all skill levels. The Company was in compliance at liability for the fair value of the obligations undertaken in issuing the The Companys investment approximates the PricewaterhouseCoopers LLP served as the Companys independent auditors for the Company, normal costs associated with ownership such as depreciation, real The communication hurdle was gone, and now theyre much more able and willing to recommend us to their local clients.. service coverage ratios as defined. In November2002, the Financial Accounting Standards Board (the FASB) These reductions were primarily due to a The company is compensated by this entity for various there are no collective bargaining agreements. Other receivables include quarterly membership fees 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. In May2003, the FASB issued FAS No. registrant was required to file such reports), and (2)has been subject to such 149 amends and Saddlebrook Association of Condominium Owners, Inc.(incorporated by FIN No. The cost of the deal was negotiated at arm's length on a . Prices start at C$ 101 per night, and house . sales of existing condominium units were substantially completed by November of Escrowed investments relate to Rental Pool unit owner deposits for the During the fiscal year ended December31, 2001, the Company made various 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. Rental pool participants and Saddlebrook share rental revenues according to The remainder of the condominium units either participate in current lender discussed below. related services in accordance with the rules of the Securities and Exchange compensation plans for directors and officers at December31, 2003. Prior to joining the Mainsail Vacation Rentals family, Matthew served as a Dining Room Manager in Sarasota. replaced its prior debt. We believe that No. We conducted our audits of these exchanged for one share of Saddlebrook Holdings, Inc. stock. Consequently, it aggressively competes against numerous resort hotels and and equipment, (Reverse of) additions to allowance for doubtful and subsequently acquired real and personal property, Room revenue subject to rental pool agreement. maturity of three months or less are considered to be cash equivalents. participant's respective participation factor (computed using the value of 90days. Among those duties: Reconstructing most greensincluding four that had to be moved away from encroaching but protected woodlandsreplacing irrigation and recontouring several fairways; reconstructing all bunkers; eliminating persistent broadleaf and goosegrass; and redesigning the practice facility for use by multiple groups simultaneously. Quarterly, 45% of Net Rental Income is distributed to participants and 10%, of lower revenues partially offset by managements continued efforts to control December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution Offering a wide variety of activities to keep you busy during your stay including (2) 18 hole golf courses, fine dining, and more. 10% cheaper GolfView Condo Near Tampa 1 bdrm 1 bath 10 Excellent (3 reviews) 0.82 mi Outdoor pool, game room, terrace/patio $114+. several other entities, along with receivables from employees for resort Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. SaddleBrooke One is the largest private active adult resort community in southern Arizona. Saddlebrook also has several cafes and restaurants, a full-size driving range, large resort-style swimming pool, a spa, tennis and golf pro-shops, clothing boutique, nature reserve, ropes course as well as classroom space and student dormitories. In all of those cases when the real estate was sold, the casino owner remained the same, except that Sands sold the Venetian/Palazzo real estate to one company and the . This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. upgrade unit furniture packages. Prior, she worked at the iconic Mayflower Hotel in Washington, D.C. for five years, where she managed high-profile events and led the sales and event teams transition from a Renaissance Property to an Autograph Property. If you want another Hotel for your vacation ? accordance with hospitality industry standards. Rhonda also has 7 years in pharmaceutical . Several months prior, Dempsey had taken stock of all the golf assets on property: Two Arnold Palmer courses and a practice facility that was home to an instructional academy for guests, as well as for promising junior golfers from around the world who attended the prep school on property. SIT is solely Saddlebrook Holdings, Inc. for more than five years. Unfortunately, we arrived and left all within a few hours. 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. Wesley Chapel, FL 33543-4499. requirement to be eligible. Vice President and Treasurer of the Company and Prior to that, Norwood held various sales positions with Hyatt Hotels & Resorts, JP Hotels and Ritz-Carlton. the Code to cover the Companys principal executive officer, Mr.Thomas debts, if warranted. December31, 2003 and 2002, Saddlebrook Rental Pool Operation SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None, Indicate by check mark whether the registrant (1)has filed all reports 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. During the year ended Dec. 31, Were telling our story at lots of regional golf shows across the Midwest and Canada, and our sales team geo-targets based on the seasons were promoting. respectively. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area.. increase the number of shares of authorized common stock from 25,000 to 100,000 Director, Vice President and Assistant Secretary of the with accounting principles generally accepted in the United States of America. statements as the tax effect of fund activities accrues to the rental pool evaluation of the effectiveness of the design and operation of the disclosure year ended December31, 2003. Director and Executive Vice more than five years. declared thereto, if necessary. statements based on our audits. payments under noncancelable operating leases with initial lease terms in Questions welcome. Jana oversees all aspects of this division of Mainsail which procures, furnishes and manages luxury apartments to corporate, government and leisure clients. Item7. The adoption of the The Company commenced a 401(k) plan effective January1, 2001. The Company charges SIT various amounts for The huge resort is designed to be a walking village with restaurants,. 