Mast Capital, in partnership with Amzak Capital Management, has secured a $72.5 million loan from Beach Point Capital Management to finance the comprehensive renovation of Saddlebrook Resort in Tampa’s Wesley Chapel neighborhood.
The 480-acre Saddlebrook Resort is undergoing an expansive renovation to enhance and revitalize. The $92 million transformation encompasses a full-scale redesign of the guestroom suites, lobby, meeting spaces, pool and outdoor facilities, golf course and food and beverage destinations, as well as significant upgrades to the resort’s landscaping, renowned sports facilities and lifestyle amenities.
“Saddlebrook has a storied legacy as a world-class resort destination and elite athlete training facility," Jordan Kornberg, chief investment officer at Mast Capital, said in a statement. "The extensive renovation underway marks a significant milestone in its evolution, delivering a reimagined resort that will once again make Saddlebrook an attractive destination for groups and leisure travelers alike,” “The financing arranged for the renovation is the latest step forward as we fulfill our commitment to invest in reestablishing Saddlebrook’s iconic status while maintaining the fabric of Saddlebrook’s success.”
The reimagined resort will have elevated guestrooms, with spacious one- and two-bedroom suites, to reflect contemporary refinement. Public spaces will receive comprehensive enhancements, including updates to the lobby, porte-cochere arrival area, and over 30 flexible meeting spaces to create functional and aesthetically pleasing settings for guests and event attendees.
The outdoor experience will be equally transformed, with a redesigned pool deck featuring distinct zones for adults seeking tranquility, and families desiring fun. Culinary offerings will also be elevated with plans to reimagine the main resort restaurant, introduce a specialty dining venue, expanding the lobby with a coffee bar and marketplace, and revitalizing the poolside café and bar.
Mast Capital first partnered with Amzak Capital Management to acquire the Saddlebrook property in spring 2022. Future development plans include a vibrant town center featuring 465 rental apartments, 25 townhomes, 75,000-square-feet of retail and office space, and a pedestrian promenade.
The renovation’s success is a result of strategic collaboration, according to Mast officials. Benchmark Pyramid operates the resort, with Troon managing the golf operations. Design and landscaping are led by industry leaders, including Rees Jones for golf, RVI and Perry Becker for landscaping, EoA Group for interior design, Parker International for purchasing, and Atwell and Align Design for architectural enhancements. The renovation construction work is led by Origin Construction for public areas, Humphrey Rick (HR) Construction for guest rooms, and NMP Construction for golf.
JLL’s Capital Markets team, led by Senior Managing Director Chris Drew and Managing Directors Brian Gaswirth and Jeff Bucaro along with Paul Adams, Mark Deslauriers, and Nicole Barba, represented the joint venture of Mast Capital and Amzak Capital Management in securing the financing.