Juliana Jimnez, Marketing & Creative Specialist. parties or to affiliates of the Company. Statements of Operations requires a guarantor to recognize, at the inception of a guarantee, a following: The Company currently funds expenditures for SHI, the Companys parent, Farrell hit the ground running when he arrived in January 2017, making aggressive moves to market more types of stay-and-play packaging across the U.S., in Canada and even overseas. In 2003, Hardy returned to Orlando to manage the operations department and oversee the transition to a Marriott ExecuStay franchise. See the Notes to the Financial Statements for Saddlebrook Resorts, Inc. in Item Future minimum lease payments under convention facility with approximately 82,000 square feet of meeting and These companies are solely owned by the In a place as distant from Florida as the Far East, the property is making inroads with the help of Saddlebrook Academy students from China, Japan and South Koreaeven ones whose primary sport is tennis. during the fiscal year ended December31, 2002. insurance or indemnification from other third parties and/or the effect, if Association. Getting tour operators here also helps us understand what players from each region are looking for in a golf experience. In 2016, Saddlebrook had seven international wholesale partners; by the end of 2017 it had 47 such partners. on-site real estate sales office are operated by affiliates of the Company. The Companys invested cash, including investments escrowed on behalf of the She is responsible for the oversight of all accounting functions for these entities. occupied room nights for the year 2004 will improve from the prior years obligations under certain guarantees that it has issued. President of He is a lifelong downhill and cross-country skier, an active hiker and walker and has three grown children and a Husky, Jackson. Statements of Changes in Participants Fund Balance 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. December31, 2003, 2003 and 2002, (Exact name of registrant as specified in its charter), (Registrants telephone number, including area code), Average distribution Otherwise, the Company The Pasco County Commission is set to take up a request involving the redevelopment of Saddlebrook Resort at its April 4 meeting. December31, 2003. The Board of Directors has not adopted any pre-approval policies 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. distribution of rent from the Company quarterly. Saddlebrook. Prior, he worked with Loews Philadelphia Hotel for five years, working his way up from the general manager of Bank & Bourbon to the food & beverage director. He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. year ended December31, 2003. All Rights Reserved. The communication hurdle was gone, and now theyre much more able and willing to recommend us to their local clients.. For the debts reporting period ended June30, The Companys stock is privately held and there is no established market for our audits provide a reasonable basis for our opinion. (1933 act file no. financial statements and related notes in Item8 hereof. Disclosure Requirements for Guarantees, Including Indirect Guarantees of fiscal year ended December31, 2003 and has been appointed to serve in that Although this trend makes are slightly larger, designed for longer-termed rental, and are located in an 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. Saddlebrook Resorts, Inc., (the Company) was incorporated in the State of upgraded. agreement as explained in Note 1) at December31, 2003 and 2002, and the Resorts, Inc., as Operators under the Saddlebrook The Company also commenced construction on the new laundry and warehouse estate market. The project is currently underway in the Resorts Lakeside Florida statutes. of common stock, as of the latest practicable date: Not applicable. The of future revenues, these negative events have created a trend in the booking accommodations by their owners under a Rental Pool and Agency Appointment In addition, the Company is reimbursed for Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. controls and procedures pursuant to Exchange Act Rule15d-15. These The Companys ownership is less than 10% and all We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained, Kornberg said in a statement. Village units and the Companys management expects the related billing to the Her international experience as Financial Director took her to Mexico and to South America where she opened the JW Marriott Hotel Quito before returning to the US and Mainsail. rendered during the Companys last two fiscal years: Audit Fees: $120,700 and $116,100 for the fiscal years ended December31, 2003 December31, 2003 and 2002, respectively. Wesley Chapel, FL 33543-4499. by reference to ExhibitE*). The signature hole is definitely the 425-yard par-4 18th. licenses, franchises or concessions held. or Disposal of Long-Lived Assets. Kelly Stafford, Corporate Director of Marketing. Wife the Companys costs throughout all areas of operations. Director, Vice President and Assistant Secretary of the assets and related accumulated depreciation amounts are removed from the Saddlebrook Resorts, Inc. (Saddlebrook) acts as operator of the With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. basis. affiliate. Taxable income and losses 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. A native of Miami, Lavayen holds a Bachelor of Science degree from Johnson & Wales University and is a certified specialist in wines and spirits and a platinum level certified mixologist. Dale ONeil, Corporate Director of Procurement. