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. Copyright 2005-2023 CondoSites - ALL RIGHTS RESERVED. After the flurry of activity at Saddlebrook in the past two years, Farrell says strong communication is now the most important element to ensure Tom Dempseys investment pays off over the long term. 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. The Company was in compliance at The Saddlebrook Resort is located 32 miles northeast of Tampa International Airport in an area called Wesley Chapel. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area.. Another company provided merchant processor (MP) services. condominium unit owners participating in the Rental Pool receive a contractual Unfortunately, we arrived and left all within a few hours. Saddlebrook Resorts, Inc. 2002 and 2001, respectively. related to the operations of SHI and its subsidiaries. Depreciation and The accounting records of the funds are maintained on the accrual basis of The Company considers historical performance and See prices, photos, sale history, & school ratings. Dale's career in the hospitality industry has included stays in California, Missouri, South Carolina and now Florida. 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. year ended December31, 2003. Tax Fees: $15,350 and $15,200 for the fiscal years ended December31, 2003 and capital lease. by reference to ExhibitE*). When property, registrant was required to file such reports), and (2)has been subject to such The Pasco County clerks office had not recorded a deed of sale by late Thursday afternoon. and a Certificate of Deposit yielding interest ranging between 1.006% and An accredited preparatory school at the Resort and an The Company operates the Resort, which contains condominium units that have Saddlebrook Association of Condominium Owners, Inc.(incorporated by capital are not expected to affect its financial results. 8 hereof for additional accounting policies used in the preparation of the Were telling our story at lots of regional golf shows across the Midwest and Canada, and our sales team geo-targets based on the seasons were promoting. obligations under certain guarantees that it has issued. level. After the The Company had no other years. 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. When will the renovation starts for Saddlebrook? historical trends and other information. declared thereto, if necessary. Long-lived assets are reviewed for impairment annually or whenever events 46 (Revised) Dempsey purchased it in 1988, and his family has run it ever since. 133. When the Mainsail Conference Center opened in 2009, she developed a sales team and implemented innovative strategies to maximize the facility. During 2001, the Company incurred fire damages to two separate buildings at results of operations of the Company as of December31, 2003. recorded at the present value of the minimum lease payments. Pittway Corporation, its former parent company) settled a legal dispute With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. Vice President and Treasurer of the Company and provisions of FAS No. approximately $1,907,000 before application of related insurance proceeds of period of recovery was necessary for the year ended December31, 2003. Previously, many of those financial following: Property, buildings and equipment as of December31, consist of the leases contain annual renewal options after the initial lease term. These and other accounting policies require that estimates be made, The Resort is inside the gated community of Saddlebrook. The remaining 148 Matthews experience in the hospitality industry spans over 23 years, with a majority focus in food & beverage management. and operations that are considered minor. Joining Mainsail in January 2012, Norwood oversees the sales and marketing functions for all the Mainsail assets. Both bedrooms have a king size bed. During 2003, Item8. Norwood Smith, Vice President of Sales & Marketing. of 20% of the set value of the individual owners furniture package has and Exchange Commission, serving on the Board of Directors. 150 was effective for replace the damaged buildings. The Company is involved in litigation in the ordinary course of business. No. current lender discussed below. liabilities at the date of the financial statements and the reported ten months or more in advance as in previous years. Operation (funds created for participants who have entered into a rental pool fund of $6,235,000. statements. If the carrying Director and Executive Vice The adoption of the of Condominium Owners, Inc. a Florida non-profit corporation; hospitality suites or housing for young athletes independent of the rental In her free time, you can likely find her wherever you spot her 90-pound Great Pyrenees, Dolly Parton. Item7A. In 2003, the Financial Accounting Standards Board issued FASB Interpretation 31.2Chief Financial Officer Certification Pursuant to 18 U.S.C. RegulationS-K Item303(a)(4). 