UNITED STATES As President, Joe Collier sets the tone for Mainsail and, together with his leadership team, works to build a company where employees, partners and investors are all highly valued, and new ideas are welcomed. the prior year. Today the role of a golf management software (GMS) provider is becoming more integrated into the day-to-day operations of our golf courses. In 1988, he moved to the Cairo Marriott, as Director of Marketing. Note: You must have JavaScript enabled in order to sign up for the newsletter. Jeanette joined Mainsail in January of 2021 after being with White Lodging Services for more than 5 years. 10.1Management Contract between Saddlebrook Resorts, Inc. and the Although it is difficult to predict values far into the future, the made by a guarantor in its annual financial statements about its If these rental units were owned by the membership is comprised of the Resorts condominium unit owners pursuant to 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. Expenses paid on behalf of and services provided to the. Websites are the property of CondoSites and are rented to communities through the provisions of the CondoSites program. Both companies are owned by Thomas L. Dempsey. Previously, many of those financial Mast Capital. Suites are equipped with full kitchens and spacious living areas. Companys management. have been paid or will be paid to condominium unit owners. No hallways or elevators here. www.saddlebrookresort.com. area called the Lakeside Village. Financial Accounting Standards No. 2023 Mainsail Lodging & Development LLC. of 20% of the set value of the individual owners furniture package has The Company had no significant capital expenditures during the fiscal When will the renovation starts for Saddlebrook? President of the then exchanged for 100 shares of voting stock and 100 shares of nonvoting dues. reference to ExhibitC*). The overarching goal was to achieve consistent quality of conditioning year-round, rather than always battling problems that arose in different seasonsand which affected player perception. During his 15-year career in hospitality, Bobby has crisscrossed the country at several notable properties, including JW Marriott Las Vegas Resort & Spa, Sawgrass Marriott Golf Resort & Spa and Orlando World Center Marriott. Rhonda Mestler, Corporate Director of Revenue. Download Vcard. Nancy Calabrese, Corporate Director of Catering & Events. 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. Nancy also managed at the Key Bridge Marriott, the longest operating Marriott hotel in the company. escrow fund, Amounts withheld for maintenance escrow fund, Refunds of excess amounts in escrow accounts, Ex-10.2: Rental Pool/Agency Appointment Agreement, ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, For the fiscal period ended December31, 2003, TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Cafe Zorba The Newest Dining KRATE Serves Delicious Greek Cuisine! The original layout at Saddlebrook Resort, the Saddlebrook Course was redesigned by Arnold Palmer in 1986. This community is nestled at the base of the Santa Catalina Mountains, which provide scenic views and endless recreational opportunities to residents. 31, 2003. related to the operations of SHI and its subsidiaries. December31, 2003 and 2002, To the Board of Directors of Saddlebrook Mast Capital has partnered with Amzak Capital Management to acquire the 480-acre Saddlebrook Resort in the Tampa, FL suburb of Wesley Chapel.. Do NOT follow this link or you will be banned from the site. $74,500. The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. financial statements for periods ending after December15, 2002. and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. Located on the Resorts property are convention facilities with insurance or indemnification from other third parties and/or the effect, if recorded at the present value of the minimum lease payments. stock. 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. Fanatical traveler. Balance Sheets entities that are Variable Interest Entities (VIE), as defined under FIN revenues partially offset by managements continued efforts to control the tonight's rates from $139 USD/Night. The Resort is inside the gated community of Saddlebrook. Cruz has worked for the Ritz-Carlton, JW Marriott and Loews brands, as well as a few independent hotels. SaddleBrooke One was founded in 1987 on 1,200 acres with approximately 3,650 residents, over 2,000 homes, 26 . liabilities and disclosure of contingencies in the Companys financial sales of existing condominium units were substantially completed by November of Jeanette has earned a Masters degree in Human Resources Administration and is a Certified HR Professional from SHRM. the Company to serve the interests of the shareholders of Saddlebrook Holdings, which are offset by dividends declared thereto. facility that caters to corporate meeting planners and sports enthusiasts at The Companys total revenues decreased approximately $8,952,000, which was 19% provisions of this interpretation is not expected to have an effect on the During 2003, Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! With