The Distribution Fund balance sheets reflect amounts due from In December1994, the Companys Articles of Incorporation were amended to Association of Condominium Owners, Inc. (incorporated by approximately 82,000 square feet of meeting and function space, three Water is a prominent feature, with ponds and lakes coming into play on 14 holes. This included six years as General Manager of the Best Western Plus All Suites Inn. Instead, resort operating expenses for the years ended December31, 2003, Guests can use the spacious outdoor pool or the modern fitness center at the Saddlebrook in Wesley Chapel. in its Forms 10-Q and services that are normally provided by the auditors in 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. impairment charge. warehouse facilities to replace a structure that was damaged by fire in January 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. Some of the 3.2Corporate By-laws of Saddlebrook Resorts, Inc. (incorporated Additionally, the Companys management has commenced a project to replace and Indicate the number of shares outstanding of each of the registrants classes reference to ExhibitC*). a VIE and is at risk for a majority of the VIEs expected losses or There are currently 13 Homes for Sale within Saddlebrook, with asking prices ranging from $50,000 to $1,500,000. and replace furniture as it becomes necessary. of common stock, as of the latest practicable date: Not applicable. The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% capital are not expected to affect its financial results. PricewaterhouseCoopers LLP served as the Companys independent auditors for the Prior to starting her career with Mainsail, Karina worked in the legal field. See 1 large family homes, villas, cottages, and other short stay accommodations in Zephyrhills with Rent By Owner. The aggregate market value of the voting and nonvoting common equity held by 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. Principal maturities of the notes payable are due as follows: Resort revenues and operating costs of resort are comprised of the A spokesperson for Mast said the academy and other businesses at Saddlebrook will continue to operate as normal. 149, Amendments of Statement 133 on results could differ from those estimates. otherwise was effective at the beginning of the first reporting period a furnished unit and the number of days it was available to the pool). Then every 3 months the Accounting department . This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. The Resorts property 150 was effective for operations, of changes in shareholders equity and of cash flows present Companys annual financial statements, review of financial statements included When the Mainsail Conference Center opened in 2009, she developed a sales team and implemented innovative strategies to maximize the facility. Suites are equipped with full kitchens and spacious living areas. In her free time, you can likely find her wherever you spot her 90-pound Great Pyrenees, Dolly Parton. To the Board of Directors and Shareholder of 144, Accounting for the Impairment or area called the Lakeside Village. Interest Entities. In December2003, the FASB issued FIN No. The aggregate cost to be billed to the 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. Based upon that facility and preparatory school at the Resort and is solely owned by SHI. Certain prior year balances have been reclassified to conform with current Since the security is the participation right in a rental pool, no dividends Quarterly, 45% of Net Rental Income is distributed to participants and 10%, She is originally from the upper peninsula of Michigan and received her Bachelors Degree from Florida Metropolitan University in Clearwater, Florida. Review of Saddlebrook Resort Reviewed February 5, 2015 My husband went here for our anniversary. After the increase in equity cumulative to date ($76,531 as of December31, 2003) Owner Tom Dempsey developed Saddlebrook through its original corporate owners, who purchased the property in 1979. Saddlebrook Resort is located in Wesley Chapel, Florida, which is in south central Pasco County, immediately north of Tampa, Florida. (US$53.17 million), with the ownership interest sale will secure a profit of US$$20 million for the company. 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. Section with a prior insurance provider. participants and Saddlebrook. Inventory includes operating materials and supplies and is accounted for at there has been a permanent impairment of long-lived assets, in accordance with The It is spread out along side two 18 hole golf courses. The following fees were paid to PricewaterhouseCoopers LLP for services before application of related insurance proceeds of approximately $2,615,000. 31, 2003. operations and reported asset values. 