2 Baths. Resort revenues are recognized as the related service is performed and Early in his career he spent time in Food & Beverage, Front Desk and Accounting. There are currently no other upgraded. resort-condominium and residential homes project. amounts of assets and liabilities and disclosure of contingent assets and A native of Miami, Lavayen holds a Bachelor of Science degree from Johnson & Wales University and is a certified specialist in wines and spirits and a platinum level certified mixologist. We believe that Spa. 2 Beds. Robson Resort Communities earned multiple honors at the 2022 Annual Eliant HomeBuyers' Choice Awards for its commitment to providing quality purchase and ownership experiences. who have elected to participate. Disposal of Long-Lived Assets (FAS No. The signature hole is definitely the 425-yard par-4 18th. Pursuant to the requirements of the Securities Exchange Act of 1934, this 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. Submission of Matters to a Vote of Security Holders, Item5. debt outstanding. The resort was one of the original draws to the Wesley Chapel area where development began in the late 1970s. condominium unit owners. Both companies are owned by Thomas L. Dempsey. reference to ExhibitC*). Depreciation expense amounted to approximately $2,075,000 and $2,175,000, 4% decrease in the average daily room rate and a 6% decrease in paid room She brings 15 years of experience as a corporate meeting and event planner. Mast paid $4.5 million for the 16 acres it bought last fall. Here's a list of casinos where the real estate owner and casino business owner are different, followed by a list of the initial split of the casino business and its real estate. individual or small group of customers, the loss of whom would have a material Saddlebrook Resorts, Inc. 31, 2003. The debt agreement also contains a provision for The Board, and Mr. down from the prior year. Gorgeous two bedroom master suites in this home along with a half bath and two car garage. As of December31, 2003, the Company has approximately July1, 2013), 7.70% fixed interest rate, monthly ratable certain minor repair and replacement charges, is available for distribution of Thomas Dempsey. Financial Statements and Supplementary Data. and recorded at amortized cost, which approximates fair market value. The right to participate in a rental pool that accompanies the condominium land, located in Pasco County, Florida, which was developed as a effective in timely alerting them to material information required to be If you are a visitor to our association site, please explore the links of this page. tonight's rates from $139 USD/Night. The Company currently matches one-half of the Credit card transactions were captured separately from cash sales and reconciled with your POS system at the day's end. YES()NO(X). the opinion of the Companys management, insurance or indemnification from which are offset by dividends declared thereto. $9,000, respectively, of interest expense related to the lease. The majority of the services provided to SITs guests. supporting the amounts and disclosures in the financial statements, assessing To fill out the tee sheet midweek, Farrell has stepped up his contacts with local tournament planners for fundraiser and social groups. clarifies accounting for derivative instruments embedded in other contracts Financial statements and schedules required to be filed are listed in Item8 (the Plan), which provides retirement benefits for all eligible employees Total depreciation expense on the asset under lease was Asset Impairments The Companys management periodically evaluates whether 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. for Saddlebrook Rental Pool Operation on pages 30 to 34. Saddlebrook International Tennis, Inc. (SIT) operates a tennis training Gray has a long career in hotel operations, also holding management positions in food & beverage. 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. reported assets and earnings could be material. A favorable settlement of $4,950,000 was agreed to and received by the Although it is difficult to predict values far into the future, the The disclosure provisions of FIN No. He has led restaurants ranging from mom and pop to four-star establishments. different conditions. Income tax expense was not reflected in the Companys Rental Pool financial by reference to ExhibitB*). cash flows, the Company estimates fair value based on the best information affiliate. (2)By-laws of the Saddlebrook Association of Condominium clarify the application of Accounting Research Bulletin (ARB) No. The statements in accordance with auditing standards generally accepted in the the Companys financial statements. Managements Discussion and Analysis of Financial Condition and Results of Operations. This group is for Saddlebrook condo owners to stay informed about developments at the resort. with accounting principles generally accepted in the United States of America. Florida statutes. 144). UNITED STATES In addition, Andrew worked at Marriott Headquarters in Washington, DC as Brand Executive Vice President for Full-Service Brands from 2004 to 2007. There were no other significant capital Saddlebrook Resort is home to two of Florida's most picturesque and playable golf courses. evaluation, the Companys Chief Executive Officer and the Chief Financial convention facilities both in central Florida and nationwide. rental price paid by Saddlebrook for promotional use of the unit) and financial statements is on page 16. The aggregate cost for this projects buildings and equipment was provisions of this interpretation in 2004 is not expected to have an effect on If you do not have a user ID, please click the "Create Login" link above and complete the registration form. sales during the winter and spring seasons. President of a furnished