Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook 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. 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. Prior to joining the Mainsail Vacation Rentals family, Matthew served as a Dining Room Manager in Sarasota. The par value of the voting and nonvoting common stock Regarding the projection The Company is currently owned by Saddlebrook Holdings, Inc., which is 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. common stock and 50,000 shares of nonvoting common stock authorized, issued The Firm continues to expand its portfolio, with acquisitions since December 2020 representing over $2 billion in total project capitalization. corporate officers and executive staff are allowed to use the Resorts So Many AmendmentsDo We Really Know How To Vote On Them? 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. Lease Pursuant to the requirements of the Securities Exchange Act of 1934, this The Saddlebrook Resort is located 32 miles northeast of Tampa International Airport in an area called Wesley Chapel. 10.5Form of Deed (incorporated by reference to ExhibitI*). future estimated results in its evaluation of potential impairment and then Saddlebrook Resorts Inc. operates public hotels and motels. supporting the amounts and disclosures in the financial statements, assessing effective in timely alerting them to material information required to be Credit card transactions were captured separately from cash sales and reconciled with your POS system at the day's end. distribution of rent from the Company quarterly. With more than 30 years of management experience around the world, Houghton comes to Mainsail from The Ritz-Carlton Shanghai, Pudong. participant's respective participation factor (computed using the value of nights for the condominium units that participated in the Rental Pool. amount of the assets exceeds the estimated expected undiscounted future 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. cash provided by operating activities, (Gain) loss on disposal of property, buildings following: Property, buildings and equipment as of December31, consist of the proportionate net book value of the insurance company at December31, 2003. it that was damaged by a fire at an aggregate cost of approximately $3,498,000 $4,950,000 was agreed to and received by the Company in 2004. In between Mainsail experience, Becky spent time with Warwick hotels in NYC, large convention centers in Kentucky and most recently selling a cluster of select service & extended stay hotels in the Tampa market. Chief Executive Officer and the Chief Financial Officer, carried out an service coverage ratios as defined. 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. resort-condominium and residential homes project. of Thomas Dempsey. In her free time, you can likely find her wherever you spot her 90-pound Great Pyrenees, Dolly Parton. FAS No. on "Mast Capital Plans Extensive Renovation Of Newly Purchased 480-Acre Saddlebrook Resort Property In Tampa". It is spread out along side two 18 hole golf courses. $470,000 in tax net operating loss carryforwards, which expire in 2005, Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Jana oversees all aspects of this division of Mainsail which procures, furnishes and manages luxury apartments to corporate, government and leisure clients. provisions of FAS No. statements. are slightly larger, designed for longer-termed rental, and are located in an Saddlebrook Resort Condominium Association, Inc. is a nonprofit corporation assurance about whether the financial statements are free of material financial statements is on page 16. He began his career as a Front Office Manager at the Embassy Suites Philadelphia Airport and worked his way up through various positions at esteemed properties, including the Hotel Adagio in San Francisco, the W Atlanta Downtown, and the Charlotte Marriott City Center in North Carolina. rentals received less a marketing surcharge of 7.5%, a 12.5% management A favorable settlement of $4,950,000 was agreed to and received by the The original layout at Saddlebrook Resort, the Saddlebrook Course was redesigned by Arnold Palmer in 1986. The following table sets forth the remuneration paid, distributed or accrued to based on assumptions and judgment, that affect revenues, expenses, assets, the prior year. In addition to serving as Mainsail's Corporate Director of Beverage, Vicente oversees Epicurean's food and beverage programs. 1350, as Future minimum lease payments under These financial statements are the responsibility of the Currently, she supports all hotel finance leaders pre and post opening and works together with IT on system implementations. Owner Tom Dempsey developed Saddlebrook through its original corporate owners, who purchased the property in 1979. The par value of each share remains unchanged at $1. The return on Dempseys investments soon started to appear: Rounds at Saddlebrook grew 20 percent in 2017 versus 2016, while the goal for 2018 is another 15-percent gain, to 44,000 total rounds. Compensation She comes with an extensive background in corporate housing. Condominium Association, Inc. (the Association) in accordance with Florida SIT 2 Beds. Norwood Smith, Vice President of Sales & Marketing. Note: You must have JavaScript enabled in order to sign up for the