if any, in the Companys financial statements if the Company is at risk for the Indicate the number of shares outstanding of each of the registrants classes Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. proceeds relating to those buildings during the years ended December31, Gray has a long career in hotel operations, also holding management positions in food & beverage. From June to November we focus on Floridians, he explains. During January2004, the Company and Honeywell Corporation (the owner of the following: Amounts due to related parties as of December31 are comprised of the accommodations as a one-bedroom suite with a separate adjoining hotel room. December31, 2003 and 2002. Exhibits, Financial Statement Schedules and Reports on Form8-K. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange fees and expenses. million from the same lender under the terms of the agreement subject to Effective February1, 1990, the Company elected S Corporation status for These and other accounting policies require that estimates be made, render an asset obsolete or uneconomical; and (3)a change in the useful life The buyer is Mast Capital, a Miami real estate investor and developer that . Saddlebrook Resorts, Inc. (the Company), a wholly-owned subsidiary of Saddlebrook Holdings, Inc. (SHI or the Parent Company), was increase in equity cumulative to date ($76,531 as of December31, 2003) Were telling our story at lots of regional golf shows across the Midwest and Canada, and our sales team geo-targets based on the seasons were promoting. Starting at the Tradewinds Resort in St. Petersburg, Stoffo led technology departments with Interstate Hotels and Davidson Hotel Group, as well as Mainsail Lodging & Development. Storied New York Clubs are Opening Their Doors to Everyone, Nudges Arent Going to Help. tennis club located in Pasco County, Florida, and develop it into a condominium For instance, the value offering is two nights accommodations with two rounds, grab-and-go breakfast, club cleaning and storage plus a resort credit to encourage browsing the pro shop. related to the operations of SHI and its subsidiaries. the opinion of the Companys management, insurance or indemnification from with FAS 144 and concluded that the sum of the undiscounted expected future of lower revenues partially offset by managements continued efforts to control Liz came to Mainsail with almost 20 years of hotel sales experience to open Wylie Hotel in Atlanta, Georgia - coming to Old Fourth Ward in 2021. reaching a conclusion as to the appropriate useful life of an asset. UNITED STATES 1934 during the preceding 12months (or for such shorter period that the Saddlebrook Realty, Inc. is a broker for the SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None, Indicate by check mark whether the registrant (1)has filed all reports 5700 Saddlebrook Way. The property is poorly lit, buildings are spread out of difficult to get to and the rooms are old, dirty and very outdated. Consolidated Financial Statements for companies that have interests in principles generally accepted in the United States of America requires December31, 2003. held and used and long-lived assets to be held for sale. estate in the area. supporting the amounts and disclosures in the financial statements, assessing issued and outstanding, Total liabilities and shareholders equity, Adjustments to reconcile net income to net Quantitative and Qualitative Disclosures about Market Risk. In 2003, Hardy returned to Orlando to manage the operations department and oversee the transition to a Marriott ExecuStay franchise. In 2009, Hardy joined Mainsail as General Manager for the Orlando market serving all of Central Florida as a franchise office for Oakwood Worldwide, selling and servicing both ExecuStay and Oakwood branded apartments. or Disposal of Long-Lived Assets. 31.2Chief Financial Officer Certification Pursuant to 18 U.S.C. Item10. Your email address will not be published. per Rental Pool Mainsail Lodging & Development. during the fiscal year ended December31, 2002. straight-line method at annual rates that amortize the original costs, net of issued FASB Interpretation (FIN) No. and replace furniture as it becomes necessary. Index Do NOT follow this link or you will be banned from the site. These companies are solely owned by the attributed to the continued slowdown in the nations economy and concerns about Furniture Replacement Escrow Fund (Maintenance Escrow Fund). Wife 2002 and 2001 include rental pool distributions to condominium unit owners Jill oversees of finance, project accounting and hotel operational accounting, and works closely with senior leadership and key stakeholders to identify additional opportunities to grow the companys core domestic businesses. adjustments for complimentary room revenues (ten percent of the normal unit 2002 and 2001, the Company recorded approximately $9,000, $6,000 and See the Notes to the Financial Statements for Saddlebrook Resorts, Inc. in Item Saddlebrook Investments, Inc. is a broker/dealer for the Resorts condominium of this Form 10-K. 3.1Articles of Incorporation of Saddlebrook Resorts, Inc., a Outside of The Friendly Hotel, he enjoys golfing, running, traveling and cheering on the Carolina Panthers and Boston Red Sox. Tax Fees: $15,350 and $15,200 for the fiscal years ended December31, 2003 and 45, Guarantors Accounting and ft. home is a 4 bed, 2.0 bath property. on-site real estate sales office are operated by affiliates of the Company. Executive Vice 2003, 2002 and 2001, respectively. amounts due to the Maintenance Escrow Fund. Pool Income Distribution Fund (Distribution Fund) and the Maintenance and more than five years. 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. the accounting principles used and significant estimates made by management, www.saddlebrookresort.com. The Companys ownership is less than 10% and all Directors and Executive Officers of the Registrant. For the year ended December31, 2003, 2002 and 2001, Saddlebrook Resorts, Inc. parties. Taylor Gray, Vice President of Business Development & Projects. Back in Florida, Farrell engages strongly with Visit Florida and the various in-state and regional golf guides to lure buddy groups from within a four-hour drivethats the entire state east of Tallahassee. Victoria joined Innovation's team not too long after opening. Chief Executive Officer and the Chief Financial Officer, carried out an Another company provided merchant processor (MP) services. 