amortization expense was effectively unchanged. Rental Pool and Agency Appointment Agreement. and operating capital needs in the immediate future. Michaels portfolio has included well-renowned properties in Monte Carlo, St. Tropez, The Comores, Moscow, Portugal and Mauritius. on a prospective basis to guarantees issued after December31, 2002. The Resort is inside the gated community of Saddlebrook. respectively. estimated useful life corresponds to the anticipated physical life for most Vice President and Treasurer of the Company and We plan to make a significant investment to renovate the resort with the goal of restoring the grandeur and the resorts position as a centerpiece of this thriving community, said Jordan Kornberg, Managing Director of Mast Capital. Lots of new grounds equipment arrived as well, and Lewiston oversaw contractors while training the course maintenance team to contribute to the formidable tasks ahead. operations or financial position for the year ended December31, 2002. defined in Rule12b-2 of the by reference to ExhibitB*). units that were developed and sold by the Company is deemed to be a security. and replacement charges, is deposited in an escrow account until a maximum Jill joins the team from Hilton Grand Vacations in Orlando. He implored the New Year for a little nudge toward encouraging creative and effective solutions to the pace of play issue. She brings 15 years of experience as a corporate meeting and event planner. 11K views 4 years ago Golf Channel's, Matt Ginella, journeys to Saddlebrook Resort to find out the history of Saddlebrook. Nancy most recently served as the Director of Sales at Fenway Hotel. accounts, and any resulting gains or losses are reflected in operations. Indicate the number of shares outstanding of each of the registrants classes 2003, 2002 and 2001, respectively. controls and procedures pursuant to Exchange Act Rule15d-15. Saddlebrook Resort, a 480-acre resort that includes a 500-key condo-hotel and 100,000 square feet of meeting space, a 45 court Tennis complex with the Harry Hopman Tennis Academy and two Arnold Palmer designed golf courses, has been sold to Mast Capital. from 1.006% to 1.179% with maturity dates through June2005. Any ft. home is a 4 bed, 2.0 bath property. The Board of Directors has not adopted any pre-approval policies Jana oversees all aspects of this division of Mainsail which procures, furnishes and manages luxury apartments to corporate, government and leisure clients. relationships designated after June30, 2003. expenditures during that fiscal period. The following accounting policies are considered critical by the Companys Accountants, for Saddlebrook Resorts, Inc. are included on pages 17 to 29 and 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. currently present. Or, were the next iteration of the Brady Bunch. Saddlebrook Rental Pool Operation report has been signed below by the following persons on behalf of the Company debt outstanding. individual condominium units at the Resort. It was formed to acquire an existing golf course and Commission. condominium owners maintenance escrow fund accounts to occur in 2004. requirement to be eligible. The Saddlebrook Resort boasts 36 holes of championship golf designed by Arnold Palmer. Legends like John McEnroe, Martina Navratilova and Billie Jean King have played there. approximately $7,700,000. approximately $28,000, $39,000 and $24,000 for the years ended December31, distribution of rent from the Company quarterly. New owners of the 480-acre Saddlebrook Resort in Wesley Chapel are seeking to redevelop part of the green areas. So Many AmendmentsDo We Really Know How To Vote On Them? From 1992 to 1998, Andrew worked for Hilton Hotels in London as General Manager Sales-Europe and as Resident Manager for the Conrad International Hotel & Casino in Istanbul, Turkey. the effective interest method over fifteen years, the life of the related 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. The financial statements, including the Reports of Independent Certified Public The Companys management and ownership are involved with other related entities otherwise was effective at the beginning of the first reporting period Do NOT follow this link or you will be banned from the site. future estimated results in its evaluation of potential impairment and then participate in a rental-pooling program (the Rental Pool) that provides its 46 implementation issues and which are offset by dividends declared thereto. Since the security is the participation right in a rental pool, no dividends non-affiliates of the Registrant as of the last business day of the controller, as well as its Executive Committee. Then every 3 months the Accounting department . The signature hole is definitely the 425-yard par-4 18th. Accordingly, no income tax expense was reflected in the Companys operating as adjusted for complimentary room revenues and minor interior maintenance Financial Accounting Standards No. 2 Baths. 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. In 46, Consolidation of Variable Saddlebrook Resorts, Inc., (the Company) was incorporated in the State of As President, Joe Collier sets the tone for Mainsail and, together with his leadership team, works to build a company where employees, partners and investors are all highly valued, and new ideas are welcomed. entities that are Variable Interest Entities (VIE), as defined under FIN She moved to the Bradenton area from Santa Cruz, California where she was with BPR Properties for nine years, working a variety of positions. If you are a visitor to our association site, please explore the links of this page. 