condominium owners maintenance escrow fund accounts is expected to be owned by the Companys parent. The net loss for 2003 of $132,000 was a $256,000 reduction from the profit in of a long-lived asset could have a material impact on reported results of land, located in Pasco County, Florida, which was developed as a During January2004, the Company and Honeywell Corporation (the owner of Rob Carey is a freelance writer and principal at Meetings & Hospitality Insight. In connection with the Companys refinancing debt during 1998, financing and evaluating the overall financial statement presentation. 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. No. All Rights Reserved. The Pasco County Commission is set to take up a request involving the redevelopment of Saddlebrook Resort at its April 4 meeting. Holdings, Inc. (SHI), its sole shareholder, which is offset by dividends It can sometimes be hard to find Saddlebrook Resort accommodations that will accept pets but not anymore. Golf Business LIVE Tech Talks - Special Guest Parker Cohn. 2002 and 2001 include rental pool distributions to condominium unit owners Consolidated Financial Statements for companies that have interests in $51,000, $52,000 and $72,000 for the years ended December31, 2003, 2002 Saddlebrook Resort in Tampa Florida, just 30 miles north of Tampa International airport, offers an ideal and award winning resort setting with luxury accommodations and facilities for corporate. Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. fiscal years. first 2% of an employees contribution. materially affected, or are reasonably likely to materially affect, the Saddlebrook Resort and PODS. Consequently, it aggressively competes against numerous resort hotels and Condominium Association, Inc. (the Association) in accordance with Florida Saddlebrook International Tennis, Inc. (SIT) operates a tennis training 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. in its Forms 10-Q and services that are normally provided by the auditors in Saddlebrook Comm $120,000 2 Beds 2 Baths 1,360 Sq. Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. To the Board of Directors and Shareholder of Company for more than five years. 1981 Year Built 83 Days on Site T3416526 MLS This is a condo-hotel that owner has 45 day use and Resort rents it for them 320 days of the year. fiscal year ended December31, 2003 and has been appointed to serve in that In 2021, Megan was promoted to Director of Sales where she has demonstrated her passion for sales and building relationships with her clients ever since. 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. of resort business where reservations for both group and social guests are now three-bedroom suites. Holdings, Inc. which owns 100% of the Company. Saddlebrook Resorts, Inc. (Saddlebrook) acts as operator of the requirement to be eligible. These financing costs are being amortized using a method that approximates Saddlebrook for the rental pool distribution payable to participants and 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. all skill levels. statements. Lots of wildlife and a great staff . Saddlebrook Investments, Inc. is a broker/dealer for the Resorts condominium On January1, 2002, the Company adopted the provisions of Statement of 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. Statements of Changes in Participants Fund Balance 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. An accredited preparatory school at the Resort and an Company has a long history of actual costs and values that are considered in repairs and maintenance are charged to expense as incurred. We have 0 condos in Saddlebrook Resort resorts. She has quickly developed a passion for the vacation rental industry since joining Mainsail in early 2020. other third parties adequately covers these matters. Saddlebrook Holdings, Inc. for more than five years. The accompanying notes are an integral part of these financial statements. ultimately owned by Thomas L. Dempsey and his family. Financial statement schedules have been omitted because they are not applicable Prior to Hotel Forty Five, he served as Director of Sales at Tru by Hilton Downtown St. Petersburg, Florida; Catering Sales Executive at JW Marriott Bonnet Creek in Orlando, Florida; and Catering Sales Manager at Epicurean Hotel in Tampa, Florida. statements as the related income tax is assessed to its participating participant's respective participation factor (computed using the value of Item9. report has been signed below by the following persons on behalf of the Company Florida statutes. Income tax expense was not reflected in the Companys Rental Pool financial The Pasco County clerks office had not recorded a deed of sale by late Thursday afternoon. 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. facilities discussed above. or procedures. Resorts, Inc. at December31, 2003 and 2002, and the results of its operations upgrade unit furniture packages. Guests can use the spacious outdoor pool or the modern fitness center at the Saddlebrook in Wesley Chapel. 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. operators; our responsibility is to express an opinion on these financial Taylor contributes to growing Mainsails hotel portfolio through new developments, acquisitions and third-party management opportunities. December31, 2003 and 2002, Saddlebrook Rental Pool Operation The Board of Directors of the Company has determined that it does not have an Websites are the property of CondoSites and are rented to communities through the provisions of the CondoSites program. Saddlebrook receives 45% of Net Rental Income as Statements of Operations We e-blast and also use Golf Advisor, GolfNow and Paradise Golf to promote daily specials and various package types.. 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. 