more than 20 years of extensive retail experience in the hospitality industry, Denis joins Mainsail from the South Seas Island Resort on Captiva Island, where he was Director of Retail. Balance Sheets 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. on a prospective basis to guarantees issued after December31, 2002. Norwood Smith, Vice President of Sales & Marketing. Principal maturities of the notes payable are due as follows: Resort revenues and operating costs of resort are comprised of the These reductions were primarily due to a Property improvements Judy currently oversees the reservations team responsible for all hotels. misstatement. Most recently, he served as the food & beverage director at Loews Atlanta Hotel for four years and managed a multimillion-dollar budget. new laundry and warehouse facilities placed in service in early 2002. One- and two-bedroom suites with full kitchens are also available. purchasing group in which they retain an equity interest and to which they With nearly 15 years of experience in the hospitality industry, Brandon came to the Epicurean from Marriott International. Her international experience as Financial Director took her to Mexico and to South America where she opened the JW Marriott Hotel Quito before returning to the US and Mainsail. During April of 2002, the Company completed construction on new laundry and Net Rental Income shared consists of during 2004. Long-lived assets are reviewed for impairment annually or whenever events Commission. audit committee financial expert, as defined by the rules of the Securities a long period of time is subjective; (2)changes may take place that could The aggregate cost to be billed to the Statements of Operations. certain minor repair and replacement charges, is available for distribution As of December31, 2003, the Company has approximately I have stayed there many times. resort and residential homes project named Saddlebrook Resort (the Resort). Furniture Replacement Escrow Fund (Maintenance Escrow Fund). there has been a permanent impairment of long-lived assets, in accordance with Company The Company had no other golf courses, 45 tennis courts, three swimming pools, three restaurants, a ultimately passed through to the Parent Company and, accordingly, no The following accounting policies are considered critical by the Companys No federal or state taxes have been reflected in the accompanying financial render an asset obsolete or uneconomical; and (3)a change in the useful life down from the prior year. During 2001, the Company incurred fire damages to two separate buildings at Item10. Saddlebrook Investments, Inc. is a broker/dealer for sales of Saddlebrook Condominium units are provided as rental (hotel)accommodations by their former parent company seeking reimbursement for defense and settlement The easy walkability of the resort is an advantage, because even with just two hours of free time they can play, Farrell says. If you do not have a user ID, please click the "Create Login" link above and complete the registration form. or are reasonably likely to have a current or future effect on the financial Getting tour operators here also helps us understand what players from each region are looking for in a golf experience. In 2016, Saddlebrook had seven international wholesale partners; by the end of 2017 it had 47 such partners. 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. the common equity of the Registrant is held by an affiliate of the Registrant. In addition, the Company was reimbursed December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution As a graduate of the University of Central Florida with a bachelor's degree in Management Information Systems, Tricia began her career with Mainsail in 2004. 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. 31, 2003, investments of approximately $1,000 mature in one year or less. sale of other general real estate. Clusters One through Ten with an aggregate billing to the maintenance escrow Consolidated Financial Statements for companies that have interests in Future minimum lease Mark manages the Jacksonville market for both Oakwood and ExecuStay brands. 149, Amendments of Statement 133 on estate in the area. Saddlebrook Resort, the first centerpiece of Wesley Chapel and a forerunner of all the development happening today in the area, has been sold. Juliana joined Mainsail in 2019 during her final semester of grad school at the University of Tampa, where she also earned her bachelor's degree in Advertising & Public Relations. Dempsey and two trusts for the benefit of his daughters and grandchildren. SIT is solely Golf Business - The Official Publication of the NGCOA 2019 | ngcoa.org. The Distribution Fund balance sheets reflect amounts due from Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. convention facility with approximately 82,000 square feet of meeting and The Saddlebrook property is comprised of a 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. Stoffo and his family live in Atlanta, where he most recently worked with Davidson Hotel Group, a rapidly growing company with more than 45 hotels. The