Broadmoor deal falls through; expect 'business as usual' at Norris-Penrose Event Center
A month after announcing it was buying the Norris-Penrose Event Center, The Broadmoor hotel has withdrawn from the deal.
The hotel made the decision about a week ago after it completed research of the acquisition, Broadmoor President and CEO Steve Bartolin said Friday.
He declined to say why The Broadmoor nixed the deal.
"The due-diligence process is multifaceted, and it explores every aspect," Bartolin said. "Let's just say that a number of things combined to where we felt it wasn't in our best interests to move forward."
Norris-Penrose, which includes an outdoor stadium with 5,700 seats, has been owned and operated since 2005 by the nonprofit Pikes Peak or Bust Rodeo Foundation. The foundation conducts its annual Pikes Peak or Bust Rodeo at the venue and donates proceeds to military charities.
Scott Bryan, foundation board president and head of a local construction company, said the group was disappointed by The Broadmoor's decision.
When the deal was announced last month, Bryan had said the foundation had approached The Broadmoor six months earlier about taking over the facility - believing the hotel had the resources to take the center to "another level."
Bartolin didn't offer an explanation on the decision, Bryan said. "Those things happen," Bryan said. "Deals sometimes fall through."
A lawsuit filed this year against the foundation by Robert C. Norris, the longtime local rancher and former foundation board member, wasn't a factor in The Broadmoor's decision, Bartolin said.
Bryan said the dispute with Norris - who alleged the foundation failed to repay a loan he had made to help finance upgrades - had nothing to do with The Broadmoor's decision.
In fact, Bryan said Norris' suit either has been or will be resolved and that Norris has rejoined the foundation's board as a member. Norris couldn't be reached for comment Friday.
Bryan said he expects the board will discuss The Broadmoor's decision at its regular meeting Thursday. At this point, Bryan added, the foundation isn't looking to sell the venue to another buyer.
"We'll just go along like we have been," he said. "It's going to be business as usual."
The Broadmoor said July 9 that it had signed a letter of intent with the foundation to buy Norris-Penrose. At that time, Bartolin said he expected the deal to be completed within 60 days after a due-diligence period, and he envisioned the hotel would make improvements to the center.
Reported by: The Gazette
The hotel made the decision about a week ago after it completed research of the acquisition, Broadmoor President and CEO Steve Bartolin said Friday.
He declined to say why The Broadmoor nixed the deal.
"The due-diligence process is multifaceted, and it explores every aspect," Bartolin said. "Let's just say that a number of things combined to where we felt it wasn't in our best interests to move forward."
Norris-Penrose, which includes an outdoor stadium with 5,700 seats, has been owned and operated since 2005 by the nonprofit Pikes Peak or Bust Rodeo Foundation. The foundation conducts its annual Pikes Peak or Bust Rodeo at the venue and donates proceeds to military charities.
Scott Bryan, foundation board president and head of a local construction company, said the group was disappointed by The Broadmoor's decision.
When the deal was announced last month, Bryan had said the foundation had approached The Broadmoor six months earlier about taking over the facility - believing the hotel had the resources to take the center to "another level."
Bartolin didn't offer an explanation on the decision, Bryan said. "Those things happen," Bryan said. "Deals sometimes fall through."
A lawsuit filed this year against the foundation by Robert C. Norris, the longtime local rancher and former foundation board member, wasn't a factor in The Broadmoor's decision, Bartolin said.
Bryan said the dispute with Norris - who alleged the foundation failed to repay a loan he had made to help finance upgrades - had nothing to do with The Broadmoor's decision.
In fact, Bryan said Norris' suit either has been or will be resolved and that Norris has rejoined the foundation's board as a member. Norris couldn't be reached for comment Friday.
Bryan said he expects the board will discuss The Broadmoor's decision at its regular meeting Thursday. At this point, Bryan added, the foundation isn't looking to sell the venue to another buyer.
"We'll just go along like we have been," he said. "It's going to be business as usual."
The Broadmoor said July 9 that it had signed a letter of intent with the foundation to buy Norris-Penrose. At that time, Bartolin said he expected the deal to be completed within 60 days after a due-diligence period, and he envisioned the hotel would make improvements to the center.
Reported by: The Gazette
