Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 6. Commitments and Contingencies

Contingencies

In the normal course of our operations, we are subject to claims and lawsuits. Our former insurance carrier has requested reimbursement of monies from us that they paid in 2010 to settle certain claims asserted against us. We believe the request for reimbursement has no basis and, through our legal counsel, have denied the insurance carrier’s request for reimbursement and we intend to fully defend our position. The outcome of this matter cannot be determined at this time. We believe this matter will not have a material effect on our financial condition and results of operations, and accordingly, there have been no adjustments to the accompanying condensed financial statements as of March 31, 2012 for the effects of this matter.

PGA Tour Event

Innisbrook Resort has been the site of a PGA TOUR event since 1990. The annual event typically takes place in March, our peak demand month. Transitions Optical, presenting sponsor of the PGA TOUR event for the past three years, did not exercise its option as sponsor beyond the March 2012 event. Because the Innisbrook Resort event is so highly regarded by the United States and foreign-based PGA TOUR players (strength of the Copperhead Golf Course, superior accommodations, place in the PGA TOUR’s “Florida Swing” schedule), those associated with the event are confident that a viable sponsor will be in place well in advance of the 2013 event. It should be noted that the combined resources of the PGA TOUR, the Copperheads and Salamander Hotels and Resorts/Innisbrook Resort have been deployed in a concerted effort to secure a new partner. We fully expect to continue to be the site of a PGA TOUR event for many years to come. Because the PGA TOUR event is held during our peak demand month, we do not anticipate any adverse financial impact in the unlikely event that the PGA TOUR event is not held at Innisbrook Resort in future years.