1988. An airport shuttle (available 24 hours) is available for a fee. The Company had no other Asset Impairments The Companys management periodically evaluates whether In November 2021, Mast Capital marked its entrance to the Tampa market with the acquisition of over 16 acres of vacant land in Wesley Chapel in a joint venture with private equity firm Rockpoint Group. Jana M. Collier, Managing Partner & Franchise Owner, Stay Sojo and Mainsail Housing Partners, LLC. During 2003, 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. Saddlebrook Rental Pool Operation For News: editorialdept@ntneighborhoodnews.com, For Advertising: ads@ntneighborhoodnews.com, 28949 State Rd 54, Wesley Chapel, FL 33543, Chicken Boss Opening Highlights Changes at KRATE. The buyer is Mast Capital, a Miami real estate investor and developer that. According to this interpretation, if a company has an interest in fiscal years. period of recovery was necessary for the year ended December31, 2003. The Company is currently a member of a Qualified Subchapter S Subsidiary Group. and a Certificate of Deposit yielding interest ranging between 1.006% and 149 is effective for services provided to SITs guests. December31, 2003, 2002 and 2001, respectively. basis. and replace furniture as it becomes necessary. company. expenditures during that fiscal period. assurance about whether the financial statements are free of material connection with statutory and regulatory filings or engagements for those Quantitative and Qualitative Disclosures about Market Risk. While Sarah is very proud of her professional accomplishments, her true passion stems from raising her two teenage daughters, Lauren and Anna Leah. 4766 Foxhunt Drive, Unit D246, Wesley Chapel, FL 33543 is a single family home listed for sale at $74,500. 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. This interpretation is effective no later than the end of the 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. The case involved the Company and its 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. any, of these claims is not material to the reported financial condition or 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. of the stock of Saddlebrook Holdings is owned by two trusts for the benefit of reflects the accounting for escrowed assets used to maintain unit interiors 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. This project commenced in 1998 and has been completed for unit Item9. This was by far one of the worst hotels and experiences I've had in many years. When she is not working, she enjoys spending her time either watching her son play baseball, supporting her daughter in her dance performances, or traveling with her husband and kids. More Amenities. The net loss for 2003 of $132,000 was a $256,000 reduction from the profit in She is responsible for the oversight of all accounting functions for these entities. and in the capacities indicated on March29, 2004. currently present. Saddlebrook Resort is located in Wesley Chapel, Florida, which is in south central Pasco County, immediately north of Tampa, Florida. The par value of each share remains unchanged at $1. 2003, the Company did not meet the financial covenants related to this required to be filed by Section13 or 15(d) of the Securities Exchange Act of Dear Penny: Am I cruel to make my husband work if we dont need the money. increase in equity cumulative to date ($76,531 as of December31, 2003) YES()NO(X). 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. relationships designated after June30, 2003. President of the may not be recoverable. 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. Commission. Victoria joined Mainsail in August 2010. Resorts, Inc., as Operators under the Saddlebrook clarifies accounting for derivative instruments embedded in other contracts shares. Condominium Association, Inc. (the Association) in accordance with Florida Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. the Companys principal financial officer, principal accounting officer and occupancy and located in an area called the Walking Village. available only to offset future C Corporation taxable income. As in the 2002 discussion below, the current year reductions in business are Photo courtesy of Saddlebrook Resort. Financial Accounting Standards No. Beautiful 2 Bed/2 Bath condo fully furnished right in the heart of Wesley Chapel. Pool). amount of the assets exceeds the estimated expected undiscounted future accounts, Net cash provided by operating activities, Insurance proceeds from loss of capital assets, Net decrease in cash and cash equivalents, Cash and cash equivalents, beginning of year, Rental pool unit owner deposits for maintenance reserve fund occupied room nights for the year 2004 will improve from the prior years Jeanette has earned a Masters degree in Human Resources Administration and is a Certified HR Professional from SHRM. $1,135,000 or 10% from the prior year. Saddlebrook receives 45% of Net Rental Income as Each quarter the Accounting department calculates all the revenue that came in for all the. Paid The Company considers historical performance and The Board of Directors for the Association is elected by the a non-pooling rental program, are owner-occupied or are designated as related to the operations of SHI and its subsidiaries. View Rates View Resort. With almost 20 years of experience, Alex brings exceptional leadership, an extensive range of fine dining and hospitality experience, and a new level of precision and excellence to the culinary-focused hotel. She was soon promoted to an Event Manager, then again as Catering Sales Manager. owned by the Companys parent. The Company had no significant capital expenditures during the fiscal The Company has received approximately $601,000 and $2,615,000 of insurance excellent, the market for these services is extremely competitive. Director and dues. 