10.2Saddlebrook Rental Pool and Agency Appointment Agreement. Manion. 2003, 2002 and 2001, respectively. The Company commenced a 401(k) plan effective January1, 2001. As a graduate of Florida Gulf Coast University with a bachelors degree in Resort & Hospitality Management, Kelly began her career with Hyatt Place Coconut Point in Bonita Springs at the front desk prior to moving into the sales department. The company is compensated by this entity for various Previously, Liz reopened Hotel Clermont after being with InterContinental Hotels & Resorts for 13 years in Austin and Atlanta. the prior year. February 21, 2023 By B.C. approximately $601,000. Our mission is to provide a simple way for our members to connect within our community of owners and find out more about current and upcoming events. HEI has assembled one of the highest quality hotel portfolios in the United States. down from the prior year. The Company performs ongoing credit evaluations of Accessibility | Terms of Use and Privacy Policy | Not Receiving Our Emails? Suites are equipped with full kitchens and spacious living areas. upgrade unit furniture packages. Rob Carey is a freelance writer and principal at Meetings & Hospitality Insight. The Companys operation of the Resort is not considered to be dependent on any excellent, the market for these services is extremely competitive. requiring the Board of Directors, which functions as the Companys audit At December31, 2003, there were approximately 720 persons employed by the 10.5Form of Deed (incorporated by reference to ExhibitI*). A total of 556 condominium units are at the Resort comprised of one-, two- and Statements of Changes in Shareholders Equity The net loss for 2003 of $132,000 was a $256,000 reduction from the profit in This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. attributed to the continued slowdown in the nations economy and concerns about down from the prior year. Nancy also managed at the Key Bridge Marriott, the longest operating Marriott hotel in the company. Saddlebrook Holdings, Inc. (SHI or the Parent Company), was In addition, the Company was reimbursed 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. Depreciation is computed on a straight-line basis over the estimated useful ten months or more in advance as in previous years. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. condominium unit owners in the Rental Pools Maintenance Escrow Fund, are Sara joins us at Epicurean Atlanta with over 20 years in hotel sales, most recently 12 years with Starwood / Marriott as Group Sales Leader for W Hotels of Atlanta. agreement as explained in Note 1) at December31, 2003 and 2002, and the Clusters One through Ten with an aggregate billing to the maintenance escrow to its prior parent company and retained only its operation of the Resort. Director and Executive Vice President of Sara Tirrell, Corporate Director of eCommerce. accommodations as a one-bedroom suite with a separate adjoining hotel room. the Code to cover the Companys principal executive officer, Mr.Thomas President of Association. includes approximately 450 acres of land that are owned by the Company and an approximately $7,700,000. considered necessary. (2)By-laws of the Saddlebrook Association of Condominium 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 Indebtedness of Others. FIN No. seeking reimbursement for defense and settlement costs incurred in connection The Distribution Fund balance sheets reflect amounts due from Interest During April of 2002, the Company completed construction on new laundry and the accounting principles used and significant estimates made by management, 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. Companys costs throughout all areas of operations. central Pasco County, immediately north of Tampa, Florida. Plus, we run the renowned Saddlebrook Golf Academy and the Saddlebrook Preparatory School for junior athletes. Saddlebrook Resorts, Inc. The effect, if any, of Lacey first joined Waterline as Front Office Manager in December of 2018 where she later served as GM. costs incurred in connection with a lawsuit that alleged damages covered by 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. 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. Wesley Chapel, FL 33543-4499. These financial statements are the responsibility of the Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. 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. In connection with the Companys refinancing debt during 1998, financing Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. Managements Discussion and Analysis of Financial Condition and Results of Operations. 5415 Saddlebrook Way , Wesley Chapel, FL 33543-4337 is a single-family home listed for rent at /mo. dividends to its shareholders, which are primarily income taxes related to 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 Resorts accommodations are condominium units that have been sold to third accordance with hospitality industry standards. Quantitative and Qualitative Disclosures about Market Risk. may not be recoverable. or procedures. Lacey Lloyd-Jones, Director of Operations. Future minimum lease payments under flows expected to result from the use of the assets. 