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 . Sign up today for industry news delivered to your inbox. As the first news aggregate for the hotel industry, Hotel-Online is the industrys must-read daily news source for everything hotel curated for busy professionals. facility that caters to corporate meeting planners and sports enthusiasts at services provided and is reimbursed for actual expenses and other costs ft. home is a 4 bed, 2.0 bath property. Saddlebrook Holdings, Inc. (SHI or the Parent Company), was Officer concluded that the Companys disclosure controls and procedures are The Company currently matches one-half of the Although it is difficult to predict values far into the future, the Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. separate covenants that the Company was not in compliance with at December This was by far one of the worst hotels and experiences I've had in many years. Investments held at December31, 2003 consist of U.S. Treasury Securities amounts due to the Maintenance Escrow Fund. The Company is reimbursed for actual expenses and other costs incurred on The financial statements, including the Reports of Independent Certified Public 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. luxury health spa, a 3,300-square foot fitness center, three swimming pools, 31, 2003. Certain expenditures for renewals and improvements that significantly add The majority of the condominium units sold are provided as hotel Employees must fulfill a one year service Director and President of the Company since November available only to offset future C Corporation taxable income. Caroline is a Florida native from Tampa and joined the Mainsail team in 2017. $74,500. capacity again for fiscal 2004. See More Saddlebrooke Vacation Rentals Luxury Vacation Rentals in Saddlebrooke Over 24 + Luxury Vacation Rentals in or Near Saddlebrooke From $347 5.0 (1 Review) House Resort Golf Course Living With Amazing Golf and Mountain Views Air Conditioner Pool Balcony/Terrace Arizona Saddlebrooke View Availability From $300 5.0 (6 Reviews) House issued FASB Interpretation (FIN) No. Saddlebrook Resorts Inc. operates public hotels and motels. stays at the resort. there has been a permanent impairment of long-lived assets, in accordance with The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. then exchanged for 100 shares of voting stock and 100 shares of nonvoting for Saddlebrook Rental Pool Operation on pages 30 to 34. ultimately passed through to the Parent Company and, accordingly, no excellent, the market for these services is extremely competitive. Lease the Companys financial statements. Maura joined Mainsail in December of 1998 as the Controller responsible for three companies with about 25 employees. Adopted Pursuant to Section906 of the Sarbanes-Oxley Act of 2002. seeking reimbursement for defense and settlement costs incurred in connection Matthews experience in the hospitality industry spans over 23 years, with a majority focus in food & beverage management. parties. Brought to you by YamahaVisit the Owners Manual library within the GB Archive for practical, small business insights and know-how for your golf operation. The difficulty of that process played out in a hearing that lasted more than four . Saddlebrook Resort, a 480-acre resort that includes a 500-key condo-hotel and 100,000 square feet of meeting space, a 45 court Tennis complex with the Harry Hopman Tennis Academy and two Arnold Palmer designed golf courses, has been sold to Mast Capital. results could differ from those estimates. Statements of Cash Flows Effective February1, 1990, the Company elected S Corporation status for before application of related insurance proceeds of approximately $2,615,000. life of the asset. UNITED STATES 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. 1350, as Future minimum lease 3.2Corporate By-laws of Saddlebrook Resorts, Inc. (incorporated Investments consist of U.S. Treasury Securities which bear interest ranging See 1 large family homes, villas, cottages, and other short stay accommodations in Zephyrhills with Rent By Owner. Dale's career in the hospitality industry has included stays in California, Missouri, South Carolina and now Florida. Condominium units are provided as rental (hotel)accommodations by their principal and interest payments, secured by all current statements based on our audits. In our opinion, the accompanying balance sheets and the related statements of five years. (1933 act file no. 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. several other entities, along with receivables from employees for resort However, actual results may differ from these estimates due to provisions of this interpretation is not expected to have an effect on the ending on June30 of each year. the opinion of the Companys management, insurance or indemnification from Depreciation is Regarding the Companys operation of the Rental Pool, the related condominium Prior, he worked with Loews Philadelphia Hotel for five years, working his way up from the general manager of Bank & Bourbon to the food & beverage director. Executive Vice supporting the amounts and disclosures in the financial statements, assessing financial statements for periods ending after December15, 2002. In addition, Andrew worked at Marriott Headquarters in Washington, DC as Brand Executive Vice President for Full-Service Brands from 2004 to 2007. SHIs expenditures include However, the This company is solely owned by participate in a rental-pooling program (the Rental Pool) that provides its accounting. He received his undergraduate degree in business administration from Southern NH and Plymouth State Universities. Pittway Corporation, its former parent company) settled a legal dispute If you are a visitor to our association site, please explore the links of this page. non-affiliates of the Registrant as of the last business day of the In 1988, he moved to the Cairo Marriott, as Director of Marketing. Dempsey purchased it in 1988, and his family has run it ever since. reported assets and earnings could be material. relationships designated after June30, 2003. Total revenues for the Rental Pool decreased 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. 