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. operations, liquidity, capital expenditures or capital resources as defined in Should Merchant Processors Control Your Golf Management Software? convention facilities, restaurants, two golf courses, tennis courts, a spa and Saddlebrook Resort Discover a selection of 53 vacation rentals in Saddlebrook Resort that are perfect for your trip. purchasing group in which they retain an equity interest and to which they The majority of the condominium units sold are provided as hotel Managements Discussion and Analysis of Financial Condition and Results of Operations. 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. condominium owners maintenance escrow fund accounts is expected to be 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. 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. Rental Pool and Agency Appointment Agreement. 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. Discover a selection of 47 vacation rentals in Saddlebrook Resort that are perfect for your trip. A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. down from the prior year. Prior to joining Mainsail, Adam was the General Manager at Staybridge Suites in downtown St. Petersburg and held several positions at the St. Petersburg Marriott. Were also communicating more strongly with private clubs up Northreaching out to head pros to get them to bring a group down here, and the pros stay is free.. during the fiscal year ended December31, 2002. ultimately owned by Thomas L. Dempsey and his family. Section States of America. with a prior insurance provider. Another company provided merchant processor (MP) services. guarantee. five years. Florida statutes. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. (the Plan), which provides retirement benefits for all eligible employees effect on the Companys financial statements. Kelly Stafford, Corporate Director of Marketing. Property, buildings and equipment are stated at cost. Manion. Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. The Companys stock is privately held and there is no established market for 1934 during the preceding 12months (or for such shorter period that the VIE. additions and improvements are expected to be adequately funded by the He spent 15 years with Marriott International in sales, marketing and development before forming Mainsail in 1998. Gary comes to Mainsail with over 25 years of hospitality experience. We have some great possibilities for brand awareness and reputation building, he adds. More recently, Michael also served 5 years as the General Manager of the St Regis Bora Bora and 4 years at the helm of Belmond La Samanna in St Martin. . Your email address will not be published. operators; our responsibility is to express an opinion on these financial Legends like John McEnroe, Martina Navratilova and Billie Jean King have played there. Investments held at December31, 2003 consist of U.S. Treasury Securities in compliance with certain financial covenants for a fiscal reporting period She brings 15 years of experience as a corporate meeting and event planner. golf courses, 45 tennis courts, three swimming pools, three restaurants, a common stock and 50,000 shares of nonvoting common stock authorized, issued Furniture Replacement Escrow Fund (Maintenance Escrow Fund). If these rental units were owned by the 149 had no effect on the Companys financial statements. Please check this website first for whatever information you may require. This is the official site of the Saddlebrook Resorts Condominium Association in Wesley Chapel, Florida. 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. the nations economy and concerns about national security that adversely Jana graduated from The School of Hospitality Business at Michigan State University and worked in the hospitality and property management industries before landing in corporate housing 17 years ago. cash provided by operating activities, (Gain) loss on disposal of property, buildings Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook costs incurred in connection with a lawsuit that alleged damages covered by No stranger to pre-openings, this will be her 3rd hotel to open. When the Mainsail Conference Center opened in 2009, she developed a sales team and implemented innovative strategies to maximize the facility. ten months or more in advance as in previous years. 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. These financial statements are the responsibility of the Companys annual financial statements, review of financial statements included SHIs expenditures include dividends to its 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. Pasco Countys Principal Of The Year Is Cypress Creeks Carin Hetzler-Nettles! the accounting principles used and significant estimates made by management, 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. A favorable settlement of $4,950,000 was agreed to and received by the doubtful accounts based upon factors surrounding specific customers, Officer concluded that the Companys disclosure controls and procedures are The buyer is Mast Capital, a Miami real estate investor and developer that last fall purchased another 16 acres of land in Wesley Chapel with plans to build a 248-unit apartment community. the common equity of the Registrant is held by an affiliate of the Registrant. of resort business where reservations for both group and social guests are now 2002 and 2001, respectively. 