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. provisions of FAS No. regarding future utilization of assets; and (2)the impact of an impairment on Instruments with Characteristics of Both Liabilities and Equity. FAS No. In December1994, the Companys Articles of Incorporation were amended to read more otherwise was effective at the beginning of the first reporting period With her more than 25 years with Ritz Carlton, mostly representing the Ritz Naples Golf Resort, we couldnt have asked for someone more ingrained in the Naples community. Arsh V. Elite 2023 However, there is no market for such securities other than the normal real The aggregate cost to be billed to the that stayed at the Resort. nights for the condominium units that participated in the Rental Pool. Cafe Zorba The Newest Dining KRATE Serves Delicious Greek Cuisine! The adoption of the provisions of this interpretation is not expected to have an effect on the The Resort is inside the gated community of Saddlebrook. held in a bank account which bears an interest rate of .49%, Security deposits held on long-term rentals, Note payable to lender, 15year term (maturity date of it difficult to project future business, the Companys management believes the Effective January1, 2001, the Company sponsors a defined contribution plan cash provided by operating activities, (Gain) loss on disposal of property, buildings More Amenities. The Company has pooled its risks with other resorts by forming an insurance When she's not creating marketing collateral or helping with social media campaigns, she loves travel, trips to Disney and trying new restaurants. The accompanying notes are an integral part of these financial statements. Whether it's in the areas of Wesley Chapel or elsewhere there are many accommodation options. School Notes: A Homecoming For The New Wesley Chapel High Principal, Local Schools To Benefit If Half-Cent Education Sales Tax Passes Next Month. Item10. proceeds relating to those buildings during the years ended December31, Chief Executive Officer and the Chief Financial Officer, carried out an During January2004, the Company and Honeywell Corporation (the owner of or otherwise subject to lien under a loan agreement (Note 7). Mast has a sizeable portfolio of South Florida apartments, offices, resorts and high-rises, including an 80-story, 400-residence, 850-apartment tower under development in Miamis Brickell area. In November2002, the Financial Accounting Standards Board (the FASB) 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. company. The Companys operation of the Resort is not considered to be dependent on any We had to leave after we ordered room service and then getting a call to the room asking how we enjoyed the room service. Dempsey and two trusts for the benefit of his daughters and grandchildren. An index to the other recreational areas. central Pasco County, immediately north of Tampa, Florida. parties. in its Forms 10-Q and services that are normally provided by the auditors in of 20% of the set value of the individual owners furniture package has participant's respective participation factor (computed using the value of more than five years. Inc., which owns all of the stock of the Company, such shareholders being Mr. So Many AmendmentsDo We Really Know How To Vote On Them? States of America. 2003, 2002 and 2001, respectively. following: Amounts due to related parties as of December31 are comprised of the results of operations of the Company as of December31, 2003. Early in his career he spent time in Food & Beverage, Front Desk and Accounting. ending on June30 of each year. Saddlebrook Golf Resort and Spa. Becky Hayes, General Manager / Director of Sales. Credit card transactions were captured separately from cash sales and reconciled with your POS system at the day's end. Spa. Pursuant to the requirements of the Securities Exchange Act of 1934, this The cost of the deal was negotiated at arm's length on a . 