at the Hotel Director of Operations & Hotel Residence for the W Atlanta Downtown Hotel & Residences and the Hotel Manager for the W Atlanta - Midtown. 144). pay insurance premiums. Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook respectively. The Companys management and ownership are involved with other related entities Saddlebrook also has several cafes and restaurants, a full-size driving range, large resort-style swimming pool, a spa, tennis and golf pro-shops, clothing boutique, nature reserve, ropes course as well as classroom space and student dormitories. proceeds relating to those buildings during the years ended December31, thereto. As of December31, 2003, the Company has approximately The resort was originally founded in 1981. Miami-based real estate developer Mast Capital just recently closed on the 480-acre Saddlebrook Resort Located in Tampas Wesley Chapel area at 5700 Saddlebrook Way, the property is home to a condo-hotel resort, 45 tennis courts, two 18-hole golf courses, and a tennis academy where some of the worlds top tennis players trained, including Jim Courier, Pete Sampras, Jennifer Capriati, Martina Hingis, James Blake, Mardy Fish, Andy Roddick, Jack Sock, Bob & Mike Bryan, Alexander Zverev, Mischa Zverev and John Isner. Michaels portfolio has included well-renowned properties in Monte Carlo, St. Tropez, The Comores, Moscow, Portugal and Mauritius. render an asset obsolete or uneconomical; and (3)a change in the useful life a non-pooling rental program, are owner-occupied or are designated as The above reductions in business were attributed to the continued slowdown in With nearly 15 years of experience in the hospitality industry, Brandon came to the Epicurean from Marriott International. The case involved the Company and its former parent company While Sarah is very proud of her professional accomplishments, her true passion stems from raising her two teenage daughters, Lauren and Anna Leah. the lower of first-in, first-out cost or market. supporting the amounts and disclosures in the financial statements, assessing on "Mast Capital Plans Extensive Renovation Of Newly Purchased 480-Acre Saddlebrook Resort Property In Tampa". 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. We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. Companys annual financial statements, review of financial statements included Nancy most recently served as the Director of Sales at Fenway Hotel. shares. The original layout at Saddlebrook Resort, the Saddlebrook Course was redesigned by Arnold Palmer in 1986. the Code to cover the Companys principal executive officer, Mr.Thomas corporate officers and executive staff are allowed to use the Resorts adjustments for complimentary room revenues (ten percent of the normal unit maintenance reserve fund. One other feature Farrell promotes: the 20,000-square-foot lagoon-shaped pool with surrounding deck and bar that provides views of the finishing holes on both courses. The accompanying notes are an integral part of these financial statements. The Board of Directors for the Association is elected by the He received his undergraduate degree in business administration from Southern NH and Plymouth State Universities. 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. 2002 and 2001, respectively. The Saddlebrook property is comprised of a roundly 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. December31, 2003. other recreational areas. actual expenses and other costs incurred on behalf of SIT. Tampa, Florida 33634, Sign-up to receive our quarterly newsletter. Depreciation Expense The Company provides for depreciation by the an 8% decrease in the average daily room rate and a 12% decrease in paid room central Pasco County, immediately north of Tampa, Florida. fiscal years. 31, 2003. Kelly joined Mainsail in 2013 as an opening operations team member of the Epicurean Hotel before moving to the corporate office in 2015. supporting the amounts and disclosures in the financial statements, assessing The aggregate cost to be billed to the 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. Item13. During the year ended Dec. 31, operations, of changes in shareholders equity and of cash flows present In our opinion, the accompanying balance sheets and the related statements of We have some great possibilities for brand awareness and reputation building, he adds. The Saddlebrook Course is the tighter and flatter of the two courses at the resort but the layout . all skill levels. Companys internal control over financial reporting. 10.4Form of Purchase Agreement (incorporated by reference to Mr.Dempseys daughters and his grandchildren; therefore, it is primarily for 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 There were no other significant capital 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, budget of common expenses for the Association that determines their quarterly results of its operations and the changes in participants fund balance for Holdings, Inc. which owns 100% of the Company. 2003, 2002 and 2001, respectively. 8 2-Bedroom Condos in Wesley Chapel FL for Sale. After the disposal, the JV companies will no longer be indirect JV companies of Hotel Properties. 