After months on the market, a Garden of the Gods Club executive said that the facility, land and assets are in the process of being purchased.
Few details are known of the club’s pending sale — including the identity of the buyer, who has requested anonymity until time of closing — which is being brokered by CBRE Golf and Resort Properties.
“The potential new owners are going through the due diligence process and have asked to remain confidential until after their closing,” said General Manager and CEO Billy Peterson, adding that the identity of the buyer might become available sometime in late October.
Word that the club would soon hit the market came in February and co-owners Sunrise. Co and Thomas Schmidt LLC later posted a listing — without asking price — at CBREMarketPlace.com. California-based Sunrise and Texas-based Thomas Schmidt purchased the club from Hill Development Corp. in 2007 for $24.75 million and have since invested $5 million in property improvements.
The 260-acre property includes a 43,000-square-foot main building, a 27-hole golf course with 31,500-square-foot clubhouse, and an 83-room lodge with spa, salon, fitness center and other amenities.
Also among the club’s assets is a large parcel of undeveloped acres of land that is zoned for residential construction. The land is part of a development that includes Kissing Camels and was originally master-planned for 1,000 residential units — there are currently 500 homes at Kissing Camels. While preparing for the sale the partner companies broke ground last year on its new Cathedral Ridge development, located near Kissing Camels.
“The club generated nearly $12 million in gross revenue in 2012 and is on pace to generate more than $12 million in 2013, with corresponding EBITDA of $1 million,” according to the listing.
Construction of the club at 3320 Mesa Road originally began in 1950 after Hill Development Corp. founder Al Hill and his wife bought the property a year prior. Many of the club’s amenities have since been rebuilt or remodeled.
“A fixture in Colorado Springs, Garden of the Gods Club is set high on a bluff with striking views of its namesake Garden of the Gods Park, Pike’s Peak and Rocky Mountains,” boasts the listing.