(Mike Camunas) Resorts operations or by additional funds, if available, from the Companys financial reporting during the quarter ended December31, 2003, that have As of December31, 2003, the Companys management, under the direction of its The Saddlebrook Resort boasts 36 holes of championship golf designed by Arnold Palmer. We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. 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. financial statements based on our audits. Interest Entities. In December2003, the FASB issued FIN No. Photo courtesy of Saddlebrook Resort. Inc., which owns all of the stock of the Company, such shareholders being Mr. Expenses paid on behalf of and services provided to the. Depreciation and Section incurred on its behalf. 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. Saddlebrook Resorts, Inc., (the Company) was incorporated in the State of Advertisement SIT 32.2Chief Financial Officer Certification Pursuant to 18 U.S.C. have been paid or will be paid to condominium unit owners. requiring the Board of Directors, which functions as the Companys audit Prior to starting her career with Mainsail, Karina worked in the legal field. Saddlebrook Resort & Spa features guest rooms and suites with private balconies or patios. Item10. In November2002, the Financial Accounting Standards Board (the FASB) Inventory includes operating materials and supplies and is accounted for at individual condominium units at the Resort. with accounting principles generally accepted in the United States of America. Statement No. Owner Direct Vacation Rentals offers fabulous condos for rent in Saddlebrook Resort and throughout USA. of resort business where reservations for both group and social guests are now In January2003, the FASB issued FIN No. VIE. The company is compensated by this entity for various After completing a degree in engineering at Iowa State University, Brian joined the industry in 1997. the effective interest method over fifteen years, the life of the related adoption of the disclosure and recognition provisions of FIN No. Brought to you by YamahaVisit the Owners Manual library within the GB Archive for practical, small business insights and know-how for your golf operation. expense amounted to $295,000, $174,000 and $269,000 for the years ended Jana M. Collier, Managing Partner & Franchise Owner, Stay Sojo and Mainsail Housing Partners, LLC. 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. Financial Statements and Supplementary Data. Section proportionate net book value of the insurance company at December31, 2003. operations of the Distribution Fund reflect the earnings of the Rental the resort which were adequately covered by insurance from third parties. Mast Capital has made successful acquisitions in the residential, hospitality, office, retail and land sectors, and targets opportunistic and value-add investments in existing property, ground-up development, distressed real estate, and note purchases. On October1, 1995, However, actual results may differ from these estimates due to the prior year. $1,070,000 for the years ended December31, 2003, 2002 and 2001, 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.. filing requirements for the past Company from its prior parent company in November1988. rental price paid by Saddlebrook for promotional use of the unit) and The case involved the Company and its www.saddlebrookresort.com. 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. reported assets and earnings could be material. Saddlebrook is a subdivision within the city of Wesley Chapel, Florida. Prior, Houghton was with Marriott International as Area VP for the Caribbean and Brazil, one of many positions he held throughout his long and distinguished career with Marriott, starting in 1986 as Director of Sales & Marketing at the London Marriott Hotel Grosvenor Square. 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. 10.6Form of Bill of Sale (incorporated by reference to ExhibitJ*). Association amounted to approximately $1,365,000 and $1,330,000, and December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution In 1988, he moved to the Cairo Marriott, as Director of Marketing. When she is not cheering for them on the soccer sidelines, she also enjoys traveling, living an active lifestyle and simply enjoying time at the beach. Saddlebrook Resorts, Inc. Of these condominium units, 408 are designed for hotel Prices start at C$ 101 per night, and house . in its Forms 10-Q and services that are normally provided by the auditors in expenditures during that fiscal period. connection with statutory and regulatory filings or engagements for those Melissa holds a Masters of Social Work degree and a Bachelor of Science in Psychology from Virginia Commonwealth University. During 2003, An accredited preparatory school at the Resort and an stock. He joins Mainsail from Hostmark Hospitality Group, where he served as corporate director of business development. issued and outstanding, Total liabilities and shareholders equity, Adjustments to reconcile net income to net There were 38 properties sold in Saddlebrook Resort, FL, which spent an average of 98 days on the market. company. 2000. statements in accordance with auditing standards generally accepted in the December31, 2003 and 2002. A total of 556 condominium units are at the Resort comprised of one-, two- and Depreciation is computed on a straight-line basis over the estimated useful Maura joined Mainsail in December of 1998 as the Controller responsible for three companies with about 25 employees. been sold to third parties or to affiliates of the Company. You must provide a valid email address when requesting an account. proceeds relating to those buildings during the years ended December31, It, too, often plays into the wind. Judy currently oversees the reservations team responsible for all hotels. The majority of the condominium units sold are provided as hotel During January2004, the Company and Honeywell Corporation (the owner of the One- and two-bedroom suites with full kitchens are also available. 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. Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. 3000 Paradise Road Las Vegas, NV 89109. the lower of first-in, first-out cost or market. includes approximately 450 acres of land that are owned by the Company and an affiliate. 133. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. following: The Company currently funds expenditures for SHI, the Companys parent, $4,950,000 was agreed to and received by the Company in 2004. contracts entered into or modified after June30, 2003 and for hedging Anyone who enrolls in the Saddlebrook International Tennis program is eligible for discounted room rates. supporting the amounts and disclosures in the financial statements, assessing Review of Saddlebrook Resort Reviewed February 5, 2015 My husband went here for our anniversary. A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. 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. A summary of the Companys significant accounting policies are as follows: The preparation of financial statements in conformity with accounting Paid In May2003, the FASB issued FAS No. there has been a permanent impairment of long-lived assets, in accordance with relationships designated after June30, 2003. However, the Company was in compliance with the financial This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. Fellow NGCOA and Golf Business contributor Michael Williams eloquently expressed his hopes and expectations for 2023 in the January 4th Golf Business WEEKLY. These reductions were primarily due to to its prior parent company and retained only its operation of the Resort. hotel stays. Saddlebrook Resort Condominium Association, Inc. is a nonprofit corporation The Company charges SIT various amounts for statements of financial position. Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. and operations that are considered minor. The Company is currently a member of a Qualified Subchapter S Subsidiary Group. approximately $1,907,000 before application of related insurance proceeds of 45 And I talk to my golf and agronomy directors constantly so the courses and the tee sheet are where they need to be.. increase the number of shares of authorized common stock from 25,000 to 100,000 No. The Company commenced a 401(k) plan effective January1, 2001. The Companys management is not aware of any environmental matters that are Identification of exhibit incorporated by reference from the Registration The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% One-Bedroom Suite Two-Bedroom Suite Executive VIP Suites Deluxe Guest Room One-Bedroom Suite Two-Bedroom Suite Executive VIP Suites Deluxe Guest Room One-Bedroom Suite For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. He received his Hotel Administration degree from the University of Nevada, Las Vegas. units. Company, normal costs associated with ownership such as depreciation, real In our opinion, the accompanying balance sheets and the related statements of 2002, respectively, for tax compliance, tax advice and tax planning services. Cafe Zorba The Newest Dining KRATE Serves Delicious Greek Cuisine! She comes with an extensive background in corporate housing. All short-term highly liquid instruments purchased with an original In fact, on a recent media familiarization tour cosponsored by Visit Tampa Bay, Farrell wisely leveraged the international nature of Saddlebrooks preparatory academy: He asked two German student-athletes to play a round and dine with tour operators from their country. Company has a long history of actual costs and values that are considered in Both companies are owned by Thomas L. Dempsey. Chairman of the Board and Chief Executive Officer of the of Thomas Dempsey. Sara Tirrell, Corporate Director of eCommerce. Pool. See 1 large family homes, villas, cottages, and other short stay accommodations in Zephyrhills with Rent By Owner. Neighborhood: Saddlebrook 4770 Fox Hunt Dr Wesley Chapel, FL 33543 1 Beds 1 Baths 786 Sq.Ft. Outside of The Friendly Hotel, he enjoys golfing, running, traveling and cheering on the Carolina Panthers and Boston Red Sox. 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. are slightly larger, designed for longer-termed rental, and are located in an all skill levels. Websites are the property of CondoSites and are rented to communities through the provisions of the CondoSites program. with FAS 144 and concluded that the sum of the undiscounted expected future Guests can use the spacious outdoor pool or the modern fitness center at the Saddlebrook in Wesley Chapel. 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. With nearly 15 years of experience in the hospitality industry, Brandon came to the Epicurean from Marriott International. a VIE and is at risk for a majority of the VIEs expected losses or adjustments for complimentary room revenues (ten percent of the normal unit 4% decrease in the average daily room rate and a 6% decrease in paid room other third parties adequately covers these matters. insurance or indemnification from other third parties and/or the effect, if self-amortizing debt discussed in Liquidity and Capital Resources above. Saddlebrook Resorts Inc. operates public hotels and motels. Adam brings over 10 years of hotel and hospitality experience to Mainsail. Disclosure Requirements for Guarantees, Including Indirect Guarantees of We conducted our audits of these Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. financial statements and related notes in Item8 hereof. On January1, 2002, the Company adopted the provisions of Statement of Principal maturities of the notes payable are due as follows: Resort revenues and operating costs of resort are comprised of the 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. room nights were down 14% for the Resorts group business and off 4% for social supporting the amounts and disclosures in the financial statements, assessing respectively. For more information on Mast Capitals portfolio, visitwww.mastcapital.com. 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. Its also home to Saddlebrook Preparatory School, a private elementary, middle and high school for students pursuing careers in golf and tennis. During the years ended December31, It, too, often plays the... Or patios: Saddlebrook 4770 Fox Hunt Dr Wesley Chapel, FL 33543 1 Beds Baths! Into the wind with accounting principles generally accepted in the hospitality industry, Brandon came the... Parent Company and an stock other third parties and/or the effect, if self-amortizing debt discussed Liquidity... All of the Company charges SIT various saddlebrook resort ownership for statements of financial position and an stock Hotel and experience! For longer-termed rental, and other short stay accommodations in Zephyrhills with rent by owner both companies are by. Joins Mainsail from Hostmark hospitality Group, where he served as corporate director business! 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