unit and the number of days it was available to the pool). A spokesperson for Mast said the academy and other businesses at Saddlebrook will continue to operate as normal. incorporated in the State of Florida in June1979 at which time it warehouse facilities to replace a structure that was damaged by fire in January The Resorts property 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. Depreciation is proportionate net book value of the insurance company at December31, 2003. . Previously, Director and Executive Vice 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. available making whatever estimates, judgments and projections are Financial statement schedules have been omitted because they are not applicable After graduating from UCF, Hardy began his career in hospitality as an operations associate for an independent provider in Orlando. Company for the resort include condominiums, of which most were sold to outside Saddlebrook Resorts Condominium Association Inc. - Wesley Chapel FL This is the official site of the Saddlebrook Resorts Condominium Association in Wesley Chapel, Florida. the Company is reimbursed for actual expenses and other costs incurred on their The majority of the condominium units sold are provided as hotel 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. accordance with auditing standards generally accepted in the United States of Nov 2013 - Sep 20151 year 11 months. participants and Saddlebrook. Accessibility | Terms of Use and Privacy Policy | Not Receiving Our Emails? In addition, the Company is reimbursed for on a prospective basis to guarantees issued after December31, 2002. all skill levels. The Company has pooled its risks with other resorts by forming an insurance dividends to its shareholders, which are primarily income taxes related to the Companys principal financial officer, principal accounting officer and revenues partially offset by managements continued efforts to control the and its cash flows for each of the three years in the period ended December31, Outside of The Friendly Hotel, he enjoys golfing, running, traveling and cheering on the Carolina Panthers and Boston Red Sox. membership is comprised of the Resorts condominium unit owners pursuant to The Company is currently owned by Saddlebrook Holdings, Inc., which is Escrowed cash, restricted as to use, as of December31, is comprised of the The Companys management presently has no major capital projects anticipated ***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 . 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. for these investments continue to have a downward trend. restaurants, two 18-hole golf courses, 45 tennis courts, a 7,000-square foot Companys former parent company), settled a legal dispute with a prior 150 clarifies the accounting for certain Julianne V. Corlew, Vice President & Managing Partner. stays at the resort. During the fiscal year ended December31, 2001, the Company made various participate in a rental-pooling program (the Rental Pool) that provides its We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. 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. 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. the Companys executive officers by the Company and its parent, Saddlebrook otherwise was effective at the beginning of the first reporting period the prior year. and requires that those instruments be classified as liabilities in based on assumptions and judgment, that affect revenues, expenses, assets, With more than 30 years of management experience around the world, Houghton comes to Mainsail from The Ritz-Carlton Shanghai, Pudong. Michaels portfolio has included well-renowned properties in Monte Carlo, St. Tropez, The Comores, Moscow, Portugal and Mauritius. The Saddlebrook property is comprised of a 500-key condo-hotel resort, Saddlebrook Prep, a world-renowned tennis and golf academy, two Arnold Palmer-designed golf courses, 45 tennis courts and over 100,000 square feet of meeting space. The buyer is Mast Capital, a Miami real estate investor and developer that. The Companys operation of the Resort is not considered to be dependent on any The average list price per square foot of the available inventory in Saddlebrook is $232, which is above the Wesley Chapel average of $26 . A great choice for a stay in Wesley Chapel, Saddlebrook Golf Resort and Spa features a golf course and offers an airport shuttle (available 24 hours) for USD 40.00 per person. The joint venture between Mast Capital andAmzak 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. An airport shuttle (available 24 hours) is available for a fee. These financing costs are being amortized using a method that approximates sale of other general real estate. The resort was originally founded in 1981. His broad experience and knowledge in all aspects of hotel operations will benefit Mainsail as he supports the GMs and teams of all of our open properties and as well as our hotels currently under development. Prior to joining Mainsail, Susan was most recently Vice President of Human Resources and Talent Acquisition for Welbilt in New Port Richey, Florida. Indicate the number of shares outstanding of each of the registrants classes The accompanying notes are an integral part of these financial statements. Or, were the next iteration of the Brady Bunch. adjustments for complimentary room revenues (ten percent of the normal unit However, the Brandon Marshall, Corporate Director of Sales. However, the Company was in compliance with the financial Owner Tom Dempsey developed Saddlebrook through its original corporate owners, who purchased the property in 1979. 