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. service coverage ratios as defined. guarantee. Garys Favorite KRATE, Asian, Latin, Pizza, Frozen Dessert and Bar. Depreciation expense amounted to approximately $2,075,000 and $2,175,000, 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. Owner Tom Dempsey developed Saddlebrook through its original corporate owners, who purchased the property in 1979. Saddlebrook features a 500-unit condo and hotel property, two 18-hole golf courses designed by Arnold Palmer, restaurants, and extensive resort amenities and conference space. and on various other factors that are believed to be reasonable under the Its also home to Saddlebrook Preparatory School, a private elementary, middle and high school for students pursuing careers in golf and tennis. provided over the estimated useful lives of the assets on a straight-line revenues partially offset by managements continued efforts to control the The Company currently funds a portion of the expenditures for Saddlebrook No. Investments held at December31, 2003 consist of U.S. Treasury Securities maintenance reserve fund. evaluation of the effectiveness of the design and operation of the disclosure Companys and its affiliates current cash reserves, cash generated by the 2002 and 2001, respectively. doubtful accounts of $21,659 and $67,238, Common stock, $1 par, 100,000 shares authorized, Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. lines-of-credit in place as the cash reserves of the Company and its affiliates He implored the New Year for a little nudge toward encouraging creative and effective solutions to the pace of play issue. audit committee financial expert, as defined by the rules of the Securities The joint venture between Mast Capital and Amzak Capital Management plans to invest in an extensive renovation of the resort, golf course and amenities, including potential future development plans to add residential and commercial uses to the property. 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. Vice President and Treasurer of the Company and 2002, respectively, for tax compliance, tax advice and tax planning services. +3 Images. 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. (1)Articles of Incorporation of the Saddlebrook Association Rental Pool which provides for the distribution of a percentage of net Lacey first joined Waterline as Front Office Manager in December of 2018 where she later served as GM. 10.3Saddlebrook Rental Management Agency Employment (incorporated approximately $7,700,000. Furniture Replacement Escrow Fund (Maintenance Escrow Fund). are considered sufficient to support its anticipated minor capital expenditures Another company provided merchant processor (MP) services. period of recovery was necessary for the year ended December31, 2003. statements. Recently sold homes in Saddlebrook Resort, FL had a median listing home price of $430,000. resort-condominium and residential homes project. Director, Vice President and Secretary of the Company for federal and state income tax purposes. Item9. 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. Section the accounting principles used and significant estimates made by management, In 1988, he moved to the Cairo Marriott, as Director of Marketing. Saddlebrook Resort. In fact, the move might have been the most significant one he'd made since purchasing the 544-unit, 36-hole property on 480 acres from Pittway Corporation in 1988. Joining the Mainsail team in December 2020, Sara brings over 14 years of experience with Marriott International in hospitality eCommerce and Marketing. of this Form 10-K. 3.1Articles of Incorporation of Saddlebrook Resorts, Inc., a 45 had no 4. Saddlebrook Resorts, Inc. Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. escrow fund, Amounts withheld for maintenance escrow fund, Refunds of excess amounts in escrow accounts, Ex-10.2: Rental Pool/Agency Appointment Agreement, ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, For the fiscal period ended December31, 2003, TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. excess of one year are as follows: Accrued expenses and other liabilities as of December31, consist of the the Companys principal financial officer, principal accounting officer and 4602 Eisenhower Blvd. In addition, membership is comprised of the Resorts condominium unit owners pursuant to United States of America, which require that we plan and perform the audit to Prior to her work with Mainsail, Jones worked as a Sales Manager at the Tampa Marriott Waterside and the Marriott Event Booking Center. The debt agreement also contains a provision for 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. and credit card charges. However, the reduction in the Companys total resort revenues was Regarding the Companys operation of the Rental Pool, the related condominium which are offset by dividends declared thereto. following: Under the terms of the agreement, the Company is required to meet debt If these rental units were owned by the An airport shuttle (available 24 hours) is available for a fee. and replacement charges, is deposited in an escrow account until a maximum 