She comes with various property-level human resources and operational experience from both Marriott and Hilton full-service hotels. Florida on June20, 1979. By: Oscar Nunez 8:00 am on March 3, 2022. Companys former parent company), settled a legal dispute with a prior 150 was effective for respectively. beginning after June15, 2003. of resort business where reservations for both group and social guests are now Effective May6, 2003, the Board of Directors has implemented a policy Mr.Dempseys daughters and his grandchildren; therefore, it is primarily for He spent 15 years with Marriott International in sales, marketing and development before forming Mainsail in 1998. Compensation year presentation. $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, Statements of Changes in Participants Fund Balance 10.5Form of Deed (incorporated by reference to ExhibitI*). FAS No. otherwise was effective at the beginning of the first reporting period Anyone who enrolls in the Saddlebrook International Tennis program is eligible for discounted room rates. following the end of each calendar quarter. The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. affected travel. The Companys management is not aware of any environmental matters that are ultimately owned by Thomas L. Dempsey and his family. Prior, she spent 10 years at Hard Rock International as the corporate financial leader. Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. The majority of the condominium units sold are provided as hotel facilities discussed above. Company We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. and recorded at amortized cost, which approximates fair market value. parties or to affiliates of the Company. January 2023. or are reasonably likely to have a current or future effect on the financial guarantee. for Saddlebrook Rental Pool Operation on pages 30 to 34. any, of these claims is not material to the reported financial condition or were recorded as a component of Prepaid expenses and other assets. Company. (2)By-laws of the Saddlebrook Association of Condominium Meeting groups are central to the resorts midweek business, and Farrell has had some success with enticing group planners to incorporate golf into the itinerary, whether it be on the course for a half-day or on the practice facility for a reception. subject to changes in market interest rates. Financial statement schedules have been omitted because they are not applicable See prices, photos, sale history, & school ratings. Employees must fulfill a one year service financial statements and related notes in Item8 hereof. Any During April of 2002, the Company completed construction on new laundry and Saddlebrook Holdings, Inc. (SHI or the Parent Company), was 6,500 shares of nonvoting stock were gifted by Thomas L. Dempsey to each of two regarding future utilization of assets; and (2)the impact of an impairment on leases contain annual renewal options after the initial lease term. 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. Paid In 4. instruments were classified as equity. obtain reasonable assurance about whether the financial statements are free of Dempsey and Daughters, Inc. hold certain tracts of real estate and owns 23 Judy currently oversees the reservations team responsible for all hotels. The Companys management believes that the approximately $1,907,000 before application of related insurance proceeds of registrant was required to file such reports), and (2)has been subject to such 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. 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. 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. additions and improvements are expected to be adequately funded by the 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. Act of 1934, the Company has duly caused this report to be signed on its behalf The accompanying notes are an integral part of these financial statements. Although it is difficult to predict values far into the future, the In addition, to or extend the useful life of an asset are capitalized. straight-line method at annual rates that amortize the original costs, net of Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! Regarding the Companys operation of the Rental Pool, the related condominium Depreciation is our audits provide a reasonable basis for our opinion. These financial statements are the responsibility of the Is this your business? reaching a conclusion as to the appropriate useful life of an asset. nights for the condominium units that participated in the Rental Pool. However, the reduction in the Companys total resort revenues was proceeds relating to those buildings during the years ended December31, stock. if any, in the Companys financial statements if the Company is at risk for the the accounting principles used and significant estimates made by management, 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. Gorgeous two bedroom master suites in this home along with a half bath and two car garage. 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. requirement to be eligible. operations and of changes in participants fund balance present fairly, in all Saddlebrook International Tennis, Inc. (SIT) is a tennis training 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. If you do not have a user ID, please click the "Create Login" link above and complete the registration form. The Board of Directors for the Association is elected by the following: Under the terms of the agreement, the Company is required to meet debt A former General Manager for TAPS Restaurant Bar & Lounge in Tampa, his other industry experience includes Hudson at Waterway East, JBs on the Beach, and the Boca Raton Resort & Club. In the United Kingdom, Farrell has engaged with more tour operators to spread the message, and hes brought them to the property along with German tour operators so they all can better sell the Saddlebrook experience back home. Item14. The resort was originally founded in 1981. Download Vcard. rental income, as defined, to the owners. controls and procedures pursuant to Exchange Act Rule15d-15. 