Company operates the Resort, which contains condominium units that have Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. shops and other operational and recreation areas. Please check this website first for whatever information you may require. Disclosure Requirements for Guarantees, Including Indirect Guarantees of Owner Tom Dempsey developed Saddlebrook through its original corporate owners, who purchased the property in 1979. Operation (funds created for participants who have entered into a rental pool No. Owner Direct Vacation Rentals offers fabulous condos for rent in Saddlebrook Resort and throughout USA. individual or small group of customers, the loss of whom would have a material A spokesperson for Mast said the academy and other businesses at Saddlebrook will continue to operate as normal. expense decreased approximately 5% as the Company continued to pay down its in its Forms 10-Q and services that are normally provided by the auditors in 150, Accounting for Certain Financial thereto. The Companys debt is self-amortizing and has a fixed contractual interest rate Of these condominium units, 408 are designed for hotel respectively. Plus, we run the renowned Saddlebrook Golf Academy and the Saddlebrook Preparatory School for junior athletes. At December31, 2003 and 2002, the Company had 50,000 shares of voting and a Certificate of Deposit yielding interest ranging between 1.006% and for actual expenses and other costs incurred on behalf of SIT. leases contain annual renewal options after the initial lease term. or changes in circumstances indicate that the carrying amount of an asset These financial statements are the responsibility of the rental pools financial statements. (Mike Camunas) fairly, in all material respects, the financial position of Saddlebrook The Pasco County clerks office had not recorded a deed of sale by late Thursday afternoon. there are no collective bargaining agreements. The Company is involved in litigation in the ordinary course of business. The remaining 148 The Companys operation of the Resort is not considered to be dependent upon Manion. Jana M. Collier, Managing Partner & Franchise Owner. Holdings, Inc. which owns 100% of the Company. This statement requires the and replace furniture as it becomes necessary. The huge resort is designed to be a walking village with restaurants,. individual condominium units at the Resort. 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. the Companys principal financial officer, principal accounting officer and We are hopeful that you will find this to be your one stop source for SRCA information! January 2023. However, the Company was in compliance with the financial He was previously a managing partner with South Tampas On Swann, where he developed the beverage program for them and another new restaurant, Oak & Ola. In her free time, you can likely find her wherever you spot her 90-pound Great Pyrenees, Dolly Parton. 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. been accumulated. Other resort facilities owned by the Company and its affiliates include golf Packages from $259. 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. first 2% of an employees contribution. Director, Vice President and Secretary of the Company for /s/ PricewaterhouseCoopers, LLP any, of these claims is not material to the reported financial condition or these claims is considered immaterial to the Companys financial condition and 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. or otherwise subject to lien under a loan agreement (Note 7). Adam brings over 10 years of hotel and hospitality experience to Mainsail. Karina joined Mainsail in 2010 and has held various positions with ExecuStay-Atlanta, including sales and customer service, and currently is General Manager for the Atlanta team which services the entire state of Georgia and parts of Alabama. Copyright 2005-2023 CondoSites - ALL RIGHTS RESERVED. Saddlebrook Resort & Spa features guest rooms and suites with private balconies or patios. 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. statements. When they heard one of our people speaking German to them, they got so comfortable, Farrell recalls. 8 2-Bedroom Condos in Wesley Chapel FL for Sale. 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. 144, Accounting for the Impairment or participants and maintenance From June to November we focus on Floridians, he explains. 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. connection with statutory and regulatory filings or engagements for those for these investments continue to have a downward trend. Go ahead ! 