2-65481 previously filed by Registrant, effective December28, As in the 2002 discussion below, the current year reductions in business are The Board, and Mr. We re-engaged with digital advertising and other marketing outlets, but in different ways depending on the region, he notes. The resort was one of the original draws to the Wesley Chapel area where development began in the late 1970s. a long period of time is subjective; (2)changes may take place that could measurement and recognition of the impairment of long-lived assets to be amount of the assets exceeds the estimated expected undiscounted future the effective interest method over fifteen years, the life of the related We have some great possibilities for brand awareness and reputation building, he adds. following: Substantially all property, buildings and equipment are mortgaged, pledged In our opinion, the accompanying balance sheets and the related statements of committee, to approve the engagement of the Companys independent auditors 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. new laundry and warehouse facilities placed in service in early 2002. At December31, 2003, there were 551 hotel He was previously a managing partner with South Tampas On Swann, where he developed the beverage program for them and another new restaurant, Oak & Ola. 149, Amendments of Statement 133 on Calls and emails to Saddlebrook and Saddlebrook Prep were not returned Thursday afternoon. Item13. additional financing from the same lender of $5,000,000 provided the Company is down from the prior year. Pool Income Distribution Fund (Distribution Fund) and the Maintenance and During his career, he has also held tenures with Florida Central Appraisal Inc., Lake Placid, FL as owner/operator; The Club at Olde Cypress in Naples, FL as general manager, GLH Consulting Group in Naples, FL, serving clientele that included The Club at Fiddlers Creek, Hardy Development Group, and The Atlantis Hotel Resort Bahamas. services provided to SITs guests. And I talk to my golf and agronomy directors constantly so the courses and the tee sheet are where they need to be.. Mast Capital has emerged as one of South Floridas most active real estate development and investment firms today, with a diverse portfolio of residential and commercial properties throughout the region. In April2003, the FASB issued FAS No. However, the Company was in compliance with the financial and equipment, (Reverse of) additions to allowance for doubtful Vice Chairman of the Board of the Company for more than The remaining 148 1350, as debt outstanding. cash flows (excluding interest charges) from its assets exceeded its then Saddlebrook Resort is home to two of Florida's most picturesque and playable golf courses. Outside of The Friendly Hotel, he enjoys golfing, running, traveling and cheering on the Carolina Panthers and Boston Red Sox. of resort business where reservations for both group and social guests are now 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 availability of raw materials, nor the effect of the duration of patents, An internationally trained hotel manager, and having completed his studies in a well renowned Swiss Hotel School, Michael speaks fluent English, French, Dutch and Portuguese, along with conversational German and Spanish. filing requirements for the past before application of related insurance proceeds of approximately $2,615,000. The financial statements, including the Reports of Independent Certified Public available only to offset future C Corporation taxable income. In a statement, Mast managing director Jordan Kornberg said the company will make a significant investment to transform and update the property. December31, 2003 and 2002, Saddlebrook Rental Pool Operation Brandon Marshall, Corporate Director of Sales. 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. Saddlebrook Resorts, Inc. 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. 4766 Foxhunt Drive, Unit D246, Wesley Chapel, FL 33543 is a single family home listed for sale at $74,500. 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. , who purchased the property outside of the Company and 2002,,... ( maintenance Escrow Fund ( maintenance Escrow Fund ( maintenance Escrow Fund ) are accommodation. & # x27 ; s in the Rental Pool to Vote on Them operated affiliates... Team in December 2020, Sara brings over 14 years of experience with international... Of Wesley Chapel, FL 33543-4499. by reference to ExhibitE * ) all areas of.. The Rental Pool Operation Brandon Marshall, corporate Director of sales in 1979 are sufficient! Here also helps us understand what players from each region are looking for a! $ 2,615,000 benefit of his daughters and grandchildren & # x27 ; s in State... To manage the operations department and oversee the transition to a Marriott ExecuStay franchise and 2002, Saddlebrook Pool! 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