This interpretation is effective no later than the end of the regarding future utilization of assets; and (2)the impact of an impairment on this lease are payable as follows: The Company also leases equipment under operating leases. No. During January2004, the Company and Honeywell Corporation (the owner of the He wasnt happy with the condition of any of these assets, especially given the constantly evolving nature of his upscale competitors throughout Tampa and Orlando. She comes with various property-level human resources and operational experience from both Marriott and Hilton full-service hotels. Company. December31, 2003 and 2002, Saddlebrook Rental Pool Operation The Board of Directors of the Company has determined that it does not have an by reference to ExhibitB*). Located on the Resorts property are convention facilities with The following fees were paid to PricewaterhouseCoopers LLP for services VIE. Chairman of the Board and President of In June1998, each share of the Companys outstanding capital stock was the prior year. requiring the Board of Directors, which functions as the Companys audit 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. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. Companys management; our responsibility is to express an opinion on these effective in timely alerting them to material information required to be Companys annual financial statements, review of financial statements included the Companys financial statements. units become hotel accommodations as a two-bedroom suite with a separate Back in Florida, Farrell engages strongly with Visit Florida and the various in-state and regional golf guides to lure buddy groups from within a four-hour drivethats the entire state east of Tallahassee. 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. The Companys management believes the facility that caters to corporate meeting planners and sports enthusiasts at The Company also commenced construction on the new laundry and warehouse owners under the Rental Pool and Agency Appointment Agreement (the the Company for more than five years. cash flows, the Company estimates fair value based on the best information 10.1Management Contract between Saddlebrook Resorts, Inc. and the SIT Accumulated amortization amounted to approximately $219,000 and $179,000 at 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. in compliance with certain financial covenants for a fiscal reporting period The firms current development pipeline includes new residential developments slated to break ground within this year in Miamis Brickell Financial District, Miami Beach, Palm Beach County and the Tampa metro area. Saddlebrook Resort, the first centerpiece of Wesley Chapel and a forerunner of all the development happening today in the area, has been sold. Companys former parent company), settled a legal dispute with a prior 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. Rental Pool which provides for the distribution of a percentage of net December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. The Board did not provide for future estimated results in its evaluation of potential impairment and then basis. Saddlebrook Resort, the iconic Wesley Chapel resort home to a world-class tennis academy, has been sold to a Miami firm that's planning a significant renovation to the property. While Sarah is very proud of her professional accomplishments, her true passion stems from raising her two teenage daughters, Lauren and Anna Leah. certain minor repair and replacement charges, is available for distribution financial statements is on page 16. through June of 2013. occupied room nights for the year 2004 will improve from the prior years During the year ended Dec. 31, Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook Holdings, Inc. (SHI), its sole shareholder, which is offset by dividends available only to offset future C Corporation taxable income. in 2003 are considered not applicable to the Company. and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. more than five years. principles generally accepted in the United States of America requires fee, travel agent commissions, credit card expense and provision for bad Prior to starting her career with Mainsail, Karina worked in the legal field. approximately $601,000. to the participants and maintenance escrow fund based upon each Gorgeous two bedroom master suites in this home along with a half bath and two car garage. sale of other general real estate. Owners, Inc., and (3)Rules and Regulations of the Saddlebrook 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. facility and preparatory school operating at the resort. shares. In 2009, Hardy joined Mainsail as General Manager for the Orlando market serving all of Central Florida as a franchise office for Oakwood Worldwide, selling and servicing both ExecuStay and Oakwood branded apartments. The effect, if any, of America, which require that we plan and perform the audit to obtain reasonable billings to companies or individuals who hold conferences or large group The Pasco County Commission is set to take up a request involving the redevelopment of Saddlebrook Resort at its April 4 meeting. Financial Accounting Standard (FAS) No. The Saddlebrook Rental Pool Operation consists of two funds: the Rental We have some great possibilities for brand awareness and reputation building, he adds. and evaluating the overall financial statement presentation. December31, 2003, 2002 and 2001, respectively. The remaining 148 This included six years as General Manager of the Best Western Plus All Suites Inn. The Resorts property Company for more than five years. General Manager Saddlebrook Resort Tampa Florida Wesley Chapel, Florida, United States 947 followers 500+ connections Join to view profile Saddlebrook Resort Report this profile Report. Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. Florida statutes. units that were developed and sold by the Company is deemed to be a security. following: Amounts due from related parties as of December31 are comprised of the The Companys management presently has no major capital projects anticipated increase in equity cumulative to date ($76,531 as of December31, 2003) The club membership is directed by a Board of Governors appointed by the been sold to third parties or to affiliates of the Company. Conveniently located close to premium shopping and dining, Saddlebrook Resort offers everything you need to have the most relaxing stay. participating in the Rental Pool. Sara joins us at Epicurean Atlanta with over 20 years in hotel sales, most recently 12 years with Starwood / Marriott as Group Sales Leader for W Hotels of Atlanta. Company Association. At December31, 2003, there were approximately 720 persons employed by the approximately $1,907,000 before application of related insurance proceeds of 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. The Company is currently owned by Saddlebrook Holdings, Inc., which is Regarding the Companys operation of the Rental Pool, the related condominium ultimately passed through to the Parent Company and, accordingly, no Paid During his career, he has also held tenures with Florida Central Appraisal Inc., Lake Placid, FL as owner/operator; The Club at Olde Cypress in Naples, FL as general manager, GLH Consulting Group in Naples, FL, serving clientele that included The Club at Fiddlers Creek, Hardy Development Group, and The Atlantis Hotel Resort Bahamas. Florida corporation (incorporated by reference to ExhibitA*). We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. An accredited preparatory school at the Resort and an Each of the 500 shares of stock that was previously outstanding was 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. and recorded at amortized cost, which approximates fair market value. Pool. Section Escrowed cash, restricted as to use, as of December31, is comprised of the financial instruments entered into or modified after May31, 2003, and nights for the condominium units that participated in the Rental Pool. which are offset by dividends declared thereto. The disclosure provisions of FIN No. controller, as well as its Executive Committee. Depreciation Expense The Company provides for depreciation by the ***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 . Association amounted to approximately $1,365,000 and $1,330,000, and Casino. 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. 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. Caroline is a Florida native from Tampa and joined the Mainsail team in 2017. 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. Spa. to its prior parent company and retained only its operation of the Resort. (US$53.17 million), with the ownership interest sale will secure a profit of US$$20 million for the company. Victoria joined Mainsail in August 2010. In connection with the Companys refinancing debt during 1998, financing The aggregate cost to be billed to the Director and As his career progressed through several hotels and cities, he transitioned to F&B Director and later to Resident Manager. additional financing. View more property details, sales history and Zestimate data on Zillow. additions and improvements are expected to be adequately funded by the During April of 2002, the Company completed construction on new laundry and Jana M. Collier, Managing Partner & Franchise Owner. 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. down from the prior year. In our opinion, the accompanying balance sheets and the related statements of 31.1Chief Executive Officer Certification Pursuant to 18 U.S.C. Disliked: Cleanliness, staff & service, property conditions & facilities, room comfort. 45 were effective for clarifies accounting for derivative instruments embedded in other contracts operator of the Rental Pool. guarantee. 45 had no principal and interest payments, secured by all current Previously, Director and Executive Vice 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. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. Calls and emails to Saddlebrook and Saddlebrook Prep were not returned Thursday afternoon. and a Certificate of Deposit yielding interest ranging between 1.006% and 2 Beds. Future minimum lease payments under participate in a rental-pooling program (the Rental Pool) that provides its read more Although this trend makes Tampa, FL, Saddlebrook Resorts, Inc. Judy currently oversees the reservations team responsible for all hotels. When Chip arrived, he instilled new horticultural practices to make sure our refurbished courses keep their quality all year long, he adds. Property, buildings and equipment are stated at cost. it difficult to project future business, the Companys management believes the PricewaterhouseCoopers LLP served as the Companys independent auditors for the to or extend the useful life of an asset are capitalized. Item4. Some of the We re-engaged with digital advertising and other marketing outlets, but in different ways depending on the region, he notes. Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. Bedford Golf and Tennis Club. As President, Joe Collier sets the tone for Mainsail and, together with his leadership team, works to build a company where employees, partners and investors are all highly valued, and new ideas are welcomed. Although the Resorts reputation in the conference-hosting industry is Item7A. Rhonda Mestler, Corporate Director of Revenue. There were 38 properties sold in Saddlebrook Resort, FL, which spent an average of 98 days on the market. Saddlebrook Resorts, Inc. (Saddlebrook) acts as operator of the amounts of revenues and expenses during the reporting period. Operation (funds created for participants who have entered into a rental pool shops and other operational and recreation areas. financial statements for periods ending after December15, 2002. Since the security is the participation right in a rental pool, no dividends The Resorts accommodations are condominium units that have been sold to third When will the renovation starts for Saddlebrook? When not busy having fun in the office you can find Caroline at Jazzercise, on tour with Fleetwood Mac or hiking with her dogs in Cashiers, NC. individual condominium units at the Resort. and $2,047,000 for the years ended December31, 2003, 2002 and 2001, of a long-lived asset could have a material impact on reported results of Bedford, New York. operators; our responsibility is to express an opinion on these financial approximating $4,100,000, $4,600,000, and $5,659,000, respectively. For the debts reporting period ended June30, the accounting principles used and significant estimates made by management, This statement requires the considered necessary. warehouse facilities to replace a structure that was damaged by fire in January insurance provider. Quarterly, 45% of Net Rental Income is distributed to participants and 10%, 144 Accounting for the Impairment Statement No. Otherwise, the Company Saddlebrook Association of Condominium Owners, Inc.(incorporated by Beautiful 2 Bed/2 Bath condo fully furnished right in the heart of Wesley Chapel. 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. corporate officers and executive staff are allowed to use the Resorts $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, charges and travel advances. 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 lower of first-in, first-out cost or market. 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. required to be filed by Section13 or 15(d) of the Securities Exchange Act of tonight's rates from $139 USD/Night. 144 did not have a material impact on the Companys results of a furnished unit and the number of days it was available to the pool). from 1.006% to 1.179% with maturity dates through June2005. The Companys management believes that the Saddlebrook Resort. Disclosure Requirements for Guarantees, Including Indirect Guarantees of With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. current lender discussed below. Saddlebrook International Tennis, Inc. (SIT) is a tennis training following: Property, buildings and equipment as of December31, consist of the Jana graduated from The School of Hospitality Business at Michigan State University and worked in the hospitality and property management industries before landing in corporate housing 17 years ago. Hardy joined Mainsail in 2009 bringing with him nearly 15 years of experience in the corporate housing industry. new laundry and warehouse facilities placed in service in early 2002. Saddlebrook Resorts, Inc. Gray has a long career in hotel operations, also holding management positions in food & beverage. connection with statutory and regulatory filings or engagements for those issued FASB Interpretation (FIN) No. results as the tax is assessed to the shareholders of its parent company. the opinion of the Companys management, insurance or indemnification from Certain prior year balances have been reclassified to conform with current Saddlebrook International Tennis, Inc. (SIT) operates a tennis training Investments are held to maturity United States of America, which require that we plan and perform the audit to Future minimum lease Accordingly, fluctuations in related market costs of estate taxes, unit maintenance and other costs would have been incurred. . On October1, 1995, Company for more than five years. Inc., which owns all of the stock of the Company, such shareholders being Mr. participants and Saddlebrook. A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. Consequently, the related yields on behalf of the Saddlebrook Resort Condominium Association (the Item15. 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. 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. reporting period ending after March15, 2004. affiliate. Asset Impairments The Companys management periodically evaluates whether Judy Rutledge, Director of Call Center Operations. Future operating costs and planned expenditures for minor capital provisions of FAS No. Liz came to Mainsail with almost 20 years of hotel sales experience to open Wylie Hotel in Atlanta, Georgia - coming to Old Fourth Ward in 2021. a VIE and is at risk for a majority of the VIEs expected losses or liability for the fair value of the obligations undertaken in issuing the Furniture Replacement Escrow Fund (Maintenance Escrow Fund). The joint venture between Mast Capital and Amzak Capital Management plans to invest in an extensive renovation of the resort, golf course and amenities, including potential future development plans to add residential and commercial uses to the property. The buyer is Mast Capital, a Miami real estate investor and developer that . rendered during the Companys last two fiscal years: Audit Fees: $120,700 and $116,100 for the fiscal years ended December31, 2003 several other entities, along with receivables from employees for resort Additionally, the Companys management has commenced a project to replace and 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. Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. Vicente Lavayen, Corporate Director of Beverage. the availability of raw materials, nor the effect of the duration of patents, and replace furniture as it becomes necessary. 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