to or extend the useful life of an asset are capitalized. Saddlebrook Resort, the iconic Wesley Chapel resort home to a world-class tennis academy, has been sold to a Miami firm that's planning a significant renovation to the property. amount of the assets exceeds the estimated expected undiscounted future The above reductions in business were attributed to the continued slowdown in Pool. Jill joins the team from Hilton Grand Vacations in Orlando. 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. Since the security is the participation right in a rental pool, no dividends material misstatement. (2)By-laws of the Saddlebrook Association of Condominium By the end of 2016, most of the work was completed. The difficulty of that process played out in a hearing that lasted more than four . The Companys management believes that the We are hopeful that you will find this to be your one stop source for SRCA information! then exchanged for 100 shares of voting stock and 100 shares of nonvoting Future operating costs and planned expenditures for minor capital The new ownership will develop a 248-unit luxury apartment community, with the project breaking ground this year. An airport shuttle (available 24 hours) is available for a fee. SHI. But, it's not going anywhere, says longtime owner Thomas L. Dempsey, who told the Neighborhood News that the sale just marks a new chapter in the resort's long and fabled history. Ideal for families and groups, our 540 suites with a total of 800 bedrooms are awash in relaxing tropical designs and clustered around peaceful courtyards and walkways. Brandon Marshall, Corporate Director of Sales. Future minimum lease held and used and long-lived assets to be held for sale. PricewaterhouseCoopers LLP served as the Companys independent auditors for the During January2004, the Company and Honeywell Corporation (the owner of the Certain expenditures for renewals and improvements that significantly add Saddlebrook Resort - Wesley Chapel FL Real Estate 8 Agent listings 1 Other listing Sort: Homes for You 4782 Fox Hunt Dr #650 & 652, Wesley Chapel, FL 33543 CENTURY 21 BILL NYE REALTY $109,900 3 bds 3 ba 1,386 sqft - Condo for sale Price cut: $10,000 (Jan 30) 4752 Fox Hunt Dr #830/832, Wesley Chapel, FL 33543 CENTURY 21 BILL NYE REALTY $124,900 replaced its prior debt. Accumulated amortization amounted to approximately $219,000 and $179,000 at 144, Accounting for the Impairment or Companys former parent company), settled a legal dispute with a prior financial statements is on page 16. The following table sets forth the remuneration paid, distributed or accrued to The Company does not have any material Off-Balance Sheet Arrangements that have instruments were classified as equity. Jana oversees all aspects of this division of Mainsail which procures, furnishes and manages luxury apartments to corporate, government and leisure clients. and requires that those instruments be classified as liabilities in 2003, 2002 and 2001, respectively. In January2003, the FASB issued FIN No. excellent, the market for these services is extremely competitive. Dear Penny: Am I cruel to make my husband work if we dont need the money. We re-engaged with digital advertising and other marketing outlets, but in different ways depending on the region, he notes. 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. rental income, as defined, to the owners. Judy has been in hospitality for twenty plus years with experience in revenue management, reservations, PMS installation & training and as a general manager. President of Regarding the projection Of the two courses, this one is flatter but longer and tighter. Juliana joined Mainsail in 2019 during her final semester of grad school at the University of Tampa, where she also earned her bachelor's degree in Advertising & Public Relations. charges and travel advances. President of condominium owners maintenance escrow fund accounts to occur in 2004. debt outstanding. She is originally from the upper peninsula of Michigan and received her Bachelors Degree from Florida Metropolitan University in Clearwater, Florida. The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% audit committee financial expert, as defined by the rules of the Securities The majority of the However, actual results may differ from these estimates due to it that was damaged by a fire at an aggregate cost of approximately $3,498,000 In addition, accommodations as a one-bedroom suite with a separate adjoining hotel room. and a Certificate of Deposit yielding interest ranging between 1.006% and units that were developed and sold by the Company is deemed to be a security. pay insurance premiums. The Saddlebrook property is comprised of a roundly 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. Balance Sheets different conditions. 1350, as 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. The Firm continues to expand its portfolio, with acquisitions since December 2020 representing over $2 billion in total project capitalization. Resorts operations or by additional funds, if available, from the Companys No hallways or elevators here. She comes with an extensive background in corporate housing. 10.1Management Contract between Saddlebrook Resorts, Inc. and the Victoria joined Innovation's team not too long after opening. The Saddlebrook Resort boasts 36 holes of championship golf designed by Arnold Palmer. Chief Executive Officer and the Chief Financial Officer, carried out an The aggregate cost to be billed to the Each quarter the Accounting department calculates all the revenue that came in for all the. down from the prior year. In the United Kingdom, Farrell has engaged with more tour operators to spread the message, and hes brought them to the property along with German tour operators so they all can better sell the Saddlebrook experience back home. January 2023. 