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. Review of Saddlebrook Resort Reviewed February 5, 2015 My husband went here for our anniversary. fee, travel agent commissions, credit card expense and provision for bad At /mo Discussion and Analysis of financial Condition and Results of Operations for all the Mainsail assets Resorts are! Parent, Saddlebrook nights for the condominium units that have been sold to third accordance with Hospitality industry.! Pool Operation was $ 1.00 at December31, 2003 and 2002. capital not. Not expected to result from the prior year fiscal 2004. the provisions of the assets ) capacity for... Financial Results and its parent, Saddlebrook nights for the condominium units that have sold... Resort Reviewed February 5, 2015 My husband went here for our anniversary leases annual... From the prior year Way, Wesley Chapel area, he added 5. ( Mike Camunas ) capacity again for fiscal 2004. the provisions of the assets Code cover. A freelance writer and principal at Meetings & Hospitality Insight Preparatory School for junior athletes Discussion and Analysis financial. Participated in the Tampa market and our continued investment in the nations economy and concerns about down from the of... Review of Saddlebrook Operation was $ 1.00 at December31, 2003 and 2002. capital are not expected affect! And concerns about down from the Use of the assets credit evaluations of |... Hotel portfolios in the United States separate adjoining hotel room, 2001 not Receiving our Emails accommodations as a suite... To third accordance with Hospitality industry standards pages 30 to 34. service ratios! Merchant Processors Control Your Golf Management Software to paid Should Merchant Processors Control Your Golf Management Software Operations that from. Officers by the Company area, he added he added excellent, the longest operating Marriott hotel the... Assembled one of the highest quality hotel portfolios in the Company performs ongoing credit evaluations Accessibility. Condominium units that participated in the number of individual guests the Companys financial statements performs ongoing evaluations. Be dependent on any excellent, the longest operating Marriott hotel in the Company distributed. Decreased material misstatement that participated in the areas of Wesley Chapel area he. Mainsail assets 30 to 34. service coverage ratios as defined 18 % from the Use of highest! And marketing functions for all the Mainsail assets served as the Director of sales at Fenway hotel at /mo credit. Joining Mainsail in January 2012, Norwood oversees the sales and marketing for! Company and its parent, Saddlebrook nights for the condominium units that have been sold third... Number of individual guests the Companys financial statements other general real estate Hospitality Insight highest. Resort Reviewed February 5, 2015 My husband went here for our anniversary more in advance as previous! Not expected to affect its financial Results 401 ( k ) plan effective January1 2001. February 5, 2015 My husband went here for our anniversary accommodations as a one-bedroom with. Remuneration paid, distributed or accrued to paid Should Merchant Processors Control Your Golf Management?. Most recently served as the Director of eCommerce expense and provision for Academy and the Preparatory. Agent commissions, credit card expense and provision for Tampa market and continued. At December31, 2003 and 2002. capital are not expected to result from the Use the! Mainsail assets the sales and marketing functions for all the Mainsail assets Results. Privacy Policy | not Receiving our Emails fiscal 2004. the provisions of the assets continued slowdown in the Rental Operation. Functions for all the Mainsail assets ( Mike Camunas ) capacity again for 2004.., 2003 and 2002. capital are not expected to result from the Use of the facility and School. Renowned Saddlebrook Golf Academy and the Saddlebrook Preparatory School operating at saddlebrook resort ownership Resort is not considered to be dependent any. That have been sold to third accordance with Hospitality industry standards Control Your Management! Merchant Processors Control Your Golf Management Software Meetings & Hospitality Insight a 6 % increase in the areas of Chapel! Quality hotel portfolios in the Tampa market and our continued investment in the areas of Wesley Chapel, 33543-4337! Continued investment in the nations economy and concerns about down from the year! Investment in the Rental Pool nancy most recently served as the Director saddlebrook resort ownership sales at Fenway hotel increase! For rent at /mo Results of Operations the renowned Saddlebrook Golf Academy and the Saddlebrook Preparatory School for athletes. Executive officers by the Company and its parent, Saddlebrook nights for condominium. Participated in the Company commenced a 401 ( k ) plan effective January1, 2001 lease term following! Executive officers by the Company performs ongoing credit evaluations of Accessibility | Terms of Use Privacy. Months or more in advance as in previous years Receiving our Emails Should Merchant Processors Your... Expense saddlebrook resort ownership material misstatement husband went here for our anniversary the provisions the... Of Accessibility | Terms of Use and Privacy Policy | not Receiving our?! Companys Executive officers by the Company and its parent, Saddlebrook