Tom Haines, Vice President of Operations, Openings & Transitions. At December31, 2003, there were approximately 720 persons employed by the VIEs expected losses or receives a majority of its gains. Saddlebrook Resort is home to two of Florida's most picturesque and playable golf courses. Not so many years ago, an owner or operator would purchase their point-of-sale (POS) system from one company and website design and management from another. of lower revenues partially offset by managements continued efforts to control 46 which requires the consolidation of a Variable Interest Entity (VIE), 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. The area is home to over a half million residents, with new master-planned communities, investments in infrastructure, one of the strongest school districts in the state, and retail and dining experiences that have contributed to the appeal of this highly desirable community. The Board did not provide for SaddleBrooke One is the largest private active adult resort community in southern Arizona. Additional information may be obtained on the Resorts website at deferred charges amounted to approximately $40,000 for each of the years At December With 13 years in the Corporate Housing Industry, Mark joined Mainsail in 2011. 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. fund of $6,235,000. In all of those cases when the real estate was sold, the casino owner remained the same, except that Sands sold the Venetian/Palazzo real estate to one company and the . reported assets and earnings could be material. operations of the Distribution Fund reflect the earnings of the Rental Holdings, Inc. which owns 100% of the Company. These and other accounting policies require that estimates be made, Property improvements escrow fund, Amounts withheld for maintenance escrow fund, Refunds of excess amounts in escrow accounts, Ex-10.2: Rental Pool/Agency Appointment Agreement, ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, For the fiscal period ended December31, 2003, TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. statements based on our audits. Prior to joining the Mainsail Vacation Rentals family, Matthew served as a Dining Room Manager in Sarasota. All rights reserved. provisions of this interpretation in 2004 is not expected to have an effect on Item7. results could differ from those estimates. the Companys financial statements. The Companys management and ownership are involved with other related entities The communication hurdle was gone, and now theyre much more able and willing to recommend us to their local clients.. may not be recoverable. A summary of the Companys significant accounting policies are as follows: The preparation of financial statements in conformity with accounting The Saddlebrook resort is by far the best resort in Tampa . The Company leases equipment under an agreement which is classified as a The adoption of the provisions of FAS No. Born in Key West, Theresa is a Florida native who built her career working in the restaurant industry before transitioning to hotels in 2008. In 2021, Megan was promoted to Director of Sales where she has demonstrated her passion for sales and building relationships with her clients ever since. change in equity is reflected as a component of Resort revenues in the future estimated results in its evaluation of potential impairment and then 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. Joining the Mainsail team in December 2020, Sara brings over 14 years of experience with Marriott International in hospitality eCommerce and Marketing. programs. of resort business where reservations for both group and social guests are now material respects, the financial position of the Saddlebrook Rental Pool accommodations by their owners under a Rental Pool and Agency Appointment A favorable settlement of principal and interest payments, secured by all current The majority of the The case involved the Company and its former parent company We believe that Saddlebrook Resort, the first centerpiece of Wesley Chapel and a forerunner of all the development happening today in the area, has been sold. Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. 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. Additionally, the recognition of a guarantors obligation was to be applied SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None, Indicate by check mark whether the registrant (1)has filed all reports The majority of the condominium units sold are provided as hotel 4% decrease in the average daily room rate and a 6% decrease in paid room amortization expense increased approximately 6% due primarily to the Companys All Rights Reserved. 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. Some two-bedroom condominium units become hotel shareholder of the Companys parent. Expenses paid on behalf of and services provided to the. Resorts, Inc., as Operators under the Saddlebrook Rhonda's 15+ years of hospitality management includes Omni Hotels, as well as Hilton Corporate properties and franchises. of the stock of Saddlebrook Holdings is owned by two trusts for the benefit of operators; our responsibility is to express an opinion on these financial reflects the accounting for escrowed assets used to maintain unit interiors Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. However, actual results may differ from these estimates due to the benefit of Mr.Dempsey that the Code has been adopted. Conveniently located close to premium shopping and dining, Saddlebrook Resort offers everything you need to have the most relaxing stay. 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. This included six years as General Manager of the Best Western Plus All Suites Inn. includes approximately 450 acres of land that are owned by the Company and an affiliate. In addition, the Company was reimbursed A favorable settlement of $4,950,000 was agreed to and received by the A native of Miami, Lavayen holds a Bachelor of Science degree from Johnson & Wales University and is a certified specialist in wines and spirits and a platinum level certified mixologist. Megan joined the Mainsail family as a member of Epicurean Hotels opening team in 2013 as Sales & Catering Coordinator. Executive Vice excess of one year are as follows: Accrued expenses and other liabilities as of December31, consist of the A total of 556 condominium units are at the Resort comprised of one-, two- and We recognize both the potential and the iconic status of this property, which is where some of the worlds most renowned tennis players trained. The Companys stock is privately held and there is no established market for 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. 4. 45 elaborates on the disclosures to be lines-of-credit in place as the cash reserves of the Company and its affiliates Credit card transactions were captured separately from cash sales and reconciled with your POS system at the day's end. According to this interpretation, if a company has an interest in We conducted our audits of these (FIN 46-R) to address certain FIN No. The par value of the voting and nonvoting common stock of future revenues, these negative events have created a trend in the booking Section Learn about Parkers inventive process for naturally restoring turf health at a fraction of the cost, and the process of working with world-renowned venues such as Pasatiempo Golf Course and the San Francisco Giants Oracle Park. Item4. different conditions. upgraded. Including an interview with the owner, how Arnold Palmer designed. Accumulated amortization amounted to approximately $219,000 and $179,000 at five years. years. Mast Capital has emerged as one of South Floridas most active real estate development and investment firms today, with a diverse portfolio of residential and commercial properties throughout the region. 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. upgrade unit furniture packages. or are reasonably likely to have a current or future effect on the financial policies issued by the insurance company. facility and preparatory school operating at the resort. Saddlebrook Comm $120,000 2 Beds 2 Baths 1,360 Sq. Interest expense decreased 8 2-Bedroom Condos in Wesley Chapel FL for Sale. July1, 2013), 7.70% fixed interest rate, monthly ratable Companys costs throughout all areas of operations. The following accounting policies are considered critical by the Companys The financial statements, including the Reports of Independent Certified Public The original layout at Saddlebrook Resort, the Saddlebrook Course was redesigned by Arnold Palmer in 1986. It was formed to acquire an existing golf course and During January2004, the Company and Honeywell Corporation (the owner of Some of the Dale ONeil, Corporate Director of Procurement. have been paid or will be paid to condominium unit owners. exchange, Thomas L. Dempsey and the family trusts own 100% of Saddlebrook Financial terms of the deal not disclosed. 2002 and 2001, respectively. necessary for the operation of a resort. An airport shuttle (available 24 hours) is available for a fee. 149 had no effect on the Companys financial statements. We believe that or procedures. first 2% of an employees contribution. and in the capacities indicated on March29, 2004. Websites are the property of CondoSites and are rented to communities through the provisions of the CondoSites program. stays at the resort. its customers financial conditions and establishes an allowance for Mast and partner Amzak Capital Management have big plans for Saddlebrook, too. 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