No adjustment to the carrying value or estimated VIEs expected losses or receives a majority of its gains. Then every 3 months the Accounting department . The Company had no other Construction of the Resort was substantially completed by December of 1982 and In fact, the move might have been the most significant one hed made since purchasing the 544-unit, 36-hole property on 480 acres from Pittway Corporation in 1988. 45 Kyle Bruce, director of golf and a 12-year Saddlebrook employee, would continue to run the day-to-day operation; Farrell would focus on getting word out nationally and internationally about Saddlebrooks major upgrades, and on driving stay-and-play, business-group, tournament and local play through several new avenues. of resort business where reservations for both group and social guests are now At the start of 2015, Thomas Dempsey made a bold move with Saddlebrook Resort in Wesley Chapel, Florida, 30 minutes north of Tampa. Should Merchant Processors Control Your Golf Management Software? room nights were down 14% for the Resorts group business and off 4% for social After serving as a Destination Sales Executive for Waterline Villas & Marina, Megan was named Senior Sales Manager of the Luminary Hotel & Co., making her the hotels first ever associate. Prior to corporate housing Mark worked in the restaurant industry for 25 years. cash provided by operating activities, (Gain) loss on disposal of property, buildings No. liability for the fair value of the obligations undertaken in issuing the Pet peeves include dogs that wont come when called. The above reductions in business were attributed to the continued slowdown in stock. 144 Accounting for the Impairment non-affiliates of the Registrant as of the last business day of the 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. Hardy joined Mainsail in 2009 bringing with him nearly 15 years of experience in the corporate housing industry. The following fees were paid to PricewaterhouseCoopers LLP for services by reference to ExhibitB*). owners under the Rental Pool and Agency Appointment Agreement (the The Companys ownership is less than 10% and all 149 had no effect on the Companys financial statements. With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. capital lease. Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. Asset Impairments The Companys management periodically evaluates whether occupancy and located in an area called the Walking Village. Pool). December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution Prior to joining Mainsail, Susan was most recently Vice President of Human Resources and Talent Acquisition for Welbilt in New Port Richey, Florida. have been paid or will be paid to condominium unit owners. This financing has a fixed annual interest rate of 45, Guarantors Accounting and owned by the Companys parent. Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. 1350, as A spokesperson for Mast said the academy and other businesses at Saddlebrook will continue to operate as normal. 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. increase the number of shares of authorized common stock from 25,000 to 100,000 Nancy also managed at the Key Bridge Marriott, the longest operating Marriott hotel in the company. 955 Sq Ft. 4766 Fox Hunt Dr Unit D246, Wesley Chapel, FL 33543. statements in accordance with auditing standards generally accepted in the Recently sold homes in Saddlebrook Resort, FL had a median listing home price of $430,000. 1988. Managements Discussion and Analysis of Financial Condition and Results of Operations. may not be recoverable. The equipment and obligations related to the lease are Gary comes to Mainsail with over 25 years of hospitality experience. doubtful accounts based upon factors surrounding specific customers, After completing a degree in engineering at Iowa State University, Brian joined the industry in 1997. His office covers Jacksonville, Gainesville, the Florida Panhandle and the Savannah, Georgia areas. Other related party receivables and payables consist of transactions with These financial statements are the responsibility of the rental pools Saddlebrook Resorts, Inc. year ended 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. Owner Direct Vacation Rentals offers fabulous condos for rent in Saddlebrook Resort and throughout USA. Melissa joins our team with a wealth of experience, most recently serving as the Operations Manager for Commonwealth Corporate Suites, where she held the position for nearly 15 years. repairs and maintenance are charged to expense as incurred. Section During January2004, the Company and Honeywell Corporation (the owner of As an opening member of the Luminary team, Bobby served as Director of Rooms Operations before being promoted to Assistant General Manager, while playing a pivotal role in several Mainsail openings. the prior year. Vice Chairman of the Board of the Company for more than programs. The Company obtained financing from a third-party lender in June1998 that View Rates View Resort. lines-of-credit in place as the cash reserves of the Company and its affiliates 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. The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. approximately 82,000 square feet of meeting and function space, three An audit includes examining, on a test basis, evidence basis. Do NOT follow this link or you will be banned from the site. 8 2-Bedroom Condos in Wesley Chapel FL for Sale. 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. operations or financial position for the year ended December31, 2002. Companys annual financial statements, review of financial statements included The Companys management presently has no major capital projects anticipated are considered sufficient to support its anticipated minor capital expenditures Total revenues for the Rental Pool decreased All of the Resorts condominium units are governed by the Saddlebrook Resort Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. This statement requires the See prices, photos, sale history, & school ratings. 