The Broadmoor announced Thursday its plans to purchase the Norris-Penrose Event Center from the Pikes Peak or Bust Rodeo Foundation for an undisclosed price.
Broadmoor President and CEO Steve Bartolin and Rodeo Foundation President Scott Bryan signed a letter of intent for the purchase of the complex at 1045 Lower Gold Camp Road, according to a news release.
“This is an exciting new chapter in an era of a long-standing tradition of the Pikes Peak or Bust Rodeo and our community’s western heritage,” Bryan said in the release. “We know The Broadmoor will invest the capital needed, as well as the quality of operation.”
Sale of the property, which each year houses the Pikes Peak or Bust Rodeo, would include an outdoor stadium with seating for up to 10,000 people, as well as a 36,000-square-foot building for special events, according to the center’s website. The Foundation has owned the property since 2005.
The transaction would be another in a series of deals made by The Broadmoor since the resort itself was purchased by Denver-based Anschutz Corp. in 2011. That company also owns the Pikes Peak Cog Railway, naming rights to the Broadmoor World Arena and Clarity Media Group, which owns The Gazette. Anschutz Corp. is also under contract to purchase local tourist attraction Seven Falls.
The transaction is expected to be finalized within the next 60 days, the Gazette reported Thursday morning. That report also indicated that as part of the deal, the Foundation will use the facilities without charge for two weeks each year as part of rodeo events.
The event center was originally built by Spencer Penrose in 1938, but the structure was razed in the early ’70s to make way for Broadmoor West. The center was rebuilt in its current location in 1973, according to the release.
“The BROADMOOR will ensure a high quality operation, and respect and support the tradition of Western Heritage with the Pikes Peak or Bust Rodeo, which was first held in August of 1938,” Bartolin said in the release. “The most important thing, however, is that we will be able to assist the Pikes Peak or Bust Rodeo Foundation in a very important mission that began when the rodeo resumed after World War II: Providing additional support to charities that support our military families. For the immediate term, we must work through the due diligence process.”