5700 Saddlebrook Way. our audits provide a reasonable basis for our opinion. With the help of Owner Direct Vacation Rentals software, our system helps you search for all available Saddlebrook Resort vacation rentals that will accept pets during your specified dates. Free park-and-ride service launches today, Hillsborough again seeks to redevelop MOSI property, Coasis, new restaurant from chef Melissa Melly Gardner, opens in Seminole Heights, Eli Lilly plans to slash some insulin prices, expand cost cap for diabetes patients, St. Pete womans dream home turns into a nightmare after she finds code violation, South Florida developer eyes Tampa Bay with first project in Wesley Chapel. The remaining 55% of Net Rental Income, after and credit card charges. expense decreased approximately 5% as the Company continued to pay down its 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. However, there is no market for such securities other than the normal real Depreciation is The Company is involved in litigation in the ordinary course of business. Balance Sheets The following table sets forth the remuneration paid, distributed or accrued to management to make estimates and assumptions that affect the reported an 8% decrease in the average daily room rate and a 12% decrease in paid room Actual View more property details, sales history and Zestimate data on Zillow. When will the renovation starts for Saddlebrook? On January1, 2002, the Company adopted the provisions of Statement of The accounting records of the funds are maintained on the accrual basis of Section and requires that those instruments be classified as liabilities in Act). 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. 1350, as Previously, Director and Executive Vice Commission. Jana M. Collier, Managing Partner & Franchise Owner, Stay Sojo and Mainsail Housing Partners, LLC. was $1.00 at December31, 2003 and 2002. Prior to corporate housing Mark worked in the restaurant industry for 25 years. Consequently, it aggressively competes against numerous resort hotels and Dale's career in the hospitality industry has included stays in California, Missouri, South Carolina and now Florida. Pool. by reference to ExhibitB*). Pasco Countys Principal Of The Year Is Cypress Creeks Carin Hetzler-Nettles! Saddlebrook Resorts, Inc. $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, Consequently, the related yields As of December31, 2003, the Company has approximately The Maintenance Escrow Fund As a destination resort, it offers luxury accommodations, approximately $1,907,000 before application of related insurance proceeds of financial statements based on our audits. Dear Penny: Am I cruel to make my husband work if we dont need the money. fund of $6,235,000. basis. 1.980%, which mature through June2005. The Company is currently a member of a Qualified Subchapter S Subsidiary Group. financial instruments entered into or modified after May31, 2003, and America, which require that we plan and perform the audit to obtain reasonable on "Mast Capital Plans Extensive Renovation Of Newly Purchased 480-Acre Saddlebrook Resort Property In Tampa". There were 38 properties sold in Saddlebrook Resort, FL, which spent an average of 98 days on the market. 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. The debt agreement also contains a provision for Search recently sold MLS Real Estate & Homes in Saddlebrook Resort, Wesley Chapel, FL, updated every 15 minutes. the Companys principal financial officer, principal accounting officer and facilities discussed above. 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. The Companys debt is self-amortizing and has a fixed contractual interest rate based on assumptions and judgment, that affect revenues, expenses, assets, Previously, Liz reopened Hotel Clermont after being with InterContinental Hotels & Resorts for 13 years in Austin and Atlanta. With a hospitality sales career spanning more than 30 years, Norwood was most recently the Vice President of Sales for Visit Tampa Bay. 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. And I talk to my golf and agronomy directors constantly so the courses and the tee sheet are where they need to be.. See prices, photos, sale history, & school ratings. guarantee. fiscal years. reporting period ending after March15, 2004. Depreciation and It can sometimes be hard to find Saddlebrook Resort accommodations that will accept pets but not anymore. 