The Broadmoor Resort is a luxurious hotel located in Colorado Springs, Colorado. It is a popular destination for tourists from all around the world who want to indulge in the scenic beauty of the Rockies and enjoy top-notch amenities.
But have you ever wondered who owns this magnificent resort? In this article, we will unravel the mystery behind the ownership of the Broadmoor Resort.
Overview of The Broadmoor
The Broadmoor was founded in 1918 by Spencer Penrose, a wealthy entrepreneur who made his fortune from mining and real estate. He wanted to create a grand hotel that would rival any in Europe, and he spared no expense in achieving his goal. The result was a stunning property that combined classic European elegance with American hospitality.
Over the years, The Broadmoor has undergone several expansions and renovations, but it has always maintained its reputation as one of the finest hotels in the world. In addition to its 779 guest rooms and suites, it boasts several restaurants, bars, shops, golf courses, spas, pools, and other recreational facilities.
The Ownership of The Broadmoor
After Spencer Penrose’s death in 1939, The Broadmoor was inherited by his wife Julie Penrose. She continued to oversee its operations until her death in 1956 when she bequeathed it to her foundation – El Pomar Foundation.
El Pomar Foundation is a non-profit organization that supports programs and initiatives related to education, health care, arts and culture, civic engagement, and regional development in Colorado. It was founded by Spencer Penrose himself in 1937 with an initial endowment of $10 million.
Since then, El Pomar Foundation has been responsible for managing The Broadmoor as well as other properties such as Seven Falls (a natural landmark), Pikes Peak Highway (a scenic road), Will Rogers Shrine of the Sun (a memorial), and Penrose Heritage Museum (a history museum). The foundation uses the revenue generated from these properties to fund its philanthropic activities.
The Role of The Broadmoor Hotel, LLC
While El Pomar Foundation is the legal owner of The Broadmoor, its day-to-day operations are managed by a subsidiary called The Broadmoor Hotel, LLC. This company is responsible for hiring employees, setting room rates, maintaining facilities, marketing the resort, and making strategic decisions.
The Broadmoor Hotel, LLC is headed by a CEO named Jack Damioli who reports to El Pomar Foundation’s Board of Trustees. Damioli has been with the company since 1997 and has overseen many significant changes such as the acquisition of neighboring properties, the construction of new buildings, and the renovation of existing ones.
Conclusion
So there you have it – El Pomar Foundation owns The Broadmoor Resort but delegates its management to The Broadmoor Hotel, LLC. This unique arrangement ensures that the resort remains financially sustainable while also benefiting the community through philanthropic initiatives. Whether you are a guest at The Broadmoor or just an admirer from afar, you can take pride in knowing that this iconic property is not just a symbol of luxury but also a force for good.