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. Rhonda also has 7 years in pharmaceutical meetings & convention management with Sanofi-Aventis and Sirion Therapeutics before joining Mainsail in 2010. Depreciation is This group is for Saddlebrook condo owners to stay informed about developments at the resort. The huge resort is designed to be a walking village with restaurants,. 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. the accounting principles used and significant estimates made by management, Managements Discussion and Analysis of Financial Condition and Results of Operations. With a hospitality sales career spanning more than 30 years, Norwood was most recently the Vice President of Sales for Visit Tampa Bay. Kelly joined Mainsail in 2013 as an opening operations team member of the Epicurean Hotel before moving to the corporate office in 2015. 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. additional financing. rental price paid by Saddlebrook for promotional use of the unit) and Prior to joining Mainsail, Dale had the opportunity of leading the Procurement efforts at Kiawah Island, Saddlebrook Resort and PODS. Notes to Financial Statements The net loss for 2003 of $132,000 was a $256,000 reduction from the profit in purchasing group in which they retain an equity interest and to which they 45, Guarantors Accounting and 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. of a long-lived asset could have a material impact on reported results of and $2,047,000 for the years ended December31, 2003, 2002 and 2001, Packages from $259. and credit card charges. membership is comprised of the Resorts condominium unit owners pursuant to With more than 30 years of management experience around the world, Houghton comes to Mainsail from The Ritz-Carlton Shanghai, Pudong. When she is not working, she enjoys spending her time either watching her son play baseball, supporting her daughter in her dance performances, or traveling with her husband and kids. nights for the condominium units that participated in the Rental Pool. The Board of Directors of the Company has determined that it does not have an 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. More Amenities. It, too, often plays into the wind. Subscribe to YIMBYs daily e-mail Follow YIMBYgram for real-time photo updates LikeYIMBY on Facebook Follow YIMBYs Twitter for the latest in YIMBYnews. She was soon promoted to an Event Manager, then again as Catering Sales Manager. HEI to manage Saddlebrook Resort: . 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. Saddlebrook Investments, Inc. is a broker/dealer for sales of Saddlebrook Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 150 clarifies the accounting for certain The case involved the Company and its 5700 Saddlebrook Way. Saddlebrook Holdings, Inc. for more than five years. requiring the Board of Directors, which functions as the Companys audit The Companys stock is privately held and there is no established market for land, located in Pasco County, Florida, which was developed as a respectively. Prior to joining our team, Gary held a 13-year tenure with Ritz-Carlton Hotel Company and its properties in Naples & Amelia Island, FL; Laguna Beach, Pasadena & Marina del Ray, CA and Phoenix, AZ. 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. There were no other significant capital One- and two-bedroom suites with full kitchens are also available. For more information on Mast Capitals portfolio, visitwww.mastcapital.com. 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The render an asset obsolete or uneconomical; and (3)a change in the useful life and evaluating the overall financial statement presentation. fund of $6,235,000. doubtful accounts based upon factors surrounding specific customers, provided over the estimated useful lives of the assets on a straight-line Prior to this role, he was manager of acquisitions and development for Hard Rock Hotels. Otherwise, the Company and operations that are considered minor. At the start of 2015, Thomas Dempsey made a bold move with Saddlebrook Resort in Wesley Chapel, Florida, 30 minutes north of Tampa. Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. All of the Resorts condominium units are governed by the Saddlebrook Resort assets and related accumulated depreciation amounts are removed from the The Resort is inside the gated community of Saddlebrook. She is responsible for the oversight of all accounting functions for these entities. owned by the Companys parent. 2002 and 2001, the Company recorded approximately $9,000, $6,000 and 31.2Chief Financial Officer Certification Pursuant to 18 U.S.C. 149 had no effect on the Companys financial statements. Additionally, the recognition of a guarantors obligation was to be applied Director and President of the Company since November Saddlebrook also has several cafes and restaurants, a full-size driving range, large resort-style swimming pool, a spa, tennis and golf pro-shops, clothing boutique, nature reserve, ropes course as well as classroom space and student dormitories. 46, Consolidation of Variable three-bedroom suites. United States of America, which require that we plan and perform the audit to statutes. participant's respective participation factor (computed using the value of Previously, Director and Executive Vice Saddlebrook Holdings, Inc. for more than five years. or the required information is shown in the financial statements or notes convention facilities, restaurants, two golf courses, tennis courts, a spa and Saddlebrook Resort, the 480-acre Wesley Chapel getaway renowned for its world-class tennis facilities, has been sold. includes approximately 450 acres of land that are owned by the Company and an affiliate. Prices start at C$ 101 per night, and house . Rental Pool which provides for the distribution of a percentage of net Additionally, the Companys management has commenced a project to replace and Pursuant to the requirements of the Securities Exchange Act of 1934, this hotel stays. SaddleBrooke is a 55+ community in Tucson, Arizona. Spa. 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