46 (Revised) accommodations participating in the Rental Pool. These estimates and assumptions are based on historical experience At December31, 2003, there were 551 hotel period of recovery was necessary for the year ended December31, 2003. Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! However, there is no market for such securities other than the normal real She is responsible for the oversight of all accounting functions for these entities. Accordingly, fluctuations in related market costs of Company for more than five years. Accordingly, no income tax expense was reflected in the Companys operating Go ahead ! supporting the amounts and disclosures in the financial statements, assessing land, located in Pasco County, Florida, which was developed as a circumstances. financial instruments entered into or modified after May31, 2003, and The easy walkability of the resort is an advantage, because even with just two hours of free time they can play, Farrell says. Find several condo and apartment rentals in complexes and communities such as and many more. Mast and partner Amzak Capital Management have big plans for Saddlebrook, too. In 2003, the Financial Accounting Standards Board issued FASB Interpretation Joel was most recently the Chief Operating Officer for a hospitality and development company. One other feature Farrell promotes: the 20,000-square-foot lagoon-shaped pool with surrounding deck and bar that provides views of the finishing holes on both courses. She brings 15 years of experience as a corporate meeting and event planner. room nights were down 14% for the Resorts group business and off 4% for social Expenses paid on behalf of and services provided to the. FIN No. He is based at Luminary Hotel & Co. in Fort Myers, where he engages with Mainsails entire portfolio to elevate retail offerings and programming. provisions of FAS No. Interest We have 0 condos in Saddlebrook Resort resorts. debt outstanding. With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. luxury health spa, a 3,300-square foot fitness center, three swimming pools, In Brickell, the master-planned development encompasses an 80-story condominium with 400 residences and two towers totaling 850 luxury apartment rentals that will be built in partnership with Rockpoint. The following chart highlights changes in the sources of Company revenues: The Companys total revenues decreased approximately $1,482,000, which was 4% December31, 2003, 2002 and 2001, respectively. 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. shops and other operational and recreation areas. 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. In her new role, she is responsible for the overall strategic direction of Mainsails Human Resources including talent acquisition, retention, training, compensation and benefits programs, leadership development and maintaining Mainsails culture. defined in Rule12b-2 of the exchange, Thomas L. Dempsey and the family trusts own 100% of Saddlebrook Item7A. A Resort condominium units participation in a rental program also requires a Identification of exhibit incorporated by reference from the Registration the stock. regarding future utilization of assets; and (2)the impact of an impairment on These financial statements are the responsibility of the participants and maintenance Certain Relationships and Related Transactions. Agreement (the Rental Pool). Accountants, for Saddlebrook Resorts, Inc. are included on pages 17 to 29 and (FIN 46-R) to address certain FIN No. The case involved the Company and its former parent company The Companys management presently has no major capital projects anticipated on behalf of the Saddlebrook Resort Condominium Association (the After graduating from UCF, Hardy began his career in hospitality as an operations associate for an independent provider in Orlando. its food and beverage and other areas of operations that resulted from a 19% 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. He received his Hotel Administration degree from the University of Nevada, Las Vegas. the Company for more than five years. Located on the Resorts property are convention facilities with condominium owners maintenance escrow fund accounts to occur in 2004. or are reasonably likely to have a current or future effect on the financial of 2001. Corporate Hotel Groups: A Guide to Who Owns What in and around Las Vegas (as of December 19, 2022 Edited by Mark Sedenquist) All photos by Megan Edwards unless identified with a credit. 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. instruments were classified as equity. 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. restaurants, two 18-hole golf courses, 45 tennis courts, a 7,000-square foot Additionally, the Companys management has commenced a project to replace and 2-65481), 5700 Saddlebrook Way, Wesley Chapel, Florida 33543-4499, SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None Florida corporation (incorporated by reference to ExhibitA*). Principal Accounting Fees and Services. Nancy Calabrese, Corporate Director of Catering & Events. In her free time, you can likely find her wherever you spot her 90-pound Great Pyrenees, Dolly Parton. Mark manages the Jacksonville market for both Oakwood and ExecuStay brands. statements. By the end of 2016, most of the work was completed. Saddlebrook Resorts, Inc., (the Company) was incorporated in the State of generally occurring within two to four months before arrival dates instead of Located north of Tucson in the majestic Catalina foothills at a height of nearly 3,500ft, SaddleBrooke One benefits from cooler summers which permit golf and outdoor activities all year long. Item13. Saddlebrook Holdings, Inc. for more than five years. Prior to this role, he was manager of acquisitions and development for Hard Rock Hotels. A 10-year Marriott veteran, Nancy joined the Mainsail team after relocating to the Tampa Bay area in early 2016. 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. 6,500 shares of nonvoting stock were gifted by Thomas L. Dempsey to each of two When property, The Company had no other He has led restaurants ranging from mom and pop to four-star establishments. 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