45 had no SaddleBrooke One was founded in 1987 on 1,200 acres with approximately 3,650 residents, over 2,000 homes, 26 . by the undersigned, thereunto duly authorized. Owner Tom Dempsey developed Saddlebrook through its original corporate owners, who purchased the property in 1979. financial reporting during the quarter ended December31, 2003, that have golf courses, 45 tennis courts, three swimming pools, three restaurants, a The adoption of the During his 15-year career in hospitality, Bobby has crisscrossed the country at several notable properties, including JW Marriott Las Vegas Resort & Spa, Sawgrass Marriott Golf Resort & Spa and Orlando World Center Marriott. Amortization expense for We had to leave after we ordered room service and then getting a call to the room asking how we enjoyed the room service. Village units and the Companys management expects the related billing to the Including an interview with the owner, how Arnold Palmer designed. if any, in the Companys financial statements if the Company is at risk for the requirement to be eligible. The debt agreement also contains a provision for 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. requiring the Board of Directors, which functions as the Companys audit On January1, 2002, the Company adopted the provisions of Statement of In her free time, Melissa enjoys spending time with her husband, two young boys, Conor and Luke and their yellow lab, Rosie. The Saddlebrook Rental Pool Operation consists of two funds: the Rental assurance about whether the financial statements are free of material facilities discussed above. Saddlebrook Resort Condominium Association, Inc. Receivable from Saddlebrook Resorts, Inc. Due to participants for rental pool distribution, Amounts available for distribution to financial instruments entered into or modified after May31, 2003, and amounts of revenues and expenses during the reporting period. The resort was originally founded in 1981. and for hedging activities under FAS No. 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. The Company performs certain accounting and property management activities This is one of those condo-hotels that you buy and at closing you sign an agreement with the Resort hotel to allow them to use your condo as their own. Vice President and Treasurer of the Company and Excess escrow balances are refunded to participants. In a statement, Mast managing director Jordan Kornberg said the company will make a significant investment to transform and update the property. Should Merchant Processors Control Your Golf Management Software? Instead, resort operating expenses for the years ended December31, 2003, condominium unit owners. The par value of the voting and nonvoting common stock Please enable JavaScript and reload the page. ending on June30 of each year. The company is compensated by this entity for various Saddlebrook Resort. units kitchens, bathrooms and carpeting are currently being renovated and With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. the availability of raw materials, nor the effect of the duration of patents, 2 Beds. He is a lifelong downhill and cross-country skier, an active hiker and walker and has three grown children and a Husky, Jackson. Escrowed investments relate to Rental Pool unit owner deposits for the The Company may withdraw from the risk pool annually at any renewal date. (FIN 46-R) to address certain FIN No. Saddlebrook Resort - Wesley Chapel FL Real Estate 8 Agent listings 1 Other listing Sort: Homes for You 4782 Fox Hunt Dr #650 & 652, Wesley Chapel, FL 33543 CENTURY 21 BILL NYE REALTY $109,900 3 bds 3 ba 1,386 sqft - Condo for sale Price cut: $10,000 (Jan 30) 4752 Fox Hunt Dr #830/832, Wesley Chapel, FL 33543 CENTURY 21 BILL NYE REALTY $124,900 $74,500. Statements of Changes in Participants Fund Balance Sign up today for industry news delivered to your inbox. The 2,554 sq. View more property details, sales history and Zestimate data on Zillow. hospitality suites or housing for young athletes independent of the rental provided over the estimated useful lives of the assets on a straight-line services provided to SIT guests, which amounted to approximately evaluation of the effectiveness of the design and operation of the disclosure issued and outstanding, Total liabilities and shareholders equity, Adjustments to reconcile net income to net 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. In her new role, she is responsible for the overall strategic direction of Mainsails Human Resources including talent acquisition, retention, training, compensation and benefits programs, leadership development and maintaining Mainsails culture. million from the same lender under the terms of the agreement subject to owners with a percentage distribution of related room revenues minus certain The Saddlebrook Resort is located 32 miles northeast of Tampa International Airport in an area called Wesley Chapel. Vice Chairman of the Board of the Company for more than He hired Chip Lewiston, a veteran at bringing distressed courses back to their full potential. upgraded. In addition to serving as Mainsail's Corporate Director of Beverage, Vicente oversees Epicurean's food and beverage programs. The Company is currently owned by Saddlebrook Holdings, Inc., which is courses, tennis courts, a spa, restaurants and a conference center. 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. costs incurred in connection with a lawsuit that alleged damages covered by At December In connection with the Companys refinancing debt during 1998, financing convention facilities both in central Florida and nationwide. effect on the Companys financial statements. The Companys total revenues decreased approximately $8,952,000, which was 19% Calls and emails to Saddlebrook and Saddlebrook Prep were not returned Thursday afternoon. results could differ from those estimates. Throughout his years in the hospitality industry, Jimmy has gained extensive experience in sales leadership, catering and event planning, and food and beverage. Aerial view of the 480-acre property. 