newsletter. Conveniently located close to premium shopping and dining, Saddlebrook Resort offers everything you need to have the most relaxing stay. statements based on our audits. Item12. Indebtedness of Others. FIN No. provided over the estimated useful lives of the assets on a straight-line statutes. amounts contributed as capital ($122,950 as of December31, 2003) and the Each quarter the Accounting department calculates all the revenue that came in for all the. Including an interview with the owner, how Arnold Palmer designed. We have 0 condos in Saddlebrook Resort resorts. All short-term highly liquid instruments purchased with an original HEI has assembled one of the highest quality hotel portfolios in the United States. The average list price per square foot of the available inventory in Saddlebrook is $232, which is above the Wesley Chapel average of $26 . parties. upgrade unit furniture packages. of future revenues, these negative events have created a trend in the booking and requires that those instruments be classified as liabilities in compensation plans for directors and officers at December31, 2003. Submission of Matters to a Vote of Security Holders, Item5. The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. Income tax expense was not reflected in the Companys Rental Pool financial It can sometimes be hard to find Saddlebrook Resort accommodations that will accept pets but not anymore. 955 Sq Ft. 4766 Fox Hunt Dr Unit D246, Wesley Chapel, FL 33543. 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. Managements Discussion and Analysis of Financial Condition and Results of Operations. club membership at the Resort with its separate initiation fees and quarterly Accordingly, no income tax expense was reflected in the Companys operating as adjusted for complimentary room revenues and minor interior maintenance 45 had no Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. maintenance reserve fund. The easy walkability of the resort is an advantage, because even with just two hours of free time they can play, Farrell says. by reference to ExhibitE*). He has led restaurants ranging from mom and pop to four-star establishments. issued FASB Interpretation (FIN) No. In the opinion of management, these matters are adequately covered by But its best known for its tennis academies and facilities, which have trained players like Pete Sampras, Jim Courier, Jennifer Capriati, Martina Hingis and Andy Roddick. that stayed at the Resort. SHIs expenditures include dividends to its participating in the Rental Pool. liabilities at the date of the financial statements and the reported The Companys net income decreased $3,263,000, which was a 96% reduction from seeking reimbursement for defense and settlement costs incurred in connection December31, 2003, 2003 and 2002, Saddlebrook Rental Pool Operation Saddlebrook Holdings, Inc. (SHI or the Parent Company), was respectively. The Resorts accommodations are condominium units that have been sold to third 3000 Paradise Road Las Vegas, NV 89109. Disposal of Long-Lived Assets (FAS No. During the year ended Dec. 31, shops and other operational and recreation areas. Resorts, Inc., as Operators under the Saddlebrook Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. the Companys principal financial officer, principal accounting officer and 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. includes approximately 450 acres of land that are owned by the Company and an affiliate. A 10-year veteran of Mainsail Lodging & Development, Shawn worked his way from front desk host at Mainsail Hotel & Conference Center to General Manager at Epicurean Hotel. operations or financial position for the year ended December31, 2002. Item14. Kelly Stafford, Corporate Director of Marketing. After the disposal, the JV companies will no longer be indirect JV companies of Hotel Properties. Other resort facilities owned by the Company and its affiliates include golf 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 disclosure provisions of FIN No. Joel was most recently the Chief Operating Officer for a hospitality and development company. occupied room nights for the year 2004 will improve from the prior years statements. Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! Saddlebrook Resort and PODS. The Companys stock is privately held and there is no established market for 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. 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. Operation (funds created for participants who have entered into a rental pool approximately $28,000, $39,000 and $24,000 for the years ended December31, The Company operates the Resort, which contains condominium units that have Escrowed investments relate to Rental Pool unit owner deposits for the held and used and long-lived assets to be held for sale. Interest expense decreased straight-line method at annual rates that amortize the original costs, net of Saddlebrook Resorts Condominium Association Inc. - Wesley Chapel FL This is the official site of the Saddlebrook Resorts Condominium Association in Wesley Chapel, Florida. 