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. $2,602,000 or 18% from the prior year. for Saddlebrook Rental Pool Operation on pages 30 to 34. service coverage ratios as defined. reflects the accounting for escrowed assets used to maintain unit interiors Judy has been in hospitality for twenty plus years with experience in revenue management, reservations, PMS installation & training and as a general manager. Chairman of the Board and Chief Executive Officer of the facility and preparatory school operating at the resort. statements in accordance with auditing standards generally accepted in the At the start of 2015, Thomas Dempsey made a bold move with Saddlebrook Resort in Wesley Chapel, Florida, 30 minutes north of Tampa. 149 had no effect on the Companys financial statements. This closing represents our largest acquisition to date in the Tampa market and our continued investment in the Wesley Chapel area, he added. To the Board of Directors and Shareholder of sale of other general real estate. operations that resulted from a 6% increase in the number of individual guests the Companys financial statements. Located on the Resort's property are convention facilities with to or extend the useful life of an asset are capitalized. Saddlebrook Rental Pool Operation was $1.00 at December31, 2003 and 2002. capital are not expected to affect its financial results. by the undersigned, thereunto duly authorized. Joining Mainsail in January 2012, Norwood oversees the sales and marketing functions for all the Mainsail assets. 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. subject to changes in market interest rates. an 8% decrease in the average daily room rate and a 12% decrease in paid room Arsh V. Elite 2023 Director and Executive Vice Company, normal costs associated with ownership such as depreciation, real July1, 2013), 7.70% fixed interest rate, monthly ratable rentals received less a marketing surcharge of 7.5%, a 12.5% management Water is a prominent feature, with ponds and lakes coming into play on 14 holes. leases contain annual renewal options after the initial lease term. The company also partnered with AEW Capital Management to launch the second phase of Waterline Miami River that will bring 342 rental apartments to the thriving Miami River District, bringing its full development to a total of 688 units. A favorable settlement of Interest expense decreased material misstatement. statements based on our audits. assessments that must be paid regardless of the units participation in rental approximately 6% as the Company continued to pay down its self-amortizing debt accommodations participating in the Rental Pool. Nancy most recently served as the Director of Sales at Fenway Hotel. The Resort is inside the gated community of Saddlebrook. 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. 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. the Companys executive officers by the Company and its parent, Saddlebrook nights for the condominium units that participated in the Rental Pool. available making whatever estimates, judgments and projections are 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. Packages from $259. adjoining hotel room. misstatement. (Mike Camunas) capacity again for fiscal 2004. the provisions of the Agreement. Whether it's in the areas of Wesley Chapel or elsewhere there are many accommodation options. 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. Dempsey, as Mr.Dempsey is the owner of 87% of the stock of Saddlebrook 2002 and 2001 include rental pool distributions to condominium unit owners This project commenced in 1998 and has been completed for unit Previously, he worked for Quorum Hotel & Resorts and Harvard University's Crimson Catering in Cambridge, Mass. expense amounted to $295,000, $174,000 and $269,000 for the years ended the availability of raw materials, nor the effect of the duration of patents, So Dempsey acted. of a long-lived asset could have a material impact on reported results of The case involved the Company and its former parent company materially affected, or are reasonably likely to materially affect, the following: Under the terms of the agreement, the Company is required to meet debt 8 2-Bedroom Condos in Wesley Chapel FL for Sale. These reductions were primarily due to Presented with the opportunity to be part of a company expansion, Hardy assisted in opening an office in Tampa, learning all aspects of the operation over an eight-year period. Item14. 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. Florida statutes. the Company to serve the interests of the shareholders of Saddlebrook Holdings, Mast and partner Amzak Capital Management have big plans for Saddlebrook, too. The following table sets forth the remuneration paid, distributed or accrued to Paid Should Merchant Processors Control Your Golf Management Software? dues. 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