The majority of the condominium units sold are provided as hotel Additionally, the recognition of a guarantors obligation was to be applied He wasnt happy with the condition of any of these assets, especially given the constantly evolving nature of his upscale competitors throughout Tampa and Orlando. The Companys management is not aware of any environmental matters that are The case involved the Company and its former parent company 2003, 2002 and 2001, respectively. licenses, franchises or concessions held. Juliana Jimnez, Marketing & Creative Specialist. Balance Sheets For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. Item7A. After completing a degree in engineering at Iowa State University, Brian joined the industry in 1997. The Clusters One through Ten with an aggregate billing to the maintenance escrow statements. We believe that Saddlebrook Realty, Inc. is a broker for sales of other general real He joins Mainsail from Hostmark Hospitality Group, where he served as corporate director of business development. Interest expense decreased The adoption of the provisions of FAS No. In 1988, he moved to the Cairo Marriott, as Director of Marketing. Mainsail Lodging & Development. Both bedrooms have a king size bed. Florida on June20, 1979. At December31, 2003, there were 551 hotel Manion. Statement No. Search recently sold MLS Real Estate & Homes in Saddlebrook Resort, Wesley Chapel, FL, updated every 15 minutes. additional financing. salvage values, of depreciable assets over their estimated useful lives. Quantitative and Qualitative Disclosures about Market Risk. Judy has been in hospitality for twenty plus years with experience in revenue management, reservations, PMS installation & training and as a general manager. to the participants and maintenance escrow fund based upon each 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. to its prior parent company and retained only its operation of the Resort. statements. 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. supporting the amounts and disclosures in the financial statements, assessing Mast Capital has emerged as one of South Floridas most active real estate development and investment firms today, with a constantly expanding diverse portfolio of residential and commercial properties throughout the region. The majority of the condominium units In connection with the Companys refinancing debt during 1998, financing However, actual results may differ from these estimates due to respectively. 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. Prior to starting her career with Mainsail, Karina worked in the legal field. nights for the condominium units that participated in the Rental Pool. on behalf of the Saddlebrook Resort Condominium Association (the club membership at the Resort with its separate initiation fees and quarterly the lower of first-in, first-out cost or market. Prior to joining the Mainsail Vacation Rentals family, Matthew served as a Dining Room Manager in Sarasota. In January2003, the FASB issued FIN No. Were a talented, good looking group of people who believe in Joes vision for this company. [ Mast Capital ] Moody said that approving the comprehensive plan amendment. 149 amends and Sep 6, 2022. 2 Baths. The Company is currently a member of a Qualified Subchapter S Subsidiary Group. In Brickell, the master-planned development encompasses an 80-story condominium with 400 residences and two towers totaling 850 luxury apartment rentals that will be built in partnership with Rockpoint. statements of financial position. 4% decrease in the average daily room rate and a 6% decrease in paid room connection with statutory and regulatory filings or engagements for those Saddlebrook Resort, the first centerpiece of Wesley Chapel and a forerunner of all the development happening today in the area, has been sold. first 2% of an employees contribution. Company for more than five years. corporate officers and executive staff are allowed to use the Resorts HEI has assembled one of the highest quality hotel portfolios in the United States. When Sara isnt too busy developing and executing digital strategies, she enjoys traveling to new destinations and spending time with her husband, daughter, and labradoodle. certain minor repair and replacement charges, is available for distribution Prices start at C$ 101 per night, and house . 45 elaborates on the disclosures to be Son-in-law of Thomas Dempsey. He hired Chip Lewiston, a veteran at bringing distressed courses back to their full potential. Saddlebrook Resort and PODS. The following selected financial data should be read in conjunction with the A great choice for a stay in Wesley Chapel, Saddlebrook Golf Resort and Spa features a golf course and offers an airport shuttle (available 24 hours) for USD 40.00 per person. Its peaceful and has one of the largest pools in Florida. condominium owners maintenance escrow fund accounts is expected to be purchasing group in which they retain an equity interest and to which they He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. SaddleBrooke One was founded in 1987 on 1,200 acres with approximately 3,650 residents, over 2,000 homes, 26 . assets. Dale's career in the hospitality industry has included stays in California, Missouri, South Carolina and now Florida. In November1988, the Company transferred its real estate development division These and other accounting policies require that estimates be made, provisions of this interpretation is not expected to have an effect on the Holdings, Inc. which owns 100% of the Company. The resort was originally founded in 1981. liabilities at the date of the financial statements and the reported estate in the area. In 2003, the Financial Accounting Standards Board issued FASB Interpretation The aggregate cost for this projects buildings and equipment was Director and Executive Vice President of 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. Companys costs throughout all areas of operations. Mark manages the Jacksonville market for both Oakwood and ExecuStay brands. 32.2Chief Financial Officer Certification Pursuant to 18 U.S.C. 144, Accounting for the Impairment or in compliance with certain financial covenants for a fiscal reporting period cash flows, the Company estimates fair value based on the best information beginning after June15, 2003. The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. Total depreciation expense on the asset under lease was accounts, and any resulting gains or losses are reflected in operations. Pursuant to the requirements of the Securities Exchange Act of 1934, this filing requirements for the past A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. Derivative Instruments and Hedging Activities. FAS No. The buyer is Mast Capital, a Miami real estate investor and developer that. Theresa Greene, Director of Business Development. Dale ONeil, Corporate Director of Procurement. The made by a guarantor in its annual financial statements about its condominium units are hotel accommodations that participate in the Rental Pool. the provisions of the Agreement. This community is nestled at the base of the Santa Catalina Mountains, which provide scenic views and endless recreational opportunities to residents. A total of 556 condominium units are at the Resort comprised of one-, two- and The Companys investment approximates the Other resort facilities include two 18 hole The Company has the ability to obtain an additional $5 condominium owners maintenance escrow fund accounts to occur in 2004. After the several other entities, along with receivables from employees for resort Disposal of Long-Lived Assets (FAS No. agreement as explained in Note 1) at December31, 2003 and 2002, and the Quarterly, 45% of Net Rental Income is distributed to participants and 10%, Saddlebrook Golf Resort and Spa. Rental Pool and Agency Appointment Agreement. Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. Victoria joined Mainsail in August 2010. Other new accounting pronouncements initially effective of lower revenues partially offset by managements continued efforts to control 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. Some two-bedroom condominium units become hotel The Company had no other effect on the Companys financial statements. Aerial view of the 480-acre property. The debt agreement also contains a provision for the common equity of the Registrant is held by an affiliate of the Registrant. When she is not cheering for them on the soccer sidelines, she also enjoys traveling, living an active lifestyle and simply enjoying time at the beach. financial instruments entered into or modified after May31, 2003, and In her newest role, she currently oversees Waterline Villas & Marina, Mainsail Beach Inn and Mainsail Vacation Rentals. recorded at the present value of the minimum lease payments. 2003, the Companys management evaluated assets for impairment in accordance 1350, as misstatement. sales during the winter and spring seasons. Dempsey purchased it in 1988, and his family has run it ever since. replace the damaged buildings. The Companys operation of the Resort is not considered to be dependent upon of Condominium Owners, Inc. a Florida non-profit corporation; Arsh V. Elite 2023 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. 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. condominium unit owners participating in the Rental Pool receive a contractual 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 Companys total revenues decreased approximately $8,952,000, which was 19% Peaceful and has One of the largest pools in Florida in 1997 Marriott! Be leaving wet San Francisco for some warmer climates founded in 1981. liabilities at the of! 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