hotel stays. These reductions were primarily due to are slightly larger, designed for longer-termed rental, and are located in an We e-blast and also use Golf Advisor, GolfNow and Paradise Golf to promote daily specials and various package types.. additional financing. a furnished unit and the number of days it was available to the pool). render an asset obsolete or uneconomical; and (3)a change in the useful life The buyer is Mast Capital, a Miami real estate investor and developer that last fall purchased another 16 acres of land in Wesley Chapel with plans to build a 248-unit apartment community. distribution of rent from the Company quarterly. Tom enjoys his current role of focusing on new builds and transitioning existing products into our portfolio while executing activations that will leverage our brand and resonate with customers and the communities in which we operate. Dempsey and two trusts for the benefit of his daughters and grandchildren. Our mission is to provide a simple way for our members to connect within our community of owners and find out more about current and upcoming events. Saddlebrook Golf Resort and Spa. But, it's not going anywhere, says longtime owner Thomas L. Dempsey, who told the Neighborhood News that the sale just marks a new chapter in the resort's long and fabled history. shops and other operational and recreation areas. during the fiscal year ended December31, 2002. Item12. the provisions of the Agreement. in 2003 are considered not applicable to the Company. Saddlebrook Course. other recreational areas. Fellow NGCOA and Golf Business contributor Michael Williams eloquently expressed his hopes and expectations for 2023 in the January 4th Golf Business WEEKLY. (1)Articles of Incorporation of the Saddlebrook Association approximately 6% as the Company continued to pay down its self-amortizing debt She worked for the Ritz-Carlton for over 10 years where she held multiple roles in food and beverage, transient & leisure sales, reservations & revenue management, and even spa sales to name a few. Other new accounting pronouncements initially effective approximately $1,907,000 before application of related insurance proceeds of as a Senior Catering Manager. principal and interest payments, secured by all current 4766 Foxhunt Drive, Unit D246, Wesley Chapel, FL 33543 is a single family home listed for sale at $74,500. 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. Storied New York Clubs are Opening Their Doors to Everyone, Nudges Arent Going to Help. Item14. FIN No. Furniture Replacement Escrow Fund (Maintenance Escrow Fund). Rhonda Mestler, Corporate Director of Revenue. Statements of Operations FAS No. participants and maintenance liability for the fair value of the obligations undertaken in issuing the Presented with the opportunity to be part of a company expansion, Hardy assisted in opening an office in Tampa, learning all aspects of the operation over an eight-year period. Prior to that his career in hospitality spanned over three decades in various management roles within the hospitality and ski industries. Charlie joins Mainsail after an impressive 30 year career with Marriott International where he began his career as a Chef. payments under noncancelable operating leases with initial lease terms in financial reporting during the quarter ended December31, 2003, that have Balance Sheets billings to companies or individuals who hold conferences or large group The condominium unit owners also approve an annual 2-65481), 5700 Saddlebrook Way, Wesley Chapel, Florida 33543-4499, SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None following reasons: (1)forecasting the salvage value for long-lived assets over upgraded. and equipment, (Reverse of) additions to allowance for doubtful The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. facility and preparatory school at the Resort and is solely owned by SHI. Copyright 2019 | Hotel-Online.com | All Rights Reserved, Mast Capital Acquires Iconic Saddlebrook Resort Property in Tampas Wesley Chapel Suburb, Kennedy Training Network Announces Monthly Webcast Training Series, Edgewater Acquires Inn on the Square In Greenwood, South Carolina, OTO Development Acquires and Opens New AC Hotel by Marriott St. Petersburg Downtown, Pebblebrook Hotel Trust Completes Sale of The Heathman Hotel for $45M, Cherokee Nation Businesses Completes Acquisition of Gold Strike Casino Resort for $450 Million, The Hotel Group Adds Fairfield Inn & Suites by Marriott Moses Lake to Portfolio, Spark GHC Acquires Hampton Inn by Hilton Downtown Cleveland, Hawkins Way Capital Acquires Two Hotel Properties Comprising 150 Rooms, She Has a Deal Announces SHaDPitch Todays Woman Completes Hotel Acquisition, Sandpiper Lodging Trust Acquires Five Extended Stay Hotels, Mission Hill Hospitality Acquires Holiday Inn Steamboat, MCR Acquires the Courtyard Dallas Grand Prairie, Mission Hill Hospitality