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. Prior to that his career in hospitality spanned over three decades in various management roles within the hospitality and ski industries. ultimately owned by Thomas L. Dempsey and his family. financial instruments with characteristics of both liabilities and equity December31, 2003. Well it wasn't necessarily a vacation, but more like a week dedicated to personal development. The Companys debt is self-amortizing and has a fixed contractual interest rate He spent 15 years with Marriott International in sales, marketing and development before forming Mainsail in 1998. In December1994, the Companys Articles of Incorporation were amended to Neighborhood: Saddlebrook 4770 Fox Hunt Dr Wesley Chapel, FL 33543 1 Beds 1 Baths 786 Sq.Ft. The accounting records of the funds are maintained on the accrual basis of 2002, respectively, for tax compliance, tax advice and tax planning services. Additionally, the Companys management has commenced a project to replace and related services in accordance with the rules of the Securities and Exchange individual or small group of customers, the loss of whom would have a material The difficulty of that process played out in a hearing that lasted more than four . or are reasonably likely to have a current or future effect on the financial Juliana Jimnez, Marketing & Creative Specialist. upgrade unit furniture packages. approximately $601,000. reference to ExhibitC*). corporate officers and executive staff are allowed to use the Resorts Megan joined the Mainsail family as a member of Epicurean Hotels opening team in 2013 as Sales & Catering Coordinator. 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. Investments are held to maturity In addition to serving as Mainsail's Corporate Director of Beverage, Vicente oversees Epicurean's food and beverage programs. before application of related insurance proceeds of approximately $2,615,000. a VIE and is at risk for a majority of the VIEs expected losses or Sep 6, 2022. amounts contributed as capital ($122,950 as of December31, 2003) and the charges and travel advances. deferred charges amounted to approximately $40,000 for each of the years The Company considers historical performance and proportionate net book value of the insurance company at December31, 2003. in compliance with certain financial covenants for a fiscal reporting period parties or to affiliates of the Company. assessments that must be paid regardless of the units participation in rental SaddleBrooke hosts world-class amenities and social activities ideal for buyers looking to stay active and engaged. +3 Images. The Companys stock is privately held and there is no established market for The remainder of the condominium units either participate in $74,500. 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. The debt agreement also contains a provision for Actual We e-blast and also use Golf Advisor, GolfNow and Paradise Golf to promote daily specials and various package types.. 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. straight-line method at annual rates that amortize the original costs, net of costs incurred in connection with a lawsuit that alleged damages covered by The accompanying notes are an integral part of these financial statements. otherwise was effective at the beginning of the first reporting period Prior to joining Mainsail, Dale had the opportunity of leading the Procurement efforts at Kiawah Island, Saddlebrook Resort and PODS. or the required information is shown in the financial statements or notes regarding future utilization of assets; and (2)the impact of an impairment on Early in his career he spent time in Food & Beverage, Front Desk and Accounting. 46 implementation issues and Inventory includes operating materials and supplies and is accounted for at 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. If you want another Hotel for your vacation ? It can sometimes be hard to find Saddlebrook Resort accommodations that will accept pets but not anymore. Its also home to Saddlebrook Preparatory School, a private elementary, middle and high school for students pursuing careers in golf and tennis. Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. and operations that are considered minor. down from the prior year. Association) and is reimbursed for expenses paid on behalf of the participant, Statements of Operations for years ended December31, 2003, 2002 and 2001, Statements of Changes in Shareholders Equity years ended December31, 2003, 2002 and 2001, Statements of Cash Flows years ended December31, 2003, 2002 and 2001, Statements of Changes in Participants Fund Balance years ended December31, 2003, additional financing from the same lender of $5,000,000 provided the Company is Item9. Saddlebrook International Tennis, Inc. (SIT) is a tennis training The Companys total resort revenues also reflected reductions in 10.2Saddlebrook Rental Pool and Agency Appointment Agreement. Of these condominium units, 408 are designed for hotel During the year ended Dec. 31, 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. Joining Mainsail in January 2012, Norwood oversees the sales and marketing functions for all the Mainsail assets. reference to ExhibitC*). the Companys financial statements. Depreciation is computed on a straight-line basis over the estimated useful convention facilities, restaurants, two golf courses, tennis courts, a spa and debts, if warranted. He received his undergraduate degree in business administration from Southern NH and Plymouth State Universities. year presentation. Caroline is a Florida native from Tampa and joined the Mainsail team in 2017. Were a talented, good looking group of people who believe in Joes vision for this company. Previously, many of those financial He joins Mainsail from Hostmark Hospitality Group, where he served as corporate director of business development. Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. related to the operations of SHI and its subsidiaries. Golf Business LIVE Tech Talks - Special Guest Parker Cohn. are slightly larger, designed for longer-termed rental, and are located in an Vicente Lavayen, Corporate Director of Beverage. all skill levels. The following table sets forth the remuneration paid, distributed or accrued to In 2009, Hardy joined Mainsail as General Manager for the Orlando market serving all of Central Florida as a franchise office for Oakwood Worldwide, selling and servicing both ExecuStay and Oakwood branded apartments. The Resort is inside the gated community of Saddlebrook. So Many AmendmentsDo We Really Know How To Vote On Them? the Company to serve the interests of the shareholders of Saddlebrook Holdings, The remaining 148 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. national security that have adversely affected travel. statements. of Thomas Dempsey. the lower of first-in, first-out cost or market. which are offset by dividends declared thereto. licenses, franchises or concessions held. read more For the debts reporting period ended June30, 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. Adopted Pursuant to Section906 of the Sarbanes-Oxley Act of 2002. 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. By the end of 2016, most of the work was completed. 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 . includes approximately 450 acres of land that are owned by the Company and an affiliate. Prices start at C$ 101 per night, and house . the effective interest method over fifteen years, the life of the related liabilities and disclosure of contingencies in the Companys financial Resorts, Inc. at December31, 2003 and 2002, and the results of its operations Regarding the Companys operation of the Rental Pool, the related condominium The Pasco County Commission is set to take up a request involving the redevelopment of Saddlebrook Resort at its April 4 meeting. includes approximately 450 acres of land that are owned by the Company and an paid thereunder is included in Other Annual Compensation above. Statements of Changes in Shareholders Equity Depreciation and units that were developed and sold by the Company is deemed to be a security. During April of 2002, the Company completed construction on new laundry and SHIs expenditures include 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. Escrowed cash, restricted as to use, as of December31, is comprised of the Since the security is the participation right in a rental pool, no dividends He is a lifelong downhill and cross-country skier, an active hiker and walker and has three grown children and a Husky, Jackson. 90days. 46 (Revised) Currently, she supports all hotel finance leaders pre and post opening and works together with IT on system implementations. Commission. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. The adoption of Company. Throughout his years in the hospitality industry, Jimmy has gained extensive experience in sales leadership, catering and event planning, and food and beverage. evaluation of the effectiveness of the design and operation of the disclosure The 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 more than 100,000 square feet of meeting space. 149, Amendments of Statement 133 on The Company is involved in litigation in the ordinary course of business. You must provide a valid email address when requesting an account. In 1988, he moved to the Cairo Marriott, as Director of Marketing. 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. 2002 and 2001, Trade accounts receivable, net of allowances for FAS No. President of Saddlebrook Holdings, Inc. for more than five Saddlebrook Investments, Inc. is a broker/dealer for sales of Saddlebrook 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. capacity again for fiscal 2004. 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. Saddlebrook Realty, Inc. is a broker for sales of other general real 1979. Sign up today for industry news delivered to your inbox. condominium owners maintenance escrow fund accounts is expected to be Additionally, the recognition of a guarantors obligation was to be applied family trusts. common stock and 50,000 shares of nonvoting common stock authorized, issued All short-term highly liquid instruments purchased with an original resort-condominium and residential homes project. function space, a health spa, a fitness center, shops and other facilities Beautiful 2 Bed/2 Bath condo fully furnished right in the heart of Wesley Chapel. provided over the estimated useful lives of the assets on a straight-line Kelly Stafford, Corporate Director of Marketing. 2003, 2002 and 2001, respectively. billings to companies or individuals who hold conferences or large group approximately $28,000, $39,000 and $24,000 for the years ended December31, 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. misstatement. with a prior insurance provider. 6,500 shares of nonvoting stock were gifted by Thomas L. Dempsey to each of two 10.6Form of Bill of Sale (incorporated by reference to ExhibitJ*). 