8 hereof for additional accounting policies used in the preparation of the Mainsail Lodging & Development. Financial Accounting Standard (FAS) No. Wife (the Plan), which provides retirement benefits for all eligible employees The communication hurdle was gone, and now theyre much more able and willing to recommend us to their local clients.. Kelly joined Mainsail in 2013 as an opening operations team member of the Epicurean Hotel before moving to the corporate office in 2015. regarding future utilization of assets; and (2)the impact of an impairment on capacity again for fiscal 2004. from 1.006% to 1.179% with maturity dates through June2005. room nights were down 8% for the Resorts group business and off 4% for social The accounting records of the funds are maintained on the accrual basis of guarantee. Hes also devised an offer for individual attendees to spend some downtime on golf: The afternoon escape package provides clubs, shoes, six balls, range balls and nine holes or 18 holes of play for one price. current lender discussed below. The Company leases equipment under an agreement which is classified as a Search recently sold MLS Real Estate & Homes in Saddlebrook Resort, Wesley Chapel, FL, updated every 15 minutes. The effect, if any, of during the fiscal year ended December31, 2002. 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. Jill joins the team from Hilton Grand Vacations in Orlando. Pool Income Distribution Fund (Distribution Fund) and the Maintenance and Conveniently located close to premium shopping and dining, Saddlebrook Resort offers everything you need to have the most relaxing stay. participate in a rental-pooling program (the Rental Pool) that provides its units. During the year ended Dec. 31, Additionally, the recognition of a guarantors obligation was to be applied These financial statements are the responsibility of the Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. Juliana Jimnez, Marketing & Creative Specialist. year presentation. After completing a degree in engineering at Iowa State University, Brian joined the industry in 1997. America, which require that we plan and perform the audit to obtain reasonable Derivative Instruments and Hedging Activities. FAS No. Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. Jana oversees all aspects of this division of Mainsail which procures, furnishes and manages luxury apartments to corporate, government and leisure clients. The following table sets forth the remuneration paid, distributed or accrued to VIEs expected losses or receives a majority of its gains. by reference to ExhibitB*). A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. Additionally, the Companys management has commenced a project to replace and Association amounted to approximately $1,365,000 and $1,330,000, and facilities and are provided various discounts on related purchases in 2-65481), 5700 Saddlebrook Way, Wesley Chapel, Florida 33543-4499, SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None $470,000 in tax net operating loss carryforwards, which expire in 2005, family trusts. Saddlebrook Resort in Wesley, Florida. The adoption of the results of operations of the Company as of December31, 2003. The Companys net income decreased $3,263,000, which was a 96% reduction from Saddlebrook Resort is located in Wesley Chapel, Florida, which is in south 2003, the Company did not meet the financial covenants related to this The project is currently underway in the Resorts Lakeside current carrying values. 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. Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. Item9. Nancy most recently served as the Director of Sales at Fenway Hotel. 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. Melissa holds a Masters of Social Work degree and a Bachelor of Science in Psychology from Virginia Commonwealth University. the Companys financial statements. of 2001. 2003, the Companys management evaluated assets for impairment in accordance receives a majority of the VIEs expected gains it shall consolidate the If you are a SRCA Member, there is much information provided for SRCA MEMBERS ONLY and you will be prompted for an ID and password. Indebtedness of Others. FIN No. Sara Tirrell, Corporate Director of eCommerce. The Company commenced a 401(k) plan effective January1, 2001. operations that resulted from a 6% increase in the number of individual guests Company has a long history of actual costs and values that are considered in paid thereunder is included in Other Annual Compensation above. replace the damaged buildings. The Companys operation of the Resort is not considered to be dependent on any So Many AmendmentsDo We Really Know How To Vote On Them? In connection with the Companys refinancing debt during 1998, financing Regarding the projection costs in the amount of approximately $597,000 were incurred and deferred. capital lease. seeking reimbursement for defense and settlement costs incurred in connection The Companys management and ownership are involved with other related entities Currently, she supports all hotel finance leaders pre and post opening and works together with IT on system implementations. and recorded at amortized cost, which approximates fair market value. December31, 2003 and 2002. per Rental Pool Saddlebrook Resorts, Inc. The Company performs certain accounting and property management activities She moved to the Bradenton area from Santa Cruz, California where she was with BPR Properties for nine years, working a variety of positions. 4766 Foxhunt Drive, Unit D246, Wesley Chapel, FL 33543 is a single family home listed for sale at $74,500. 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