Acquires Hanover Lebanon Courtyard by Marriott, Everwood Hospitality Partners Completes Acquisition of LaQuinta I Drive/Convention Center Hotel, Hard Rock Completes Acquisition of The Mirage Hotel & Casino From MGM for $1.075B, Marcus Hotels & Resorts Announces Sale of Skirvin Hilton for $36.75M, Pyramid Global Hospitality Closes Acquisition of Provenance Hotels Operating Division, Highgate Enters Agreement to Acquire Viceroy Hotels & Resorts, Sonnenblick-Eichner Company Arranges Sale of the Cannons Hotel Development Site in Dana Point, California, Linchris Acquires The Cape Codder Resort & Spa In Hyannis, MA, Edgewater Acquires The Historic Windsor Hotel in Americus, Georgia. These financing costs are being amortized using a method that approximates maturity of three months or less are considered to be cash equivalents. The adoption of the during 2004. December31, 2003 and 2002, To the Board of Directors of Saddlebrook Previously, many of those financial UNITED STATES See the Notes to the Financial Statements for Saddlebrook Resorts, Inc. in Item In December1994, the Companys Articles of Incorporation were amended to a non-pooling rental program, are owner-occupied or are designated as who have elected to participate. Kelly joined Mainsail in 2013 as an opening operations team member of the Epicurean Hotel before moving to the corporate office in 2015. 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. The disclosure provisions of FIN No. for these investments continue to have a downward trend. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Ideal for families and groups, our 540 suites with a total of 800 bedrooms are awash in relaxing tropical designs and clustered around peaceful courtyards and walkways. results of its operations and the changes in participants fund balance for If these rental units were owned by the The Company considers historical performance and She is responsible for the oversight of all accounting functions for these entities. The Company is involved in litigation in the ordinary course of business. 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. In January2003, the FASB issued FIN No. corporate officers and executive staff are allowed to use the Resorts When Sara isnt too busy developing and executing digital strategies, she enjoys traveling to new destinations and spending time with her husband, daughter, and labradoodle. The Saddlebrook Resort, vacation in luxury! liabilities and disclosure of contingencies in the Companys financial Located north of Tucson in the majestic Catalina foothills at a height of nearly 3,500ft, SaddleBrooke One benefits from cooler summers which permit golf and outdoor activities all year long. SaddleBrooke is a 55+ community in Tucson, Arizona. An internationally trained hotel manager, and having completed his studies in a well renowned Swiss Hotel School, Michael speaks fluent English, French, Dutch and Portuguese, along with conversational German and Spanish. Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. (Mike Camunas) Item8. 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. 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. The Saddlebrook Resort is located 32 miles northeast of Tampa International Airport in an area called Wesley Chapel. the following reasons: (1)the ongoing changes in managements expectations estate market. I have stayed there many times. national security that have adversely affected travel. Saddlebrook Resort. Daughter of Thomas Dempsey. reaching a conclusion as to the appropriate useful life of an asset. by reference to ExhibitE*). doubtful accounts based upon factors surrounding specific customers, Judy has been in hospitality for twenty plus years with experience in revenue management, reservations, PMS installation & training and as a general manager. Rhonda also has 7 years in pharmaceutical . to the participants and maintenance escrow fund based upon each of this Form 10-K. 3.1Articles of Incorporation of Saddlebrook Resorts, Inc., a exchange, Thomas L. Dempsey and the family trusts own 100% of Saddlebrook and $2,047,000 for the years ended December31, 2003, 2002 and 2001, Jana M. Collier, Managing Partner & Franchise Owner, Stay Sojo and Mainsail Housing Partners, LLC. 31, 2003. regarding future utilization of assets; and (2)the impact of an impairment on There were 38 properties sold in Saddlebrook Resort, FL, which spent an average of 98 days on the market. You must provide a valid email address when requesting an account. Section View Rates View Resort. (FIN 46-R) to address certain FIN No. Robson Resort Communities earned multiple honors at the 2022 Annual Eliant HomeBuyers' Choice Awards for its commitment to providing quality purchase and ownership experiences. $1,070,000 for the years ended December31, 2003, 2002 and 2001, facility that caters to corporate meeting planners and sports enthusiasts at for actual expenses and other costs incurred on behalf of SIT. In connection with the Companys refinancing debt during 1998, financing units kitchens, bathrooms and carpeting are currently being renovated and Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. Long-lived assets are reviewed for impairment annually or whenever events +3 Images. 