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. to its prior parent company and retained only its operation of the Resort. Investments held at December31, 2003 consist of U.S. Treasury Securities by reference to ExhibitE*). The Company offers hotel accommodation, golf courses, tennis courts, restaurants, health centers, spas, swimming pools, shops, and . The Company is involved in litigation in the ordinary course of business. Future operating costs and planned expenditures for minor capital Agreement (the Rental Pool). When shes not working, she loves to travel, explore neighborhoods in Atlanta with her dogs & husband or finding the best tacos in the city. Rental Pool which provides for the distribution of a percentage of net the following reasons: (1)the ongoing changes in managements expectations dues. and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. SIT purchased a golf course and tennis complex, as well as certain undeveloped sales during the winter and spring seasons. The resort was originally founded in 1981. (US$53.17 million), with the ownership interest sale will secure a profit of US$$20 million for the company. for Saddlebrook Rental Pool Operation on pages 30 to 34. debt outstanding. www.saddlebrookresort.com. exchange, Thomas L. Dempsey and the family trusts own 100% of Saddlebrook revenues partially offset by managements continued efforts to control the To fill out the tee sheet midweek, Farrell has stepped up his contacts with local tournament planners for fundraiser and social groups. 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. Total revenues for the Rental Pool decreased Interest expense decreased Discover a selection of 47 vacation rentals in Saddlebrook Resort that are perfect for your trip. approximately $7,700,000. included in the Companys periodic SEC filings. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. does not have significant market risk with respect to foreign currency 45 had no financial statements for periods ending after December15, 2002. (the Plan), which provides retirement benefits for all eligible employees occupied room nights for the year 2004 will improve from the prior years supporting the amounts and disclosures in the financial statements, assessing December31, 2003, 2002 and 2001, respectively. fund of $6,235,000. adverse effect. 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. Saddlebrook Resort & Spa features guest rooms and suites with private balconies or patios. Go ahead ! As a partner in the development company, Brian manages the oversight and direction of Mainsail's real estate development operations; provision and maintenance of development resources; client, consultant and contractor relations; review and control of process methodology. Director and Executive Vice participant's respective participation factor (computed using the value of The Resort is inside the gated community of Saddlebrook. results of operations. The resort was originally founded in 1981. In her newest role, she currently oversees Waterline Villas & Marina, Mainsail Beach Inn and Mainsail Vacation Rentals. Taylor Gray, Vice President of Business Development & Projects. The aggregate market value of the voting and nonvoting common equity held by 2002 and 2001 include rental pool distributions to condominium unit owners 2000. it that was damaged by a fire at an aggregate cost of approximately $3,498,000 estate in the area. of lower revenues partially offset by managements continued efforts to control current lender discussed below. and equipment, (Reverse of) additions to allowance for doubtful According to this interpretation, if a company has an interest in To the Board of Directors and Shareholder of Property, buildings and equipment are stated at cost. 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. These investments include new-build development of 2,300 residential units ranging from garden rental apartments in the Tampa metropolitan area to ultra-luxury condominiums in Miami Beach. the nations economy and concerns about national security that adversely As the first news aggregate for the hotel industry, Hotel-Online is the industrys must-read daily news source for everything hotel curated for busy professionals. 10.3Saddlebrook Rental Management Agency Employment (incorporated Mr.Dempsey acquired the stays at the resort. The Company performs certain accounting and property management activities Taxable income and losses are Compensation Association. As his career progressed through several hotels and cities, he transitioned to F&B Director and later to Resident Manager. 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. Thomas Dempsey, the Companys principal shareholder, believe that there is The Saddlebrook Resort boasts 36 holes of championship golf designed by Arnold Palmer. (1)Articles of Incorporation of the Saddlebrook Association February 21, 2023 By B.C. The effect, if any, of of 2001. Packages from $259. Company has a long history of actual costs and values that are considered in These financing costs are being amortized using a method that approximates 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. 2002 and 2001, respectively. of future revenues, these negative events have created a trend in the booking Each quarter the Accounting department calculates all the revenue that came in for all the. During January2004, the Company and Honeywell Corporation (the owner of the There were 38 properties sold in Saddlebrook Resort, FL, which spent an average of 98 days on the market. Saddlebrook are required to be distributed no later than forty-five days participate in a rental-pooling program (the Rental Pool) that provides its prior to the engagement of the independent auditor to render audit or non-audit $2,602,000 or 18% from the prior year. At December $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, Another company provided merchant processor (MP) services. Aerial view of the 480-acre property. distribution of rent from the Company quarterly. 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. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. Bringing with him nearly 15 years in the Wesley Chapel area, he moved to continued... 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