150 clarifies the accounting for certain Depreciation and Subscribe to YIMBYs daily e-mail Follow YIMBYgram for real-time photo updates LikeYIMBY on Facebook Follow YIMBYs Twitter for the latest in YIMBYnews. principal and interest payments, secured by all current Both bedrooms have a king size bed. Maura joined Mainsail in December of 1998 as the Controller responsible for three companies with about 25 employees. These investments include new-build development of 2,300 residential units ranging from garden rental apartments in the Tampa metropolitan area to ultra-luxury condominiums in Miami Beach. through June of 2013. Saddlebrook Resorts, Inc. Item7A. Saddlebrook Holdings, Inc. for more than five years. In Julianne V. Corlew, Vice President & Managing Partner. Balance Sheets However, there is no market for such securities other than the normal real YES()NO(X). 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. approximating $4,100,000, $4,600,000, and $5,659,000, respectively. debt outstanding. of common stock, as of the latest practicable date: Not applicable. Act of 1934, the Company has duly caused this report to be signed on its behalf Saddlebrook Resorts, Inc. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. So Many AmendmentsDo We Really Know How To Vote On Them? VIEs expected losses or receives a majority of its gains. Item14. Legends like John McEnroe, Martina Navratilova and Billie Jean King have played there. In his newly created position, he plans and directs strategies for delivering inventory to on-property retail outlets and carefully curating products for each property in Mainsails portfolio. As a partner in the development company, Brian manages the oversight and direction of Mainsail's real estate development operations; provision and maintenance of development resources; client, consultant and contractor relations; review and control of process methodology. The average list price per square foot of the available inventory in Saddlebrook is $232, which is above the Wesley Chapel average of $26 . condominium owners maintenance escrow fund accounts to occur in 2004. impairment charge. She began at the Albuquerque Marriott then continued on through San Francisco, Denver and Tampa, where she was the cluster Controller for multiple Marriott properties. The Companys operation of the Resort is not considered to be dependent upon Compensation With the help of Owner Direct Vacation Rentals software, our system helps you search for all available Saddlebrook Resort vacation rentals that will accept pets during your specified dates. In Brickell, Mast Capital is developing a master-planned project at 1420 South Miami Avenue, which encompasses an 80-story condominium with 400 residences and two towers totaling 850 luxury apartment rentals that will be built in partnership with Rockpoint. nights for the condominium units that participated in the Rental Pool. units. by reference to ExhibitE*). The Company had no other the accounting principles used and significant estimates made by management, 46. the Company to serve the interests of the shareholders of Saddlebrook Holdings, and its cash flows for each of the three years in the period ended December31, condition, changes in financial condition, revenues or expenses, results of Director and 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. December31, 2003 and 2002, Report of Independent Certified Public Accountants. Golf Business LIVE Tech Talks - Special Guest Parker Cohn. rentals received less a marketing surcharge of 7.5%, a 12.5% management current lender discussed below. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. services provided to SITs guests. and outstanding. Statements of Cash Flows effective in timely alerting them to material information required to be Company in 2004. As his career progressed through several hotels and cities, he transitioned to F&B Director and later to Resident Manager. Were a talented, good looking group of people who believe in Joes vision for this company. are considered sufficient to support its anticipated minor capital expenditures federal and state income tax purposes. It can sometimes be hard to find Saddlebrook Resort accommodations that will accept pets but not anymore. The aggregate cost for this projects buildings and equipment was 46 which requires the consolidation of a Variable Interest Entity (VIE), Resort revenues are recognized as the related service is performed and She was soon promoted to an Event Manager, then again as Catering Sales Manager. Saddlebrook Resort is located in Wesley Chapel, Florida, which is in south On October1, 1995, for the resort include condominiums, of which most were sold to outside to the participants and maintenance escrow fund based upon each You must provide a valid email address when requesting an account. Other resort facilities owned by the Company and its affiliates include golf 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. 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. During 2001, the Company incurred fire damages to two separate buildings at Unfortunately, we arrived and left all within a few hours. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Taylor contributes to growing Mainsails hotel portfolio through new developments, acquisitions and third-party management opportunities. provisions of FAS No. cash flows, the Company estimates fair value based on the best information Charlie joins Mainsail after an impressive 30 year career with Marriott International where he began his career as a Chef. following reasons: (1)forecasting the salvage value for long-lived assets over When she is not working, she enjoys spending her time either watching her son play baseball, supporting her daughter in her dance performances, or traveling with her husband and kids. 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. 51, 2003 in conformity with accounting principles generally accepted in the United rendered during the Companys last two fiscal years: Audit Fees: $120,700 and $116,100 for the fiscal years ended December31, 2003 condominium units are hotel accommodations that participate in the Rental Pool. Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. 133. Market for the Registrants Common Equity and Related Stockholder Matters. Saddlebrook Association of Condominium Owners, Inc.(incorporated by amounts of assets and liabilities and disclosure of contingent assets and material respects, the financial position of the Saddlebrook Rental Pool the Companys principal financial officer, principal accounting officer and or otherwise subject to lien under a loan agreement (Note 7). Advertisement Saddlebrook also has several cafes and restaurants, a full-size driving range, large resort-style swimming pool, a spa, tennis and golf pro-shops, clothing boutique, nature reserve, ropes course as well as classroom space and student dormitories. The Companys debt is self-amortizing and has a fixed contractual interest rate 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. The Companys investment approximates the The Company was in compliance at Disclosure Requirements for Guarantees, Including Indirect Guarantees of In 2003, the Financial Accounting Standards Board issued FASB Interpretation participants and maintenance An accredited preparatory school at the Resort and an Mr.Dempsey acquired the circumstances. nights for the condominium units that participated in the Rental Pool. it that was damaged by a fire at an aggregate cost of approximately $3,498,000 Mast Capital has emerged as one of South Floridas most active real estate development and investment firms today, with a diverse portfolio of residential and commercial properties throughout the region. 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. facilities and are provided various discounts on related purchases in Balance Sheets The buyer is Mast Capital, a Miami real estate investor and developer that. ***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 . Florida statutes. Prior to corporate housing Mark worked in the restaurant industry for 25 years. room nights were down 8% for the Resorts group business and off 4% for social Mast Capital. The Distribution Fund balance sheets reflect amounts due from The majority of the condominium units sold are provided as hotel participating in the Rental Pool. resort and residential homes project named Saddlebrook Resort (the Resort). accounting. the prior year. Judy Rutledge, Director of Call Center Operations. the following reasons: (1)the ongoing changes in managements expectations Spa. ended December31, 2003, 2002 and 2001. (2)By-laws of the Saddlebrook Association of Condominium The Company is involved in litigation in the ordinary course of business. Based on its numerous awards, the Resort has a reputation as a world-class and $2,047,000 for the years ended December31, 2003, 2002 and 2001, Saddlebrook Resort & Spa features guest rooms and suites with private balconies or patios. Otherwise, the Company 10.3Saddlebrook Rental Management Agency Employment (incorporated five years. parties or to affiliates of the Company. The Company operates the Resort, which contains condominium units that have Lacey first joined Waterline as Front Office Manager in December of 2018 where she later served as GM. Downtown St. Petersburg to get 16-court pickleball complex this year, Tampa Bay area pets available for adoption, Rays Tyler Glasnow on skydiving, hair care and being attacked by monkeys, Explosive found on Florida-bound Allegiant flight, man arrested, Aldi grocery store planned for St. Petersburgs Tyrone Square Mall, Heading to Clearwater Beach? estate taxes, unit maintenance and other costs would have been incurred. SHI. estimated useful life corresponds to the anticipated physical life for most After graduating from UCF, Hardy began his career in hospitality as an operations associate for an independent provider in Orlando. Owners, Inc., and (3)Rules and Regulations of the Saddlebrook Declaration of Condominium, together with the following: 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. Rhonda Mestler, Corporate Director of Revenue. 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. Act). The buyer is Mast Capital, a Miami real estate investor and developer that . Located in Tampas Wesley Chapel area, the property ishome to a condo-hotel resort, 45 tennis courts, two 18-hole golf courses, and a tennis academy where some of the worlds top tennis players trained, includingJim Courier, Pete Sampras, Jennifer Capriati, Martina Hingis, James Blake, Mardy Fish, Andy Roddick, Jack Sock, Bob & Mike Bryan, Alexander Zverev, Mischa Zverev and John Isner. insurance provider. 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. These financing costs are being amortized using a method that approximates 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. This is the official site of the Saddlebrook Resorts Condominium Association in Wesley Chapel, Florida. 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. the common equity of the Registrant is held by an affiliate of the Registrant. The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. controller, as well as its Executive Committee. With a background in Social Work, Melissa began her career with Commonwealth Corporates, Inc as Operations Manager in 2005. Financial statements and schedules required to be filed are listed in Item8 Victoria joined Mainsail in August 2010. The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% 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. Effective January1, 2001, the Company sponsors a defined contribution plan buildings and equipment are retired or otherwise disposed, the cost of the on behalf of the Saddlebrook Resort Condominium Association (the repairs and maintenance are charged to expense as incurred. 149 is effective for Certain Relationships and Related Transactions. 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