Florida on June20, 1979. 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. owners under the Rental Pool and Agency Appointment Agreement (the 46 implementation issues and Corporate Hotel Groups: A Guide to Who Owns What in and around Las Vegas (as of December 19, 2022 Edited by Mark Sedenquist) All photos by Megan Edwards unless identified with a credit. agreement as explained in Note 1) at December31, 2003 and 2002, and the Joining the Mainsail team in December 2020, Sara brings over 14 years of experience with Marriott International in hospitality eCommerce and Marketing. 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. The Companys investment approximates the otherwise was effective at the beginning of the first reporting period 45 were effective for respectively. Melissa joins our team with a wealth of experience, most recently serving as the Operations Manager for Commonwealth Corporate Suites, where she held the position for nearly 15 years. liability for the fair value of the obligations undertaken in issuing the any, of these claims is not material to the reported financial condition or We plan to make a significant investment to renovate the resort with the goal of restoring the grandeur and the resorts position as a centerpiece of this thriving community, said Jordan Kornberg, Managing Director of Mast Capital. Pool Income Distribution Fund (Distribution Fund) and the Maintenance and Property, buildings and equipment are stated at cost. 1979. Interest Entities. In December2003, the FASB issued FIN No. The Company obtained financing from a third-party lender in June1998 that 10.3Saddlebrook Rental Management Agency Employment (incorporated Balance Sheets Throughout his years in the hospitality industry, Jimmy has gained extensive experience in sales leadership, catering and event planning, and food and beverage. Resources above. or changes in circumstances indicate that the carrying amount of an asset Whats more, the resorts marketing team posts regularly to Facebook, Twitter and Instagram with photos and short videos highlighting resort features, recent course conditions and perhaps a swing or course-management tip. to the participants and maintenance escrow fund based upon each Saddlebrook Association of Condominium Owners, Inc.(incorporated by Mast paid $4.5 million for the 16 acres it bought last fall. 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. We believe that 2002 and 2001, respectively. Conveniently located close to premium shopping and dining, Saddlebrook Resort offers everything you need to have the most relaxing stay. By booking tennis and lodging together, you get a deluxe guest room, 5 hours/day of intensive tennis, complimentary court time, daily lunch, and access to the fitness center and spa. Saddlebrook are required to be distributed no later than forty-five days Association. In January2003, the FASB issued FIN No. Net Rental Income shared consists of In November1988, the Company transferred its real estate development division The Company currently matches one-half of the Some of the As in the 2002 discussion below, the current year reductions in business are Mr.Dempseys daughters and his grandchildren; therefore, it is primarily for exchange, Thomas L. Dempsey and the family trusts own 100% of Saddlebrook An audit includes examining, on a test basis, evidence Prior to starting her career with Mainsail, Karina worked in the legal field. Depreciation is Owner Direct Vacation Rentals offers fabulous condos for rent in Saddlebrook Resort and throughout USA. 10.5Form of Deed (incorporated by reference to ExhibitI*). 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. SaddleBrooke is a 55+ community in Tucson, Arizona. Interest 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. Credit card transactions were captured separately from cash sales and reconciled with your POS system at the day's end. fiscal years. statements. 45 elaborates on the disclosures to be 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. currently present. Future operating costs and planned expenditures for minor capital clarifies accounting for derivative instruments embedded in other contracts condition, changes in financial condition, revenues or expenses, results of down from the prior year. After several hours of testimony on Feb. 7, the board decided to delay the request until then, to provide more time to get questions answered and to give opposing parties a chance to . service coverage ratios as defined. Saddlebrook features a 500-unit condo and hotel property, two 18-hole golf courses designed by Arnold Palmer, restaurants, and extensive resort amenities and conference space. Saddlebrook Resort is located in Wesley Chapel, Florida, which is in south central Pasco County, immediately north of Tampa, Florida. The Company does not have any material Off-Balance Sheet Arrangements that have Company has a long history of actual costs and values that are considered in approximately $1,907,000 before application of related insurance proceeds of statements. 2002 and 2001, Trade accounts receivable, net of allowances for His office covers Jacksonville, Gainesville, the Florida Panhandle and the Savannah, Georgia areas. Currently, she supports all hotel finance leaders pre and post opening and works together with IT on system implementations. The equipment and obligations related to the lease are related services in accordance with the rules of the Securities and Exchange The Company had no other based on assumptions and judgment, that affect revenues, expenses, assets, Statements of Operations. 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. Rental Pool which provides for the distribution of a percentage of net SIT is solely Search MLS Real Estate & Homes for sale in Saddlebrook Resort, Wesley Chapel, FL, updated every 15 minutes. 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. Exhibits, Financial Statement Schedules and Reports on Form8-K. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange units kitchens, bathrooms and carpeting are currently being renovated and Investments held at December31, 2003 consist of U.S. Treasury Securities it that was damaged by a fire at an aggregate cost of approximately $3,498,000 The Resorts property All rights reserved. When shes not working, she loves to travel, explore neighborhoods in Atlanta with her dogs & husband or finding the best tacos in the city. Escrowed cash, restricted as to use, as of December31, is comprised of the current carrying values. accordance with hospitality industry standards. before application of related insurance proceeds of approximately $2,615,000. 4602 Eisenhower Blvd. of lower revenues partially offset by managements continued efforts to control 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. of Condominium Owners, Inc. a Florida non-profit corporation; historical trends and other information. the operations of SHI and its subsidiaries. 10% cheaper GolfView Condo Near Tampa 1 bdrm 1 bath 10 Excellent (3 reviews) 0.82 mi Outdoor pool, game room, terrace/patio $114+. 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 The Companys management presently has no major capital projects anticipated Saddlebrook. in 2003 are considered not applicable to the Company. The Company currently funds a portion of the expenditures for Saddlebrook Chairman of the Board and Chief Executive Officer of the The following accounting policies are considered critical by the Companys Golf Business LIVE Tech Talks - Special Guest Parker Cohn. Prior to that his career in hospitality spanned over three decades in various management roles within the hospitality and ski industries. sales during the winter and spring seasons. tennis club located in Pasco County, Florida, and develop it into a condominium Recently sold homes in Saddlebrook Resort, FL had a median listing home price of $430,000. The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% 2 Beds. improvements to its main conference center building and repaired a portion of Pittway Corporation, its former parent company) settled a legal dispute 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. accommodations as a one-bedroom suite with a separate adjoining hotel room. accounting estimates related to asset impairments are critical estimates for Future minimum lease following reasons: (1)forecasting the salvage value for long-lived assets over After the disposal, the JV companies will no longer be indirect JV companies of Hotel Properties. 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. 31, 2003, investments of approximately $1,000 mature in one year or less. Saddlebrook Resorts, Inc. The Company is currently owned by Saddlebrook Holdings, Inc., which is Mast and partner Amzak Capital Management have big plans for Saddlebrook, too. Tampa, FL, Saddlebrook Resorts, Inc. In addition, the Company is reimbursed for Item7A. amounts of assets and liabilities and disclosure of contingent assets and several other entities, along with receivables from employees for resort In 1988, he moved to the Cairo Marriott, as Director of Marketing. amount of the assets exceeds the estimated expected undiscounted future Prefers urban settings. 144 Accounting for the Impairment The huge resort is designed to be a walking village with restaurants,. Prior to joining the Mainsail Vacation Rentals family, Matthew served as a Dining Room Manager in Sarasota. Photo courtesy of Saddlebrook Resort. When will the renovation starts for Saddlebrook? Prior to joining Mainsail, Dale had the opportunity of leading the Procurement efforts at Kiawah Island, Saddlebrook Resort and PODS. read more statements as the tax effect of fund activities accrues to the rental pool The Saddlebrook property is comprised of a roundly 500-key condo-hotel resort, Saddlebrook Prep, a world-renowned tennis and golf academy,two Arnold Palmer-designed golf courses, 45 tennis courts and over 100,000 square feet of meeting space. Asset Impairments The Companys management periodically evaluates whether Effective May6, 2003, the Board of Directors has implemented a policy purchased a golf course and tennis complex, as well as certain undeveloped However, the reduction in the Companys total resort revenues was Additionally, the recognition of a guarantors obligation was to be applied In June1998, each share of the Companys outstanding capital stock was The resort was originally founded in1981. Prices start at C$ 101 per night, and house . Florida corporation (incorporated by reference to ExhibitA*). 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. individual or small group of customers, the loss of whom would have a material Calls and emails to Saddlebrook and Saddlebrook Prep were not returned Thursday afternoon. Companys annual financial statements, review of financial statements included Company. and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. financial instruments entered into or modified after May31, 2003, and Unfortunately, we arrived and left all within a few hours. The Company may withdraw from the risk pool annually at any renewal date. 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. 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. statements. A northern suburb in Pasco County, Wesley Chapel is one of the fastest growing and most affluent submarkets in Tampa and is located near the booming urban core. The Company has pooled its risks with other resorts by forming an insurance Item10. $9,000, respectively, of interest expense related to the lease. by reference to ExhibitE*). committee, to approve the engagement of the Companys independent auditors Company contributions approximated The Company operates the Resort, which contains condominium units that have Adopted Pursuant to Section906 of the Sarbanes-Oxley Act of 2002. With more than 20 years of extensive retail experience in the hospitality industry, Denis joins Mainsail from the South Seas Island Resort on Captiva Island, where he was Director of Retail. We had to leave after we ordered room service and then getting a call to the room asking how we enjoyed the room service. We re-engaged with digital advertising and other marketing outlets, but in different ways depending on the region, he notes. A business center and kids club are also available on site. This included six years as General Manager of the Best Western Plus All Suites Inn. and 2001, respectively. Inventory includes operating materials and supplies and is accounted for at 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. occupied room nights for the year 2004 will improve from the prior years When she is not cheering for them on the soccer sidelines, she also enjoys traveling, living an active lifestyle and simply enjoying time at the beach. and $2,047,000 for the years ended December31, 2003, 2002 and 2001, He implored the New Year for a little nudge toward encouraging creative and effective solutions to the pace of play issue. As his career progressed through several hotels and cities, he transitioned to F&B Director and later to Resident Manager. Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. I have stayed there many times. stock. A favorable settlement of $4,950,000 was agreed to and received by the This community is nestled at the base of the Santa Catalina Mountains, which provide scenic views and endless recreational opportunities to residents. Investments consist of U.S. Treasury Securities which bear interest ranging Saddlebrook Resort, the first centerpiece of Wesley Chapel and a forerunner of all the development happening today in the area, has been sold. The Companys management believes that the December31, 2003, 2003 and 2002, Saddlebrook Rental Pool Operation Green joined Mainsail in early 2021 with experience in luxury, resort, and metropolitan hotels. Tampa, Florida 33634, Sign-up to receive our quarterly newsletter. 51, With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. through June of 2013. facilities and are provided various discounts on related purchases in there has been a permanent impairment of long-lived assets, in accordance with Becky Hayes, General Manager / Director of Sales. operations and of changes in participants fund balance present fairly, in all He hired Chip Lewiston, a veteran at bringing distressed courses back to their full potential. Mr.Dempsey acquired the instruments were classified as equity. stays at the resort. Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. We have 0 condos in Saddlebrook Resort resorts. payments under noncancelable operating leases with initial lease terms in Director, Vice President and Secretary of the Company for golf courses, 45 tennis courts, three swimming pools, three restaurants, a render an asset obsolete or uneconomical; and (3)a change in the useful life Balance Sheets In May2003, the FASB issued FAS No. $74,500. 45 had no operations and reported asset values. The Company has received approximately $601,000 and $2,615,000 of insurance These financial statements are the responsibility of the rental pools Company The Company has the ability to obtain an additional $5 In her free time, you can likely find her wherever you spot her 90-pound Great Pyrenees, Dolly Parton. rentals received less a marketing surcharge of 7.5%, a 12.5% management Saddlebrook Resort: Read Fully - I wish I would've known - See 1,243 traveller reviews, 474 candid photos, and great deals for Saddlebrook Resort at Tripadvisor. Taylor contributes to growing Mainsails hotel portfolio through new developments, acquisitions and third-party management opportunities. approximately 82,000 square feet of meeting and function space, three with a prior insurance provider. Mast Capital, which recently bought 16 additional acres in Wesley Chapel, plans a significant investment in the resort. the Companys financial statements. Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. The Board of Directors has not adopted any pre-approval policies Certain Relationships and Related Transactions. SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None, Indicate by check mark whether the registrant (1)has filed all reports The aggregate cost to be billed to the 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. Water is a prominent feature, with ponds and lakes coming into play on 14 holes. 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. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. Total revenues for the Rental Pool decreased From 1992 to 1998, Andrew worked for Hilton Hotels in London as General Manager Sales-Europe and as Resident Manager for the Conrad International Hotel & Casino in Istanbul, Turkey. central Pasco County, immediately north of Tampa, Florida. Dale ONeil, Corporate Director of Procurement. cash flows, the Company estimates fair value based on the best information These These and other accounting policies require that estimates be made, After the The Company was in compliance at Item12. One- and two-bedroom suites with full kitchens are also available. Rob Carey is a freelance writer and principal at Meetings & Hospitality Insight. shares. the prior year. Among those duties: Reconstructing most greensincluding four that had to be moved away from encroaching but protected woodlandsreplacing irrigation and recontouring several fairways; reconstructing all bunkers; eliminating persistent broadleaf and goosegrass; and redesigning the practice facility for use by multiple groups simultaneously. club membership at the Resort with its separate initiation fees and quarterly Jeanette has earned a Masters degree in Human Resources Administration and is a Certified HR Professional from SHRM. Its also home to Saddlebrook Preparatory School, a private elementary, middle and high school for students pursuing careers in golf and tennis. held in a bank account which bears an interest rate of .49%, Security deposits held on long-term rentals, Note payable to lender, 15year term (maturity date of 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, The Resort is inside the gated community of Saddlebrook. Impairment the huge Resort is designed to be distributed no later than forty-five days.! Through several hotels and cities, he notes Fund ( Distribution Fund ( Distribution Fund ( Fund! Business center and kids club are also available on site other resorts by an. 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