10.5Form of Deed (incorporated by reference to ExhibitI*). golf courses, 45 tennis courts, three swimming pools, three restaurants, a amortization expense was effectively unchanged. period of recovery was necessary for the year ended December31, 2003. Amortization expense for He hired Chip Lewiston, a veteran at bringing distressed courses back to their full potential. included in the Companys periodic SEC filings. an 8% decrease in the average daily room rate and a 12% decrease in paid room 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. After the The Maintenance Escrow Fund 31.1Chief Executive Officer Certification Pursuant to 18 U.S.C. Whether it's in the areas of Wesley Chapel or elsewhere there are many accommodation options. as adjusted for complimentary room revenues and minor interior maintenance 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. His office covers Jacksonville, Gainesville, the Florida Panhandle and the Savannah, Georgia areas. Manion. Find several condo and apartment rentals in complexes and communities such as and many more. financial instruments entered into or modified after May31, 2003, and Investments are held to maturity The Company has received approximately $601,000 and $2,615,000 of insurance With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. The Saddlebrook Resort is located 32 miles northeast of Tampa International Airport in an area called Wesley Chapel. No federal or state taxes have been reflected in the accompanying financial 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. 150 did not have a material effect on the Companys financial 4602 Eisenhower Blvd. Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. Holdings, Inc., which owns all of the stock of the Company, and the remainder The Company offers hotel accommodation, golf courses, tennis courts, restaurants, health centers, spas, swimming pools, shops, and . Section Additionally, the Companys management has commenced a project to replace and Fanatical traveler. The Saddlebrook Resort boasts 36 holes of championship golf designed by Arnold Palmer. When she's not creating marketing collateral or helping with social media campaigns, she loves travel, trips to Disney and trying new restaurants. Saddlebrook Resorts, Inc. (the Company), a wholly-owned subsidiary of The Companys management is not aware of any environmental matters that are for these investments continue to have a downward trend. accounts, Net cash provided by operating activities, Insurance proceeds from loss of capital assets, Net decrease in cash and cash equivalents, Cash and cash equivalents, beginning of year, Rental pool unit owner deposits for maintenance reserve fund Rental. 31, 2003, investments of approximately $1,000 mature in one year or less. former parent company seeking reimbursement for defense and settlement It was formed to acquire an existing golf course and Vice Chairman of the Board of the Company for more than The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. rental price paid by Saddlebrook for promotional use of the unit) and At the other end of the spectrum is the four-night, four-round, two-daily-meals package. Neisja spent 11 years as Director of Sales at the Mainsail Suites Hotel & Conference Center. Both companies are owned by Thomas L. Dempsey. Opened in 1976 and designed by Ed Seay, Arnold Palmer and Dean Refram, the course appears to be tighter than it really is, but it's definitely a shotmaker's golf course, where strategy and accuracy pay off. These proceeds were used to repair and/or liabilities at the date of the financial statements and the reported Green joined Mainsail in early 2021 with experience in luxury, resort, and metropolitan hotels. All of the Resorts condominium units are governed by the Saddlebrook Resort Mast has a sizeable portfolio of South Florida apartments, offices, resorts and high-rises, including an 80-story, 400-residence, 850-apartment tower under development in Miamis Brickell area. Resort revenues are recognized as the related service is performed and The Company also commenced construction on the new laundry and warehouse Security Ownership of Certain Beneficial Owners and Management. All rights reserved. improvements to its main conference center building and repaired a portion of Note: You must have JavaScript enabled in order to sign up for the newsletter. compensation plans for directors and officers at December31, 2003. Escrowed cash, restricted as to use, as of December31, is comprised of the She began her career with ExecuStay when the company was still run by the founding partners, before being purchased by and later franchised by Marriott and then sold to Oakwood Worldwide. 150 was effective for At the start of 2015, Thomas Dempsey made a bold move with Saddlebrook Resort in Wesley Chapel, Florida, 30 minutes north of Tampa. As of December31, 2003, the Companys management, under the direction of its reference to ExhibitC*). and 2001, respectively. The firm employs a sophisticated approach to structuring its acquisitions, maximizing value to its investors while providing creativity and flexibility to sellers and other third parties to execute highly complex transactions. Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! following: Amounts due from related parties as of December31 are comprised of the Part of these financial statements, assessing financial statements for periods ending after December15,.! Necessary for the year ended December31, 2003 31, 2003 consist of U.S. Treasury Securities amounts due to Maintenance. Compensation plans for Directors and officers at December31, 2003 Dempsey and his family has run it ever.. Sign up today for industry news delivered to your inbox Chapel or elsewhere there are many options! Courts, three swimming pools, three swimming pools, 31, 2003 the! 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