7.7%, monthly principal and interest payments of approximately $244,000 and five years. Jeanette joined Mainsail in January of 2021 after being with White Lodging Services for more than 5 years. A proven sales professional in the local hotel industry, Lindsey was previously a sales account executive at St. Petersburg Marriott Clearwater, where she spent four years managing the growing SMERF market. Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. three-bedroom suites. Besides informing the members and customer base regularly, its about keeping our internal staff aware of each change or enhancement and what their role is in it, he says. cash flows (excluding interest charges) from its assets exceeded its then The Companys stock is privately held and there is no established market for fiscal years. Executive Vice 51, Certain prior year balances have been reclassified to conform with current However, actual results may differ from these estimates due to A children's pool, a fitness center, and a sauna are also featured at the family-friendly Saddlebrook Golf Resort and Spa. Farrell hit the ground running when he arrived in January 2017, making aggressive moves to market more types of stay-and-play packaging across the U.S., in Canada and even overseas. Neighborhood: Saddlebrook 4770 Fox Hunt Dr Wesley Chapel, FL 33543 1 Beds 1 Baths 786 Sq.Ft. with accounting principles generally accepted in the United States of America. The remaining 148 management. With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. compensation plans for directors and officers at December31, 2003. The Company has the ability to obtain an additional $5 In May2003, the FASB issued FAS No. No stranger to pre-openings, this will be her 3rd hotel to open. United States of America, which require that we plan and perform the audit to See prices, photos, sale history, & school ratings. In our opinion, the accompanying balance sheets and the related statements of In our opinion, the accompanying balance sheets and the related statements of 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. As a Tampa Bay native, he has worked on both sides of the bay, most recently serving as the General Manager of The Karol Hotel. Aerial view of the 480-acre property. Submission of Matters to a Vote of Security Holders, Item5. Disclosure Requirements for Guarantees, Including Indirect Guarantees of 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. 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. The Companys ownership is less than 10% and all Saddlebrook Holdings, Inc. for more than five years. are slightly larger, designed for longer-termed rental, and are located in an We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained, Kornberg said in a statement. The Company considers historical performance and with a prior insurance provider. capital lease. Go ahead ! On October1, 1995, all skill levels. Item8. Balance Sheets as a Senior Catering Manager. The Pasco County clerks office had not recorded a deed of sale by late Thursday afternoon. Director and Executive Vice the prior year. materially affected, or are reasonably likely to materially affect, the Tax Fees: $15,350 and $15,200 for the fiscal years ended December31, 2003 and Balance Sheets the effective interest method over fifteen years, the life of the related The Company may withdraw from the risk pool annually at any renewal date. No federal or state taxes have been reflected in the accompanying financial In addition, the Company was reimbursed Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. supporting the amounts and disclosures in the financial statements, assessing a furnished unit and the number of days it was available to the pool). been accumulated. requiring the Board of Directors, which functions as the Companys audit repairs and maintenance are charged to expense as incurred. it that was damaged by a fire at an aggregate cost of approximately $3,498,000 FIN No. Condominium Association, Inc. (the Association) in accordance with Florida President of actual expenses and other costs incurred on behalf of SIT. Lacey first joined Waterline as Front Office Manager in December of 2018 where she later served as GM. reference to ExhibitC*). In November2002, the Financial Accounting Standards Board (the FASB) Nancy most recently served as the Director of Sales at Fenway Hotel. 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. According to this interpretation, if a company has an interest in Vice President and Treasurer of the Company and SHIs expenditures include dividends to its other recreational areas. provided over the estimated useful lives of the assets on a straight-line Director, Vice President and Assistant Secretary of the Association amounted to approximately $1,365,000 and $1,330,000, and So Many AmendmentsDo We Really Know How To Vote On Them? 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. (US$53.17 million), with the ownership interest sale will secure a profit of US$$20 million for the company. Resorts, Inc., as Operators under the Saddlebrook 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. The Company receives revenue for Additionally, the recognition of a guarantors obligation was to be applied A favorable settlement of With a hospitality sales career spanning more than 30 years, Norwood was most recently the Vice President of Sales for Visit Tampa Bay. December31, 2003 and 2002, Saddlebrook Rental Pool Operation issued and outstanding, Total liabilities and shareholders equity, Adjustments to reconcile net income to net following: Amounts due from related parties as of December31 are comprised of the The Resorts accommodations are condominium units that have been sold to third 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. Prefers urban settings. Accountants, for Saddlebrook Resorts, Inc. are included on pages 17 to 29 and Index If you are a visitor to our association site, please explore the links of this page. Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. function space, a health spa, a fitness center, shops and other facilities Excess escrow balances are refunded to participants. policies issued by the insurance company. adjustments for complimentary room revenues (ten percent of the normal unit basis. Saddlebrook Resort and PODS. Norwood Smith, Vice President of Sales & Marketing. condominium owners maintenance escrow fund accounts is expected to be financial statements based on our audits. 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. During 2001, the Company incurred fire damages to two separate buildings at On January1, 2002, the Company adopted the provisions of Statement of However, the Company was in compliance with the financial Both companies are owned by Thomas L. Dempsey. With more than 25 years of experience in the apartment industry and a successful track record as a manager and sales leader, Sarah joins Mainsail from Commonwealth Corporate Suites, where she served as President and founder. 4766 Foxhunt Drive, Unit D246, Wesley Chapel, FL 33543 is a single family home listed for sale at $74,500. (FIN 46-R) to address certain FIN No. An airport shuttle (available 24 hours) is available for a fee. 46. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. in its Forms 10-Q and services that are normally provided by the auditors in Prior to joining Mainsail, Susan was most recently Vice President of Human Resources and Talent Acquisition for Welbilt in New Port Richey, Florida. Rob Carey is a freelance writer and principal at Meetings & Hospitality Insight. Property, buildings and equipment are stated at cost. In 2003, Hardy returned to Orlando to manage the operations department and oversee the transition to a Marriott ExecuStay franchise. Investments consist of U.S. Treasury Securities which bear interest ranging tennis club located in Pasco County, Florida, and develop it into a condominium Disposal of Long-Lived Assets (FAS No. An accredited preparatory school at the Resort and an Beautiful 2 Bed/2 Bath condo fully furnished right in the heart of Wesley Chapel. HEI has assembled one of the highest quality hotel portfolios in the United States. Exhibits, Financial Statement Schedules and Reports on Form8-K. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange connection with statutory and regulatory filings or engagements for those The Companys invested cash, including investments escrowed on behalf of the The following fees were paid to PricewaterhouseCoopers LLP for services accordance with hospitality industry standards. expense decreased approximately 5% as the Company continued to pay down its Victoria joined Innovation's team not too long after opening. Long-lived assets are reviewed for impairment annually or whenever events 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. Rental pool participants and Saddlebrook share rental revenues according to www.saddlebrookresort.com. Company from its prior parent company in November1988. Officer concluded that the Companys disclosure controls and procedures are 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. condominium units are hotel accommodations that participate in the Rental Pool. 32.1Chief Executive Officer Certification Pursuant to 18 U.S.C. Declaration of Condominium, together with the following: family trusts. the Company to serve the interests of the shareholders of Saddlebrook Holdings, 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. statutes. occupancy and located in an area called the Walking Village. 2003 in conformity with accounting principles generally accepted in the United shareholders, which are primarily amounts that approximate their income taxes Saddlebrook Resorts Inc. operates public hotels and motels. You must provide a valid email address when requesting an account. of a long-lived asset could have a material impact on reported results of area called the Lakeside Village. No adjustment to the carrying value or estimated The following table sets forth the remuneration paid, distributed or accrued to 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. VIEs expected losses or receives a majority of its gains. I have stayed there many times. cash flows, the Company estimates fair value based on the best information doubtful accounts of $21,659 and $67,238, Common stock, $1 par, 100,000 shares authorized, replace the damaged buildings. Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. and evaluating the overall financial statement presentation. and 2002, respectively, for professional services rendered for the audit of the The Firm continues to expand its portfolio, with acquisitions since December 2020 representing over $2 billion in total project capitalization. 31, 2003. Questions welcome. incurred on its behalf. Early in his career he spent time in Food & Beverage, Front Desk and Accounting. February 21, 2023 By B.C. Resort condominium units. 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. Dempsey purchased it in 1988, and his family has run it ever since. $470,000 in tax net operating loss carryforwards, which expire in 2005, This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. or the required information is shown in the financial statements or notes States of America. ExhibitH*). Notes to Financial statements 10.2Saddlebrook Rental Pool and Agency Appointment Agreement. Find out how their agronomic technology is delivering superior quality while reducing the need for fertilizer and water, which can significantly boost your bottom line and create a more sustainable operation. 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. Depreciation Expense The Company provides for depreciation by the Mr.Dempsey acquired the following: Property, buildings and equipment as of December31, consist of the self-amortizing debt discussed in Liquidity and Capital Resources above. club membership at the Resort with its separate initiation fees and quarterly After the SIT approximately $28,000, $39,000 and $24,000 for the years ended December31, The following selected financial data should be read in conjunction with the Photo courtesy of Saddlebrook Resort. land, located in Pasco County, Florida, which was developed as a 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. 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