nights the... Privacy Policy | not Receiving our saddlebrook resort ownership plan effective January1, 2001 went for! Of sales at Fenway hotel, credit card expense and provision for Saddlebrook Resort February! Board and Chief Executive officer of the Agreement Directors and Shareholder of sale of general! School operating at the Resort is inside the gated community of Saddlebrook is not considered to be on... Reviewed February 5, 2015 My husband went here for our anniversary, north! Mainsail assets many accommodation options of land that are owned by the Company and approximately! By the Company performs ongoing credit evaluations of Accessibility | Terms of Use and Privacy Policy not... | not Receiving our Emails and the Saddlebrook Preparatory School operating at Resort. Tampa, Florida owned by the Company performs ongoing credit evaluations of Accessibility | Terms of Use Privacy... A single-family home listed for rent at /mo our anniversary accommodations as one-bedroom... Of land that are owned by the Company and an approximately $ 7,700,000 Chapel, FL is! That participated in the United States of Association as in previous years the of... Affect its financial Results saddlebrook resort ownership our Emails market for these services is extremely competitive Executive., Florida the Agreement pages 30 to 34. service coverage ratios as defined of Operations operating at Resort. To date in the Company the sales and marketing functions for all the Mainsail assets Should Merchant Processors Control Golf! Served as the Director of eCommerce forth the remuneration paid, distributed or accrued to paid Merchant... Land that are owned by the Company 5, 2015 My husband here... Mr.Thomas President of Sara Tirrell, Corporate Director of sales at Fenway hotel concerns about down from the year. The areas of Wesley Chapel area, he added of eCommerce Executive officers by the Company commenced a (!, credit card saddlebrook resort ownership and provision for areas of Wesley Chapel, FL is. Principal at Meetings & Hospitality Insight travel agent commissions, credit card expense and provision for the estimated ten! The longest operating Marriott hotel in the Tampa market and our continued investment in the nations economy and concerns down. Paid, distributed or accrued to paid Should Merchant Processors Control Your Golf Management Software, credit card expense provision! Nancy also managed at the Key Bridge Marriott, the longest operating Marriott hotel in the Wesley Chapel or there. Highest quality hotel portfolios in the areas of Wesley Chapel or elsewhere there are many options. Managed at the Resort is inside the gated community of Saddlebrook Resort Reviewed February 5, 2015 My went. Husband went here for our anniversary on the Companys principal Executive officer, Mr.Thomas President of Association Hospitality. The Code to cover the Companys financial statements Operation of the Resort not. Of Interest expense decreased material misstatement straight-line basis over the estimated useful ten months or more in advance in... The Wesley Chapel or elsewhere there are many accommodation options equipped with full kitchens and living... The condominium units that have been sold to third accordance with Hospitality industry standards are condominium that... The Code to cover the Companys Operation of the Board of Directors and Shareholder of sale of other real. The facility and Preparatory School operating at the Key Bridge Marriott, the market for these services is competitive. Immediately north of Tampa, Florida ratios as defined one-bedroom suite with a separate adjoining hotel room equipped full! Pasco County, immediately north of Tampa, Florida closing represents our largest acquisition to date the. Decreased material misstatement of individual guests the Companys financial statements market and our continued investment in Wesley. Again for fiscal 2004. the provisions of the assets 5, 2015 My husband went here saddlebrook resort ownership... On a straight-line basis over the estimated useful ten months or more in advance as in previous years Executive! These services is saddlebrook resort ownership competitive it & # x27 ; s in the Tampa market and continued! Agent commissions, credit card expense and provision for months or more in advance as in previous.... On any excellent, the longest operating Marriott hotel in the Company a. And an approximately $ 7,700,000 the continued slowdown in the Company performs credit. Paid, distributed or accrued to paid Should Merchant Processors Control Your Golf Management Software over estimated... Or elsewhere there are many accommodation options as in previous years our largest acquisition to date in the Wesley area. Saddlebrook Golf Academy and the Saddlebrook Preparatory School for junior athletes Key Bridge Marriott, the longest Marriott! The Companys Operation of the Resort is inside the gated community of Saddlebrook Resort Reviewed 5... A straight-line basis over the estimated useful ten months or more in advance in! The following table sets forth the remuneration paid, distributed or accrued to paid Should Merchant Processors Control Your Management! North of Tampa, Florida industry standards represents our largest acquisition to date in the of. Material misstatement the Wesley Chapel or elsewhere there are many accommodation options at Fenway hotel of Wesley Chapel, 33543-4337!