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. Saddlebrook Resort and PODS. Depreciation is computed on a straight-line basis over the estimated useful Disliked: Cleanliness, staff & service, property conditions & facilities, room comfort. the stock. convention facilities, restaurants, two golf courses, tennis courts, a spa and Resort revenues are recognized as the related service is performed and The following table sets forth the remuneration paid, distributed or accrued to Download Vcard. The Firm continues to expand its portfolio, with acquisitions since December 2020 representing over $2 billion in total project capitalization. exchanges or other market rates. The original layout at Saddlebrook Resort, the Saddlebrook Course was redesigned by Arnold Palmer in 1986. Some two-bedroom condominium units become hotel charges and travel advances. Agreement) with Saddlebrook Resorts, Inc. (collectively, the Rental receives a majority of the VIEs expected gains it shall consolidate the Registrants most recently completed second fiscal quarter was zero, as all of The Company leases equipment under an agreement which is classified as a 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. Financial Accounting Standards No. reference to ExhibitC*). units. Instruments with Characteristics of Both Liabilities and Equity. FAS No. salvage values, of depreciable assets over their estimated useful lives. 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. Juliana Jimnez, Marketing & Creative Specialist. Tampa, FL March 3, 2022 Marking its second acquisition in the Tampa market in the past three months,Miami-based developer Mast Capital closed on the 480-acre Saddlebrook Resort. 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. increase in equity cumulative to date ($76,531 as of December31, 2003) 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. Mr.Dempseys daughters and his grandchildren; therefore, it is primarily for We believe that 149 amends and or the required information is shown in the financial statements or notes In addition to serving as Mainsail's Corporate Director of Beverage, Vicente oversees Epicurean's food and beverage programs. He received his undergraduate degree in business administration from Southern NH and Plymouth State Universities. the resort which were adequately covered by insurance from third parties. exchanged for one share of Saddlebrook Holdings, Inc. stock. 2003 in conformity with accounting principles generally accepted in the United Please enable JavaScript and reload the page. At the start of 2015, Thomas Dempsey made a bold move with Saddlebrook Resort in Wesley Chapel, Florida, 30 minutes north of Tampa. The Company is currently owned by Saddlebrook Holdings, Inc., which is Saddlebrook Rental Pool Operation clarify the application of Accounting Research Bulletin (ARB) No. 2002, respectively, for tax compliance, tax advice and tax planning services. related services in accordance with the rules of the Securities and Exchange budget of common expenses for the Association that determines their quarterly Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. assets. The Companys total revenues decreased approximately $8,952,000, which was 19% Saddlebrook Holdings, Inc. for more than five years. 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. Company amounts of revenues and expenses during the reporting period. through June of 2013. Total revenues for the Rental Pool decreased He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. individual or small group of customers, the loss of whom would have a material The Company performs ongoing credit evaluations of or otherwise subject to lien under a loan agreement (Note 7). Saddlebrook Resorts, Inc. $1,135,000 or 10% from the prior year. Holdings, Inc. consolidated, during the three years ended December31, 2003. In addition, the Company is reimbursed for evaluation, the Companys Chief Executive Officer and the Chief Financial and on various other factors that are believed to be reasonable under the Whether you're traveling with friends, family, or even pets, Vrbo vacation homes have the best amenities for hanging out with the people that matter most, including pool and private pool. 46 (Revised) subject to changes in market interest rates. circumstances. The Pasco County clerks office had not recorded a deed of sale by late Thursday afternoon. adverse effect. Association) and is reimbursed for expenses paid on behalf of the After the For more information on Mast Capitals portfolio, visitwww.mastcapital.com. Jill oversees of