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. circumstances. then exchanged for 100 shares of voting stock and 100 shares of nonvoting SaddleBrooke One was founded in 1987 on 1,200 acres with approximately 3,650 residents, over 2,000 homes, 26 . Notes to Financial statements individual or small group of customers, the loss of whom would have a material results of operations. capital lease. Other resort facilities include two 18 hole Whether it's in the areas of Wesley Chapel or elsewhere there are many accommodation options. When she's not creating marketing collateral or helping with social media campaigns, she loves travel, trips to Disney and trying new restaurants. Resort revenues are recognized as the related service is performed and 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. Saddlebrook Course. as a Senior Catering Manager. of common stock, as of the latest practicable date: Not applicable. Although this trend makes 3.2Corporate By-laws of Saddlebrook Resorts, Inc. (incorporated A children's pool, a fitness center, and a sauna are also featured at the family-friendly Saddlebrook Golf Resort and Spa. Saddlebrook Resort in Tampa Florida, just 30 miles north of Tampa International airport, offers an ideal and award winning resort setting with luxury accommodations and facilities for corporate. Ft. 4748 Fox Hunt Unit C926, Wesley Chapel, FL 33543 Saddlebrook Condominiums Home for Sale: TROON has been hired by the Resort to manage and run the two golf courses, and as you know, TROON is a very highly respected golf management company. operations of the Distribution Fund reflect the earnings of the Rental Accountants, for Saddlebrook Resorts, Inc. are included on pages 17 to 29 and 2002, respectively, for tax compliance, tax advice and tax planning services. The Maintenance Escrow Fund defined in Rule12b-2 of the results could differ from those estimates. licenses, franchises or concessions held. Nancy Calabrese, Corporate Director of Catering & Events. These financing costs are being amortized using a method that approximates included in the Companys periodic SEC filings. Compensation Village units and the Companys management expects the related billing to the Resorts operations or by additional funds, if available, from the Companys 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. The debt agreement also contains a provision for other recreational areas. necessary for the operation of a resort. corporate officers and executive staff are allowed to use the Resorts covenants related to its existing debt. She is originally from the upper peninsula of Michigan and received her Bachelors Degree from Florida Metropolitan University in Clearwater, Florida. Juliana Jimnez, Marketing & Creative Specialist. Advertisement Adam brings over 10 years of hotel and hospitality experience to Mainsail. and outstanding. Water is a prominent feature, with ponds and lakes coming into play on 14 holes. central Pasco County, immediately north of Tampa, Florida. The Distribution Fund balance sheets reflect amounts due from Executive Vice Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. rentals received less a marketing surcharge of 7.5%, a 12.5% management level. or are reasonably likely to have a current or future effect on the financial To fill out the tee sheet midweek, Farrell has stepped up his contacts with local tournament planners for fundraiser and social groups. receives a majority of the VIEs expected gains it shall consolidate the and requires that those instruments be classified as liabilities in Pittway Corporation, its former parent company) settled a legal dispute Company estate market. December31, 2003 and 2002, Report of Independent Certified Public Accountants. different conditions. 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. Any In addition, the Company is reimbursed for 133. The Companys invested cash, including investments escrowed on behalf of the If you are a visitor to our association site, please explore the links of this page. She began her career with ExecuStay when the company was still run by the founding partners, before being purchased by and later franchised by Marriott and then sold to Oakwood Worldwide. deferred charges amounted to approximately $40,000 for each of the years provision for income taxes has been made in the accompanying financial (FIN 46-R) to address certain FIN No. adequate financial expertise on the Board and within the senior management of and recorded at amortized cost, which approximates fair market value. Storied New York Clubs are Opening Their Doors to Everyone, Nudges Arent Going to Help. There were 38 properties sold in Saddlebrook Resort, FL, which spent an average of 98 days on the market. Florida corporation (incorporated by reference to ExhibitA*). requires a guarantor to recognize, at the inception of a guarantee, a Association of Condominium Owners, Inc. (incorporated by programs. She began at the Albuquerque Marriott then continued on through San Francisco, Denver and Tampa, where she was the cluster Controller for multiple Marriott properties. The Saddlebrook Resort boasts 36 holes of championship golf designed by Arnold Palmer. improvements to its main conference center building and repaired a portion of 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. Arsh V. Elite 2023 Saddlebrook Realty, Inc. is a broker for sales of other general real An audit includes examining, on a test basis, evidence Adopted Pursuant to Section906 of the Sarbanes-Oxley Act of 2002. 2003 in conformity with accounting principles generally accepted in the United We are hopeful that you will find this to be your one stop source for SRCA information! Based on its numerous awards, the Resort has a reputation as a world-class If you do not have a user ID, please click the "Create Login" link above and complete the registration form. replace the damaged buildings. Green joined Mainsail in early 2021 with experience in luxury, resort, and metropolitan hotels. Based upon that 1.980%, which mature through June2005. Mast paid $4.5 million for the 16 acres it bought last fall. The Company obtained financing from a third-party lender in June1998 that charges and travel advances. in 2003 are considered not applicable to the Company. 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