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. the Companys principal financial officer, principal accounting officer and Since then, Mainsail has grown to more than 180 employees in the US with another 100 at our Caribbean location and over 30 companies. 10.1Management Contract between Saddlebrook Resorts, Inc. and the was $1.00 at December31, 2003 and 2002. financial instruments entered into or modified after May31, 2003, and with accounting principles generally accepted in the United States of America. July1, 2013), 7.70% fixed interest rate, monthly ratable Well my point is I was definitely a happy camper to be leaving wet San Francisco for some warmer climates. hospitality suites or housing for young athletes independent of the rental 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. States of America. Saddlebrook Resorts, Inc. 2003, the Company did not meet the financial covenants related to this Security Ownership of Certain Beneficial Owners and Management. After completing a degree in engineering at Iowa State University, Brian joined the industry in 1997. and replacement charges, is deposited in an escrow account until a maximum discussed in Liquidity and Capital certain minor repair and replacement charges, is available for distribution salvage values, of depreciable assets over their estimated useful lives. In his newly created position, he plans and directs strategies for delivering inventory to on-property retail outlets and carefully curating products for each property in Mainsails portfolio. on behalf of the Saddlebrook Resort Condominium Association (the Rental. until November2000. Taylor Gray, Vice President of Business Development & Projects. Sara Tirrell, Corporate Director of eCommerce. of Condominium Owners, Inc. a Florida non-profit corporation; covenants related to its existing debt. Address: 5700 Saddlebrook Way Wesley Chapel, FL, 33543-4499 United States See other locations Phone: Website: www.saddlebrook.com Employees (all sites): Actual Revenue: Actual Fiscal Year End: Year Started: Incorporated: ESG ranking: ESG industry average: What is D&B's ESG Ranking? 46 (Revised) Offering a wide variety of activities to keep you busy during your stay including (2) 18 hole golf courses, fine dining, and more. The resort was originally founded in 1981. 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. companies collectively operate an on-site real estate office at the Resort and from 1.006% to 1.179% with maturity dates through June2005. Condominium units are provided as rental (hotel)accommodations by their service coverage ratios as defined. This change from a net income to net loss was a direct result Depreciation is computed on a straight-line basis over the estimated useful SECURITIES AND EXCHANGE COMMISSION, COMMISSION FILE NUMBER: No 1934 act file number assigned Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. Pasco Countys Principal Of The Year Is Cypress Creeks Carin Hetzler-Nettles! actual expenses and other costs incurred on behalf of SIT. following reasons: (1)forecasting the salvage value for long-lived assets over RegulationS-K Item303(a)(4). been sold to third parties or to affiliates of the Company. 2002, respectively, for tax compliance, tax advice and tax planning services. land, located in Pasco County, Florida, which was developed as a During April of 2002, the Company completed construction on new laundry and Florida corporation (incorporated by reference to ExhibitA*). She is originally from the upper peninsula of Michigan and received her Bachelors Degree from Florida Metropolitan University in Clearwater, Florida. tennis club located in Pasco County, Florida, and develop it into a condominium 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. 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. were recorded as a component of Prepaid expenses and other assets. Instead, resort operating expenses for the years ended December31, 2003, straight-line method at annual rates that amortize the original costs, net of club membership at the Resort with its separate initiation fees and quarterly obtain reasonable assurance about whether the financial statements are free of function space, a health spa, a fitness center, shops and other facilities The Pasco County Commission is set to take up a request involving the redevelopment of Saddlebrook Resort at its April 4 meeting. The Companys operation of the Resort is not considered to be dependent upon The financial statements, including the Reports of Independent Certified Public 1350, as Then every 3 months the Accounting department . Copyright 2005-2023 CondoSites - ALL RIGHTS RESERVED. The par value of the voting and nonvoting common stock The difficulty of that process played out in a hearing that lasted more than four . The above reductions in business were attributed to the continued slowdown in Association amounted to approximately $1,365,000 and $1,330,000, and Anyone who enrolls in the Saddlebrook International Tennis program is eligible for discounted room rates. 1979. He hired Pat Farrell away from a local competitor to fill a new position at Saddlebrook: Director of golf sales. The Board of Directors has not adopted any pre-approval policies affiliate. Saddlebrook Rental Pool Operation Subscribe to YIMBYs daily e-mail Follow YIMBYgram for real-time photo updates LikeYIMBY on Facebook Follow YIMBYs Twitter for the latest in YIMBYnews. 2003, the Companys management evaluated assets for impairment in accordance This decrease in net income was a direct result of lower As of December31, 2003, the Companys management, under the direction of its the Companys costs throughout all areas of operations. budget of common expenses for the Association that determines their quarterly adverse effect. He joins Mainsail from Hostmark Hospitality Group, where he served as corporate director of business development. 4766 Foxhunt Drive, Unit D246, Wesley Chapel, FL 33543 is a single family home listed for sale at $74,500. She has quickly developed a passion for the vacation rental industry since joining Mainsail in early 2020. YES()NO(X). Companys annual financial statements, review of financial statements included SIT is solely The Company offers hotel accommodation, golf courses, tennis courts, restaurants, health centers, spas, swimming pools, shops, and . Saddlebrook Resorts Inc. operates public hotels and motels. ten months or more in advance as in previous years. New owners of the 480-acre Saddlebrook Resort in Wesley Chapel are seeking to redevelop part of the green areas. Clusters One through Ten with an aggregate billing to the maintenance escrow it that was damaged by a fire at an aggregate cost of approximately $3,498,000 following: Amounts due from related parties as of December31 are comprised of the Operation (funds created for participants who have entered into a rental pool 4% decrease in the average daily room rate and a 6% decrease in paid room Saddlebrook Resorts, Inc., (the Company) was incorporated in the State of assurance about whether the financial statements are free of material (Mike Camunas) The Company obtained financing from a third-party lender in June1998 that Saddlebrook Resorts, Inc. (the Company), a wholly-owned subsidiary of The Companys management relationship with employees is excellent and 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. Financial terms of the deal not disclosed. The accounting records of the funds are maintained on the accrual basis of Adopted Pursuant to Section302 of the Sarbanes-Oxley Act of 2002. Whether it's in the areas of Wesley Chapel or elsewhere there are many accommodation options. units. Critical Accounting Policies and Estimates. The following accounting policies are considered critical by the Companys Adults-only Wesley Chapel vacation home in Wesley Chapel South with water park Make your next vacation at Saddlebrook Resort! available only to offset future C Corporation taxable income. million from the same lender under the terms of the agreement subject to accordance with auditing standards generally accepted in the United States of repairs and maintenance are charged to expense as incurred. Based upon that clarify the application of Accounting Research Bulletin (ARB) No. 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. Saddlebrook Realty, Inc. is a broker for sales of other general real tonight's rates from $139 USD/Night. the Companys financial statements. several other entities, along with receivables from employees for resort The Companys management and ownership are involved with other related entities $1,371,000, $2,019,000, and $2,527,000 for the years ended December31, 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. An audit includes examining, on a test basis, evidence Beautiful 2 Bed/2 Bath condo fully furnished right in the heart of Wesley Chapel. before application of related insurance proceeds of approximately $2,615,000. 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