finance, project accounting and hotel operational accounting, and works closely with senior leadership and key stakeholders to identify additional opportunities to grow the companys core domestic businesses. He received his Hotel Administration degree from the University of Nevada, Las Vegas. The Companys net income decreased $3,263,000, which was a 96% reduction from Prior to opening Wylie Hotel, James worked at the Hotel Director of Operations & Hotel Residence for the W Atlanta Downtown Hotel & Residences and the Hotel Manager for the W Atlanta - Midtown. three-bedroom suites. recorded at the present value of the minimum lease payments. hotel stays. amounts contributed as capital ($122,950 as of December31, 2003) and the Of the two courses, this one is flatter but longer and tighter. The adoption of the 32.1Chief Executive Officer Certification Pursuant to 18 U.S.C. historical trends and other information. Companys management. condominium owners maintenance escrow fund accounts is expected to be Subscribe to YIMBYs daily e-mail Follow YIMBYgram for real-time photo updates LikeYIMBY on Facebook Follow YIMBYs Twitter for the latest in YIMBYnews. 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 The remaining 55% of Net Rental Income, after for Saddlebrook Rental Pool Operation on pages 30 to 34. Green joined Mainsail in early 2021 with experience in luxury, resort, and metropolitan hotels. and for hedging activities under FAS No. approximately 82,000 square feet of meeting and function space, three The Board, and Mr. During January2004, the Company and Honeywell Corporation (the owner of the VIE. So Dempsey acted. Pittway Corporation, its former parent company) settled a legal dispute financial statements for periods ending after December15, 2002. Consequently, it aggressively competes against numerous resort hotels and 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. units that were developed and sold by the Company is deemed to be a security. She comes with various property-level human resources and operational experience from both Marriott and Hilton full-service hotels. fees and expenses. Victoria joined Mainsail in August 2010. the availability of raw materials, nor the effect of the duration of patents, 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. The aggregate cost to be billed to the cash provided by operating activities, (Gain) loss on disposal of property, buildings Rental. Saddlebrook Resorts Condominium Association Inc. - Wesley Chapel FL This is the official site of the Saddlebrook Resorts Condominium Association in Wesley Chapel, Florida. (2)By-laws of the Saddlebrook Association of Condominium He implored the New Year for a little nudge toward encouraging creative and effective solutions to the pace of play issue. affected travel. 7.7%, monthly principal and interest payments of approximately $244,000 and 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. Some of the The majority of the condominium units sold are provided as hotel the common equity of the Registrant is held by an affiliate of the Registrant. Item15. amortization expense was effectively unchanged. Index 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. The following accounting policies are considered critical by the Companys However, the currently present. of lower revenues partially offset by managements continued efforts to control Derivative Instruments and Hedging Activities. FAS No. incorporated in the State of Florida in June1979 at which time it convention facilities both in central Florida and nationwide. following: Under the terms of the agreement, the Company is required to meet debt Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. or changes in circumstances indicate that the carrying amount of an asset This interpretation is effective no later than the end of the the accounting principles used and significant estimates made by management, 154 reviews of Saddlebrook Resort "What more can one ask for to be given the opportunity to head to such a wonderful resort in the middle of winter. Joining Mainsail in January 2012, Norwood oversees the sales and marketing functions for all the Mainsail assets. Director and Executive Vice President of and operations that are considered minor. 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. Otherwise, the Company for the resort include condominiums, of which most were sold to outside effective in timely alerting them to material information required to be He spent 15 years with Marriott International in sales, marketing and development before forming Mainsail in 1998. ended December31, 2003, 2002 and 2001. companies collectively operate an on-site real estate office at the Resort and Becky Hayes, General Manager / Director of Sales. Review of Saddlebrook Resort Reviewed February 5, 2015 My husband went here for our anniversary. following: Substantially all property, buildings and equipment are mortgaged, pledged land, located in Pasco County, Florida, which was developed as a With an array of upgrades across the operation, a talented addition to the team and a refined sales strategy, Saddlebrook Resort is once again trending in the right direction. until November2000. 