Saddlebrook Resort sold to Miami investors planning big renovation
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 2, 2022

Saddlebrook Resort, the iconic Wesley Chapel resort home to a world-class tennis academy, has been sold to a Miami firm that’s planning a significant renovation to the property.

Mast Capital said Wednesday that it has closed on Saddlebrook, which spans 480 acres, in a partnership with Amzak Capital Management. The property includes a 500-key condo-hotel and 100,000 square feet of meeting space, as well as 45 tennis courts and two 18-hole golf courses. It is also home to Harry Hopman Tennis Academy, where some of the world’s top tennis players train.

Financial terms of the deal were not disclosed.

The seller, the Dempsey family, has owned Saddlebrook since 1988. The resort opened in 1981.

Camilo Miguel, the CEO of Mast Capital, on Wednesday told the Busines Journal that his firm is in the early stages of a major renovation to the property that will overhaul the resort, golf course and amenities. They are also evaluating future development on 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’s a lot of opportunity in elevating the property and bringing back some of its luster," Miguel said. "There hasn’t been much investment in the property in decades, so that’s the low-hanging fruit."

Saddlebrook was sold off-market, Miguel said; Mast Capital was one of a handful of groups presented with the opportunity to buy it. Between the condo association and tennis academy on the property, it was a complex transaction, Miguel said. A member of the Mast Capital team has a relationship with Thomas L. Dempsey, which Miguel said helped his firm win the deal.

Mast Capital is planning to refresh all the common areas, Miguel said, as well as improve the golf course experience and upgrade the tennis academy. He said the firm has a short list of architecture and design firms and has already hired HEI Hotels & Resorts to manage the resort.

For now, Mast Capital doesn't plan to sign an agreement with a hotel flag.

"We think the Saddlebrook name is strong on its own," Miguel said. "I’m not closing the door on the flag opportunity, but right now, we think Saddlebrook is very well regarded and quite recognized around the country."

Mast Capital has several residential projects in the works, including a master-planned development with an 80-story condo tower with 400 units and two towers totaling 850 luxury apartment rentals in Miami’s Brickell financial district. The firm entered the Tampa Bay market in late 2021 with the acquisition of a 16-acre multifamily development site in Wesley Chapel, where it plans to build a 248-unit luxury apartment complex in partnership with Rockpoint.