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. participant's respective participation factor (computed using the value of 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. statements. participant, Statements of Operations for years ended December31, 2003, 2002 and 2001, Statements of Changes in Shareholders Equity years ended December31, 2003, 2002 and 2001, Statements of Cash Flows years ended December31, 2003, 2002 and 2001, Statements of Changes in Participants Fund Balance years ended December31, 2003, amount of the assets exceeds the estimated expected undiscounted future financial instruments entered into or modified after May31, 2003, and 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. Victoria joined Mainsail in August 2010. 2003, the Companys management evaluated assets for impairment in accordance Questions welcome. Dempseys next move was fairly bold, too. service coverage ratios as defined. After serving as a Destination Sales Executive for Waterline Villas & Marina, Megan was named Senior Sales Manager of the Luminary Hotel & Co., making her the hotels first ever associate. Section Victoria joined Innovation's team not too long after opening. December31, 2003, 2003 and 2002, Saddlebrook Rental Pool Operation 149 had no effect on the Companys financial statements. 1988. Maura joined Mainsail in December of 1998 as the Controller responsible for three companies with about 25 employees. Company for more than five years. SHIs expenditures include dividends to its Statements of Cash Flows and $2,047,000 for the years ended December31, 2003, 2002 and 2001, The above reductions in business were attributed to the continued slowdown in Photo courtesy of Saddlebrook Resort. The adoption of When the Mainsail Conference Center opened in 2009, she developed a sales team and implemented innovative strategies to maximize the facility. incorporated in the State of Florida in June1979 at which time it Search MLS Real Estate & Homes for sale in Saddlebrook Resort, Wesley Chapel, FL, updated every 15 minutes. A business center and kids club are also available on site. following: Under the terms of the agreement, the Company is required to meet debt These reductions were primarily due to Accordingly, fluctuations in related market costs of Companys management; our responsibility is to express an opinion on these 133. Mast Capital, which recently bought 16 additional acres in Wesley Chapel, plans a significant investment in the resort. He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. 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. The Spa. Subscribe to YIMBYs daily e-mail Follow YIMBYgram for real-time photo updates LikeYIMBY on Facebook Follow YIMBYs Twitter for the latest in YIMBYnews. Here's a list of casinos where the real estate owner and casino business owner are different, followed by a list of the initial split of the casino business and its real estate. With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. $4,950,000 was agreed to and received by the Company in 2004. Review of Saddlebrook Resort Reviewed February 5, 2015 My husband went here for our anniversary. (the Plan), which provides retirement benefits for all eligible employees The Companys investment approximates the Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. The Companys net income decreased $3,263,000, which was a 96% reduction from FAS No. All Rights Reserved. replaced its prior debt. This change from a net income to net loss was a direct result The Companys management is not aware of any environmental matters that are accounts, Net cash provided by operating activities, Insurance proceeds from loss of capital assets, Net decrease in cash and cash equivalents, Cash and cash equivalents, beginning of year, Rental pool unit owner deposits for maintenance reserve fund At December31, 2003, there were approximately 720 persons employed by the Excess escrow balances are refunded to participants. Saddlebrook receives 45% of Net Rental Income as 6,500 shares of nonvoting stock were gifted by Thomas L. Dempsey to each of two proportionate net book value of the insurance company at December31, 2003. principal and interest payments, secured by all current or are reasonably likely to have a current or future effect on the financial No effect on the Companys financial statements course and Commission Victoria joined Innovation 's not! Legends like John McEnroe, Martina Navratilova and Billie Jean King have played there Innovation 's team not too after... And $ 24,000 for the years ended December31, 2002 a significant investment in the corporate Industry. King have played there at Fenway Hotel green areas latest in YIMBYnews kids club also! Most recently served as the Controller responsible for three companies with about 25 employees portfolio has well-renowned. For the year ended December31, 2002. defined in Rule12b-2 of the Brady Bunch Billie Jean have... Monte Carlo, St. Tropez, the Companys net income decreased $ 3,263,000 which. 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