Wesley Chapel, Fl.–The long-standing Saddlebrook Resort in Pasco County has been sold to Mast Capital–in partnership with Amzak Capital Management–with a significant renovation in mind. The sale of the 480-acre resort closed on March 2nd, which 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, two Arnold Palmer designed championship golf courses and many other amenities.
The financial terms of the deal were not disclosed. The seller, the Dempsey family, has owned Saddlebrook which opened in 1981, since 1988. Camilo Miguel, the CEO of Mast Capital, mentioned his firm is already in the early stages of a major renovation to the property that will overhaul the resort, golf courses and amenities. They are also evaluating future expansion of the property that could add residential and commercial space. Mast Capital is also looking at ways to improve the resort’s food and beverage service.
“I think there is a lot of opportunity in elevating the property and bringing back some of its luster,” Said Miguel. There hasn’t been much investment in the property in decades, so that’s the low-hanging fruit.”
The Saddlebrook Resort was sold off-market. Mast Capital was one of a handful of groups presented with the opportunity to purchase it. Between the condo association and tennis academy on-site, it was a complex transaction. Fortunately, a member of the Mast Capital team has had a relationship with Thomas L. Dempsey, which helped seal the deal.
Mast Capital is planning to refresh all the common areas asap, as well as improve the golf course experience and upgrade the tennis academy. The firm has a short list of architecture and design firms and has already hired HEI Hotels & Resorts to manage the resort.
For years Saddlebrook has been a premier destination for sports enthusiasts and those wanting to improve their golf or tennis game. I can remember doing a story on the Arnold Palmer Golf Academy which was actually headquartered here for many years. The Resort is located one mile east of Interstate 75 at exit 279, just over 30 miles north of Tampa International Airport. Stayed tuned for more happenings.