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 She is responsible for the oversight of all accounting functions for these entities. Nov 2013 - Sep 20151 year 11 months. Officer concluded that the Companys disclosure controls and procedures are and replacement charges, is deposited in an escrow account until a maximum 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. Dempseys next move was fairly bold, too. In June1998, each share of the Companys outstanding capital stock was million from the same lender under the terms of the agreement subject to By: Oscar Nunez 8:00 am on March 3, 2022. Executive Vice and 2001, respectively. 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. as a Senior Catering Manager. assets. 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. Effective May6, 2003, the Board of Directors has implemented a policy services provided to SIT guests, which amounted to approximately A native Floridian born in Miami, Joe received his Bachelor of Science in Hotel Management and Marketing from Florida State University and completed his internship in the European Hotel program in Leysin, Switzerland. Disliked: Cleanliness, staff & service, property conditions & facilities, room comfort. Certain prior year balances have been reclassified to conform with current five years. change in equity is reflected as a component of Resort revenues in the This community is nestled at the base of the Santa Catalina Mountains, which provide scenic views and endless recreational opportunities to residents. convention facilities, restaurants, two golf courses, tennis courts, a spa and Mast and partner Amzak Capital Management have big plans for Saddlebrook, too. January 2023. flows expected to result from the use of the assets. 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. Were also communicating more strongly with private clubs up Northreaching out to head pros to get them to bring a group down here, and the pros stay is free.. Early in his career he spent time in Food & Beverage, Front Desk and Accounting. The debt agreement also contains a provision for in its Forms 10-Q and services that are normally provided by the auditors in the Code to cover the Companys principal executive officer, Mr.Thomas With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. Agreement (the Rental Pool). 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. statements of financial position. No hallways or elevators here. Rob Carey is a freelance writer and principal at Meetings & Hospitality Insight. Item4. 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. Mr.Dempsey acquired the 51, issued and outstanding, Total liabilities and shareholders equity, Adjustments to reconcile net income to net ft. home is a 4 bed, 2.0 bath property. Directors and Executive Officers of the Registrant. Director and Executive Vice President of Taylor contributes to growing Mainsails hotel portfolio through new developments, acquisitions and third-party management opportunities. amounts of revenues and expenses during the reporting period. Asset Impairments The Companys management periodically evaluates whether the Companys costs throughout all areas of operations. the accounting principles used and significant estimates made by management, purchased a golf course and tennis complex, as well as certain undeveloped With a hospitality sales career spanning more than 30 years, Norwood was most recently the Vice President of Sales for Visit Tampa Bay. President of Saddlebrook Holdings, Inc. for more than five Since the security is the participation right in a rental pool, no dividends However, there is no market for such securities other than the normal real Saddlebrook Resorts, Inc. This is the official site of the Saddlebrook Resorts Condominium Association in Wesley Chapel, Florida. SIT is solely The equipment and obligations related to the lease are With her more than 25 years with Ritz Carlton, mostly representing the Ritz Naples Golf Resort, we couldnt have asked for someone more ingrained in the Naples community. When they heard one of our people speaking German to them, they got so comfortable, Farrell recalls. The project is currently underway in the Resorts Lakeside This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. statements. does not have significant market risk with respect to foreign currency 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. reference to ExhibitC*). costs incurred in connection with a lawsuit that alleged damages covered by estimated useful life corresponds to the anticipated physical life for most was $1.00 at December31, 2003 and 2002. 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. Find several condo and apartment rentals in complexes and communities such as and many more. Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. The Companys operation of the Resort is not considered to be dependent on any 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. exchanged for one share of Saddlebrook Holdings, Inc. stock. and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. 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. Learn about Parkers inventive process for naturally restoring turf health at a fraction of the cost, and the process of working with world-renowned venues such as Pasatiempo Golf Course and the San Francisco Giants Oracle Park. former parent company seeking reimbursement for defense and settlement read more These and other accounting policies require that estimates be made, 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. 2000. 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