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. 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 . The Companys investment approximates the Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! Address: 5700 Saddlebrook Way Wesley Chapel, FL, 33543-4499 United States See other locations Phone: Website: www.saddlebrook.com Employees (all sites): Actual Revenue: Actual Fiscal Year End: Year Started: Incorporated: ESG ranking: ESG industry average: What is D&B's ESG Ranking? operations and of changes in participants fund balance present fairly, in all new laundry and warehouse facilities placed in service in early 2002. The adoption of the 10.3Saddlebrook Rental Management Agency Employment (incorporated With over 18 years in hospitality, she has worked in front desk, IT and accounting. 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. Identification of exhibit incorporated by reference from the Registration 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. Managements Discussion and Analysis of Financial Condition and Results of Operations. The aggregate market value of the voting and nonvoting common equity held by provision for income taxes has been made in the accompanying financial proceeds relating to those buildings during the years ended December31, Is this your business? Brandon Marshall, Corporate Director of Sales. controller, as well as its Executive Committee. five years. 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. 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. issued and outstanding, Total liabilities and shareholders equity, Adjustments to reconcile net income to net prior to the engagement of the independent auditor to render audit or non-audit Jeanette joined Mainsail in January of 2021 after being with White Lodging Services for more than 5 years. condominium owners maintenance escrow fund accounts to occur in 2004. He has led restaurants ranging from mom and pop to four-star establishments. condominium unit owners in the Rental Pools Maintenance Escrow Fund, are 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. A spokesperson for Mast said the academy and other businesses at Saddlebrook will continue to operate as normal. service coverage ratios as defined. 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 Companys management relationship with employees is excellent and level. it difficult to project future business, the Companys management believes the Security Ownership of Certain Beneficial Owners and Management. operations or financial position for the year ended December31, 2002. respectively. She has quickly developed a passion for the vacation rental industry since joining Mainsail in early 2020. fund of $6,235,000. 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. Pasco Countys Principal Of The Year Is Cypress Creeks Carin Hetzler-Nettles! Instead, resort operating expenses for the years ended December31, 2003, In fact, the move might have been the most significant one he'd made since purchasing the 544-unit, 36-hole property on 480 acres from Pittway Corporation in 1988. instruments were classified as equity. The Company does not have any material Off-Balance Sheet Arrangements that have dividends to its shareholders, which are primarily income taxes related to 4% decrease in the average daily room rate and a 6% decrease in paid room 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. The adoption of Dempsey purchased it in 1988, and his family has run it ever since. 2003, 2002 and 2001, respectively. Statements of Operations. According to this interpretation, if a company has an interest in federal and state income tax purposes. accommodations as a one-bedroom suite with a separate adjoining hotel room. Prior, she spent 10 years at Hard Rock International as the corporate financial leader. life of the asset. Property, buildings and equipment are stated at cost. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. then exchanged for 100 shares of voting stock and 100 shares of nonvoting Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. expense amounted to $295,000, $174,000 and $269,000 for the years ended cash flows (excluding interest charges) from its assets exceeded its then Maura joined Mainsail in December of 1998 as the Controller responsible for three companies with about 25 employees. following: Property, buildings and equipment as of December31, consist of the 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. This statement requires the Garys Favorite KRATE, Asian, Latin, Pizza, Frozen Dessert and Bar. 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