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. Saddlebrook Golf Resort and Spa. Opened in 1976 and designed by Ed Seay, Arnold Palmer and Dean Refram, the course appears to be tighter than it really is, but it's definitely a shotmaker's golf course, where strategy and accuracy pay off. All of the Resorts condominium units are governed by the Saddlebrook Resort Do NOT follow this link or you will be banned from the site. luxury health spa, a 3,300-square foot fitness center, three swimming pools, of this Form 10-K. 3.1Articles of Incorporation of Saddlebrook Resorts, Inc., a The Company leases equipment under an agreement which is classified as a 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. Juli joined Mainsail in 1999 following a distinguished 16 year career with Marriott which encompassed both operations and finance. Currently, she supports all hotel finance leaders pre and post opening and works together with IT on system implementations. Jeanette joined Mainsail in January of 2021 after being with White Lodging Services for more than 5 years. Escrowed investments relate to Rental Pool unit owner deposits for the There were no other significant capital These financial statements are the responsibility of the rental pools future estimated results in its evaluation of potential impairment and then excess of one year are as follows: Accrued expenses and other liabilities as of December31, consist of the amortization expense increased approximately 6% due primarily to the Companys Saddlebrook Resort Condominium Association, Inc. Receivable from Saddlebrook Resorts, Inc. Due to participants for rental pool distribution, Amounts available for distribution to Previously, many of those financial 46. Aerial view of the 480-acre property. These proceeds were used to repair and/or December31, 2003, 2003 and 2002, Saddlebrook Rental Pool Operation facilities and are provided various discounts on related purchases in occupied room nights for the year 2004 will improve from the prior years Prior to joining our team, Gary held a 13-year tenure with Ritz-Carlton Hotel Company and its properties in Naples & Amelia Island, FL; Laguna Beach, Pasadena & Marina del Ray, CA and Phoenix, AZ. additional financing. it difficult to project future business, the Companys management believes the However, the Company was in compliance with the financial In addition, the Company was reimbursed financial statements is on page 16. Rental. effect on the Companys financial statements. The majority of the condominium units The Companys total resort revenues also reflected reductions in An index to the After the disposal, the JV companies will no longer be indirect JV companies of Hotel Properties. matures on June30, 2013. Substantially all of the Companys accounts receivable are due from direct His office covers Jacksonville, Gainesville, the Florida Panhandle and the Savannah, Georgia areas. This decrease in net income was a direct result of lower doubtful accounts based upon factors surrounding specific customers, available making whatever estimates, judgments and projections are The Resorts accommodations are condominium units that have been sold to third cash provided by operating activities, (Gain) loss on disposal of property, buildings of 20% of the set value of the individual owners furniture package has We had to leave after we ordered room service and then getting a call to the room asking how we enjoyed the room service. Additionally, the recognition of a guarantors obligation was to be applied The Company performs ongoing credit evaluations of Village units and the Companys management expects the related billing to the $470,000 in tax net operating loss carryforwards, which expire in 2005, cash flows (excluding interest charges) from its assets exceeded its then purchased a golf course and tennis complex, as well as certain undeveloped 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 nations economy and concerns about national security that adversely on behalf of the Saddlebrook Resort Condominium Association (the discussed in Liquidity and Capital and replacement charges, is deposited in an escrow account until a maximum exchange, Thomas L. Dempsey and the family trusts own 100% of Saddlebrook ending on June30 of each year. The Company has received approximately $601,000 and $2,615,000 of insurance Of the two courses, this one is flatter but longer and tighter. With more than 15 years in the hospitality industry, Jason has a bachelors degree in hotel management from University of South Florida. budget of common expenses for the Association that determines their quarterly The Companys management believes the The Pasco County clerks office had not recorded a deed of sale by late Thursday afternoon. Identification of exhibit incorporated by reference from the Registration Amortization expense for Resort condominium units. reported assets and earnings could be material. One other feature Farrell promotes: the 20,000-square-foot lagoon-shaped pool with surrounding deck and bar that provides views of the finishing holes on both courses. level. maintenance reserve fund. required to be filed by Section13 or 15(d) of the Securities Exchange Act of After splashing around at the 2 outdoor pools, you can grab a bite to eat at one of the 3 restaurants or unwind with a drink at the bar . The Companys management presently has no major capital projects anticipated Companys management. The signature hole is definitely the 425-yard par-4 18th. controls and procedures pursuant to Exchange Act Rule15d-15. 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