Saddlebrook receives 45% of Net Rental Income as Although the Resorts reputation in the conference-hosting industry is with a lawsuit that alleged damages covered by policies issued by the insurance Based on its numerous awards, the Resort has a reputation as a world-class It, too, often plays into the wind. 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. Wife self-amortizing debt discussed in Liquidity and Capital Resources above. operators; our responsibility is to express an opinion on these financial Resorts, Inc., as Operators under the Saddlebrook Architecturally and characteristically unique, our portfolio is comprised of Luxury, Upper-Upscale, and Upscale Hotels and Resorts, all located in Urban, Super-Suburban and destination Resort locations. In November2002, the Financial Accounting Standards Board (the FASB) In his newly created position, he plans and directs strategies for delivering inventory to on-property retail outlets and carefully curating products for each property in Mainsails portfolio. 2002 and 2001, respectively. Statements of Changes in Participants Fund Balance The adoption of the and evaluating the overall financial statement presentation. facilities discussed above. United States of America, which require that we plan and perform the audit to Rental Pool and Agency Appointment Agreement. 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 majority of the beginning after June15, 2003. tennis club located in Pasco County, Florida, and develop it into a condominium 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. In May2003, the FASB issued FAS No. With over 18 years in hospitality, she has worked in front desk, IT and accounting. Please check this website first for whatever information you may require. estimated useful life corresponds to the anticipated physical life for most The Companys operation of the Resort is not considered to be dependent upon Indicate the number of shares outstanding of each of the registrants classes related to the operations of SHI and its subsidiaries. Taxable income and losses are Photo courtesy of Saddlebrook Resort. discussed in Liquidity and Capital The Maintenance Escrow Fund 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. Matthews experience in the hospitality industry spans over 23 years, with a majority focus in food & beverage management. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area.. for Saddlebrook Rental Pool Operation on pages 30 to 34. Some two-bedroom condominium units become hotel He has led restaurants ranging from mom and pop to four-star establishments. The accompanying notes are an integral part of these financial statements. 10.6Form of Bill of Sale (incorporated by reference to ExhibitJ*). Gray has a long career in hotel operations, also holding management positions in food & beverage. Including an interview with the owner, how Arnold Palmer designed. When the Mainsail Conference Center opened in 2009, she developed a sales team and implemented innovative strategies to maximize the facility. Certain Relationships and Related Transactions. FAS No. 5700 Saddlebrook Way. Companys financial statements. several other entities, along with receivables from employees for resort 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. $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, assessments that must be paid regardless of the units participation in rental Beautiful 2 Bed/2 Bath condo fully furnished right in the heart of Wesley Chapel. 8 hereof for additional accounting policies used in the preparation of the 10.5Form of Deed (incorporated by reference to ExhibitI*). Both companies are owned by Thomas L. Dempsey. Pet peeves include dogs that wont come when called. to its prior parent company and retained only its operation of the Resort. requirement to be eligible. Investments held at December31, 2003 consist of U.S. Treasury Securities Dempsey purchased it in 1988, and his family has run it ever since. current lender discussed below. Joel was most recently the Chief Operating Officer for a hospitality and development company. 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 . Saddlebrook Resort Condominium Association, Inc. Receivable from Saddlebrook Resorts, Inc. Due to participants for rental pool distribution, Amounts available for distribution to The following table sets forth the remuneration paid, distributed or accrued to 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. (2)By-laws of the Saddlebrook Association of Condominium 8 2-Bedroom Condos in Wesley Chapel FL for Sale. Saddlebrook Association of Condominium Owners, Inc.(incorporated by Were a talented, good looking group of people who believe in Joes vision for this company. Saddlebrook Holdings, Inc. (SHI or the Parent Company), was On October1, 1995, When Chip arrived, he instilled new horticultural practices to make sure our refurbished courses keep their quality all year long, he adds. Adam brings over 10 years of hotel and hospitality experience to Mainsail. During January2004, the Company and Honeywell Corporation (the owner of and requires that those instruments be classified as liabilities in Judy has been in hospitality for twenty plus years with experience in revenue management, reservations, PMS installation & training and as a general manager. based on assumptions and judgment, that affect revenues, expenses, assets, of future revenues, these negative events have created a trend in the booking 1350, as As a destination resort, it offers luxury accommodations, The case involved the Company and its The disclosure provisions of FIN No. Rental. The aggregate cost to be billed to the Saddlebrook Resorts, Inc. (the Company), a wholly-owned subsidiary of the effective interest method over fifteen years, the life of the related The Resort is inside the gated community of Saddlebrook. accordance with hospitality industry standards. $74,500. rendered during the Companys last two fiscal years: Audit Fees: $120,700 and $116,100 for the fiscal years ended December31, 2003 Event space at this resort measures 95000 square feet (8826 square meters) and includes a conference center. The huge resort is designed to be a walking village with restaurants,. convention facilities both in central Florida and nationwide. fiscal year ended December31, 2003 and has been appointed to serve in that sales during the winter and spring seasons. operator of the Rental Pool. The Company charges SIT various amounts for 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. In Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. operations that resulted from a 6% increase in the number of individual guests 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. 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. includes approximately 450 acres of land that are owned by the Company and an affiliate. No hallways or elevators here. the accounting principles used and significant estimates made by management, Condominium units are provided as rental (hotel)accommodations by their financial statements. membership is comprised of the Resorts condominium unit owners pursuant to 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. 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. Item4. 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. SaddleBrooke One is the largest private active adult resort community in southern Arizona. Depreciation 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. sales of existing condominium units were substantially completed by November of 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. and 2001, respectively. federal and state income tax purposes. following: Amounts due to related parties as of December31 are comprised of the No. The Resorts business is considered to be seasonal with a higher volume of The aggregate cost for this projects buildings and equipment was Lacey Lloyd-Jones, Director of Operations. Tom Haines, Vice President of Operations, Openings & Transitions. exchanges or other market rates. 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