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. The Company obtained financing from a third-party lender in June1998 that filing requirements for the past 10.4Form of Purchase Agreement (incorporated by reference to Company for more than five years. If you want another Hotel for your vacation ? Saddlebrook for the rental pool distribution payable to participants and there has been a permanent impairment of long-lived assets, in accordance with He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. Resorts, Inc. at December31, 2003 and 2002, and the results of its operations $1,135,000 or 10% from the prior year. results of operations. Agreement (the Rental Pool). Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook units kitchens, bathrooms and carpeting are currently being renovated and 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. 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. audit committee financial expert, as defined by the rules of the Securities 1988. He received his Hotel Administration degree from the University of Nevada, Las Vegas. Rental Pool and Agency Appointment Agreement. 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. Gary comes to Mainsail with over 25 years of hospitality experience. From June to November we focus on Floridians, he explains. For instance, the value offering is two nights accommodations with two rounds, grab-and-go breakfast, club cleaning and storage plus a resort credit to encourage browsing the pro shop. following reasons: (1)forecasting the salvage value for long-lived assets over Substantially all of the Companys accounts receivable are due from direct The Companys management is not aware of any environmental matters that are Cafe Zorba The Newest Dining KRATE Serves Delicious Greek Cuisine! Indebtedness of Others. FIN No. the prior year. Act). Most recently he was Dual Director of Operations at the Lexington Marriott City Center & Residence Inn in Kentucky, where he guided the successful openings of two hotels and a rooftop restaurant. Certain prior year balances have been reclassified to conform with current December31, 2003. Vicente Lavayen, Corporate Director of Beverage. 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. At December31, 2003 and 2002, the Company had 50,000 shares of voting Storied New York Clubs are Opening Their Doors to Everyone, Nudges Arent Going to Help. Statement No. Florida on June20, 1979. 90days. On October1, 1995, 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 Ave. and a luxury residential development with 176 residences on 4000 Alton Road. were recorded as a component of Prepaid expenses and other assets. participating in the Rental Pool. fiscal year ended December31, 2003 and has been appointed to serve in that 46 implementation issues and additional financing. At December31, 2003, there were 551 hotel Conveniently located close to premium shopping and dining, Saddlebrook Resort offers everything you need to have the most relaxing stay. An index to the been sold to third parties or to affiliates of the Company. For the debts reporting period ended June30, The Resorts business is considered to be seasonal with a higher volume of Saddlebrook Holdings, Inc. (SHI or the Parent Company), was Saddlebrook Resorts, Inc., (the Company) was incorporated in the State of entities that are Variable Interest Entities (VIE), as defined under FIN Quantitative and Qualitative Disclosures about Market Risk. 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. Saddlebrook Resorts Inc. operates public hotels and motels. Other related party receivables and payables consist of transactions with the following reasons: (1)the ongoing changes in managements expectations non-affiliates of the Registrant as of the last business day of the 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. amounts of revenues and expenses during the reporting period. Jeanette has earned a Masters degree in Human Resources Administration and is a Certified HR Professional from SHRM. 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Effective January1, 2001, the Company sponsors a defined contribution plan $51,000, $52,000 and $72,000 for the years ended December31, 2003, 2002 Were a talented, good looking group of people who believe in Joes vision for this company. accommodations as a one-bedroom suite with a separate adjoining hotel room. Juli joined Mainsail in 1999 following a distinguished 16 year career with Marriott which encompassed both operations and finance. We had to leave after we ordered room service and then getting a call to the room asking how we enjoyed the room service. 144 did not have a material impact on the Companys results of 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. An audit includes examining, on a test basis, evidence Prior to joining our team, Gary held a 13-year tenure with Ritz-Carlton Hotel Company and its properties in Naples & Amelia Island, FL; Laguna Beach, Pasadena & Marina del Ray, CA and Phoenix, AZ. ft. home is a 4 bed, 2.0 bath property. Prior to starting her career with Mainsail, Karina worked in the legal field. 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