Broadmoor hotel buying Norris-Penrose Event Center in Colorado Springs
The Broadmoor hotel has agreed to buy the Norris-Penrose Event Center, the latest in a series of acquisitions and alliances that link the five-star Colorado Springs resort to signature attractions and venues in the Pikes Peak region.
The hotel has signed a letter of intent with the nonprofit Pikes Peak or Bust Rodeo Foundation, which has owned and operated the Norris-Penrose facility on the city's west side since 2005, said Broadmoor President and CEO Steve Bartolin and Scott Bryan, the foundation's board president and head of a local construction company.
Neither would disclose the purchase price.
The Broadmoor has begun a due diligence period and expects to finalize its purchase in 60 days, Bartolin said Wednesday.
The purchase would include all of the facilities that make up Norris-Penrose, which sits on 73 acres at 1045 Lower Gold Camp Road. The name of the facility will remained unchanged, Bartolin said.
According to the venue's website, Norris-Penrose features an outdoor stadium with 5,700 seats that's playing host this week to the foundation's marquee event: the Pikes Peak or Bust Rodeo, which runs through Saturday. The stadium also can seat 4,300 more for concerts.
As part of the deal, the hotel will make Norris-Penrose available to the foundation rent-free for two weeks each year, when the rodeo takes place, Bartolin said. The foundation operates the annual rodeo and donates proceeds to military charities.
The Norris-Penrose property also includes a 36,000-square-foot building that can host indoor equestrian shows, trade shows and business expos, among other events; a meeting facility with a 6,000-square-foot second level for banquets and other functions; eight outdoor horse arenas; and barns than can hold more than 70 horses.
The Broadmoor's purchase also would include the Pikes Peak or Bust Rodeo Foundation's 50 percent ownership stake in Summit Catering, which operates at Norris- Penrose.
The foundation approached The Broadmoor about six months ago about taking over the facility, Bryan said. The foundation is financially sound and has made significant improvements to Norris-Penrose, he said, but it still has maintenance and capital improvement needs.
"We're still able to give to our military charities, but sometimes at the expense of the facility," Bryan said.
The Broadmoor, meanwhile, has the resources to take Norris-Penrose to "another level," Bryan said. If the hotel takes over, the foundation potentially will have the flexibility to increase its contributions to military groups, Bryan said; the foundation tries to donate at least $100,000 annually, he added.
The Broadmoor envisions upgrades to the property, but it's too soon to know what they might be or whether they'd lead to more and different events on the site, Bartolin said.
"Anything we do, we're going to try and do it right and make it better," Bartolin said.
The Norris-Penrose center has historical ties to the hotel. As part of his effort to enhance the early days of rodeo in Colorado Springs, Broadmoor founder Spencer Penrose built a stadium on the hotel property that opened in August 1938 and hosted the Pikes Peak or Bust Rodeo.
The stadium was torn down to make way for Broadmoor West in the 1970s, and the Penrose Equestrian Center opened that decade. After buying the equestrian center from the county, the foundation changed its name to Norris-Penrose to recognize longtime area rancher and landowner Robert Norris, who's a member of the foundation board.
The Broadmoor this year also announced it's buying the Seven Falls tourist attraction, a deal that's likely to close in a few weeks, Bartolin said. The Broadmoor also announced a naming-rights agreement with the Colorado Springs World Arena, which has been renamed The Broadmoor World Arena, and became the title sponsor of the Pikes Peak International Hill Climb.
Those deals have been made since the Denver-based Anschutz Corp. purchased the internationally known, 3,000-acre Broadmoor in 2011. The Anschutz Corp. also owns the Clarity Media Group, which owns The Gazette.
Reported by: The Gazatte
The hotel has signed a letter of intent with the nonprofit Pikes Peak or Bust Rodeo Foundation, which has owned and operated the Norris-Penrose facility on the city's west side since 2005, said Broadmoor President and CEO Steve Bartolin and Scott Bryan, the foundation's board president and head of a local construction company.
Neither would disclose the purchase price.
The Broadmoor has begun a due diligence period and expects to finalize its purchase in 60 days, Bartolin said Wednesday.
The purchase would include all of the facilities that make up Norris-Penrose, which sits on 73 acres at 1045 Lower Gold Camp Road. The name of the facility will remained unchanged, Bartolin said.
According to the venue's website, Norris-Penrose features an outdoor stadium with 5,700 seats that's playing host this week to the foundation's marquee event: the Pikes Peak or Bust Rodeo, which runs through Saturday. The stadium also can seat 4,300 more for concerts.
As part of the deal, the hotel will make Norris-Penrose available to the foundation rent-free for two weeks each year, when the rodeo takes place, Bartolin said. The foundation operates the annual rodeo and donates proceeds to military charities.
The Norris-Penrose property also includes a 36,000-square-foot building that can host indoor equestrian shows, trade shows and business expos, among other events; a meeting facility with a 6,000-square-foot second level for banquets and other functions; eight outdoor horse arenas; and barns than can hold more than 70 horses.
The Broadmoor's purchase also would include the Pikes Peak or Bust Rodeo Foundation's 50 percent ownership stake in Summit Catering, which operates at Norris- Penrose.
The foundation approached The Broadmoor about six months ago about taking over the facility, Bryan said. The foundation is financially sound and has made significant improvements to Norris-Penrose, he said, but it still has maintenance and capital improvement needs.
"We're still able to give to our military charities, but sometimes at the expense of the facility," Bryan said.
The Broadmoor, meanwhile, has the resources to take Norris-Penrose to "another level," Bryan said. If the hotel takes over, the foundation potentially will have the flexibility to increase its contributions to military groups, Bryan said; the foundation tries to donate at least $100,000 annually, he added.
The Broadmoor envisions upgrades to the property, but it's too soon to know what they might be or whether they'd lead to more and different events on the site, Bartolin said.
"Anything we do, we're going to try and do it right and make it better," Bartolin said.
The Norris-Penrose center has historical ties to the hotel. As part of his effort to enhance the early days of rodeo in Colorado Springs, Broadmoor founder Spencer Penrose built a stadium on the hotel property that opened in August 1938 and hosted the Pikes Peak or Bust Rodeo.
The stadium was torn down to make way for Broadmoor West in the 1970s, and the Penrose Equestrian Center opened that decade. After buying the equestrian center from the county, the foundation changed its name to Norris-Penrose to recognize longtime area rancher and landowner Robert Norris, who's a member of the foundation board.
The Broadmoor this year also announced it's buying the Seven Falls tourist attraction, a deal that's likely to close in a few weeks, Bartolin said. The Broadmoor also announced a naming-rights agreement with the Colorado Springs World Arena, which has been renamed The Broadmoor World Arena, and became the title sponsor of the Pikes Peak International Hill Climb.
Those deals have been made since the Denver-based Anschutz Corp. purchased the internationally known, 3,000-acre Broadmoor in 2011. The Anschutz Corp. also owns the Clarity Media Group, which owns The Gazette.
Reported by: The Gazatte
