Juhan: Anschutz buying Broadmoor, newspaper ...

The Anschutz Corp. is buying the Broadmoor hotel in Colorado Springs, which was founded in 1918.

Officials confirmed today that the Denver-based Anschutz Corp., headed by prominent businessman Philip Anschutz is buying the venerable Broadmoor hotel in Colorado Springs, as well as all of the other assets owned by the privately?held Oklahoma Publishing Co. controlled by the Gaylord and Dickinson families for ?108 years.

Last week, the Steve Bartolin, the president and CEO of the Broadmoor denied that Anschutz was buying the Broadmoor, when asked by InsideRealEstateNews. Today, a spokesman said he was unaware of the transaction last week.

?I am extremely pleased with my new affiliation with The Broadmoor,? Phil Anschutz said in a statement today.??I look forward to working with Steve Bartolin and his team in carrying on The Broodmoor?s legacy of excellence and commitment to the Colorado Springs community.?

The price was not disclosed for the assets of the company known as OPUBCO, whose other assets range from the Daily Oklahoman newspaper in Oklahoma City to the water rights under the Greenland Ranch in Douglas County.

?There are amazing similarities between the interests and values of The Anschutz Corp. and those of OPUBCO,? Christy Everest, president of OPUBCO, and an heir to the Gaylord fortune, said in a statement

?Mr. Anschutz?s stewardship of OPUBCO properties will carry the company?s 108 year history well into the future. His interests align with ours right down to his love of the west.?

The Anschutz Corp. will be acquiring all the assets which OPUBCO owns or has an interest in, that in addition to the Oklahoman and its corporate headquarters building and printing presses, its online NewsOK.com include:

Pavestone LLC,??headquartered in Dallas, a leading manufacturer of concrete pavers, retaining walls, and other landscaping materials with manufacturing plants in 18 cities.
De Wafelbakkers LLC, a fast-growing breakfast food company based in Little Rock, with manufacturing plants in Arkansas?and Georgia.
Manitou & Pike?s Peak Railway Co., the world?s highest railway that travels to the top of Pike?s Peak.
The Hyatt Regency Lost Pines Resort & Spa, a 500-room resort hotel, spa and 18-hole golf course located east of Austin?along the Colorado River.
Numerous?other real estate holdings in Oklahoma and Colorado.
Water rights underlying the Greenland?Ranch ,?consisting of 1.5 million acre feet of subsurface water. John Malone, chairman of locally based Liberty Media, owns Greenland Ranch, east of Interstate 25. Malone preserved the 15,000-acre spread, keeping it out of the path of developers in the mid-2000s.
An aviation company in Oklahoma City.
A 100 piece collection of artwork by the Western masters.
An?interest in Suddenlink Communications, the nation?s seventh largest cable broadband company serving approximately 1.4 million residential customers and thousands of commercial customers in the southwest region of the country, among other items.

Separate to this deal, the Gaylord Entertainment Co. has proposed building an $800 million hotel complex in Aurora. In 1991, Edward L. Gaylord?pooled many of OPUBCO?s?resources into Gaylord Entertainment Co., headquartered in Nashville. Its assets include the Opryland Hotel and theme park in Nashville. In 1988, OPUBCO purchased the Broadmoor and the nearby Manitou Springs and Pikes Peak Resort, reportedly for the equivalent of $100 million.

About the Broadmoor

The Broadmoor Hotel?is a 5-star, 5-diamond 744-room resort in Colorado Springs, set at the foot of the Rocky Mountains?featuring championship golf, world class spa and a full service tennis program.

Last week, ?Bartolin said he receives frequent calls about the sale of the Broadmoor.

?I get one of these calls every six months,? Bartolin said. ?I have been here for 20 years and in that time rumors have surfaced that our parent company is selling us to the Saudis, the Kuwaitis and the Japanese.?

When asked about Anschutz buying the hotel, he said that he assumed as a board member of the parent company, he would know about it, although it turns out he did not.

?I?m sure a guy like Mr. Anschutz would have the wherewithal to buy us,? Barolin said last week, noting that Anschutz was part of the group that bought the historic Cloister hotel on Sea Island in Georgia last year.

Today, he had this to say about the pending sale in a statement:

?I have come to know Mr. Anschutz and I respect and like him a lot. He is committed to long-term ownership and keeping The Broadmoor is an independent hotel that will not be flagged or affiliated with a chain. I have also been so impressed with his passion for The Broadmoor and his knowledge of our history, which gives me great hope for its future.? This is a very positive event.?

?I cannot overstate what a wonderful owner OPUBCO has been,? Bartolin continued.? ?Christy Everest and her family have been remarkable stewards.? The sale of OPUBCO is positive for the OPUBCO shareholders and it is positive for The Broadmoor, as well.? They were very careful to hand over their businesses to someone with the resources and the same passion, caring and commitment they have had.?

Steve Schuck, a long-time real estate investor based in Colorado Springs, said he thinks Anschutz will be a great owner of the Broadmoor.

?From the beginning, the Broadmoor has been blessed with great ownership, not only from a business perspective, but as high-quality, excellent people, who care about the community,? Schuck said. ?As far as Phil Anschutz, the quality and integrity just doesn?t get any better. I think for that reason, people won?t notice any difference under the new ownership.?

The Broadmoor opened its doors in 1918, founded by Spencer and Julie Penrose. ?Anschutz becomes only the third owner of the historic property that is the longest consecutive winner of the Forbes Five Star and AAA Five Diamond awards for excellence.

Closing of the sale of OPUBCO to the Anschutz Corp. is contingent upon receipt of certain regulatory approvals.? Details of the transaction remain private. OPUBCO was founded in 1903 after Edward King Gaylord and two newspaper colleagues, Ray M. Dickinson and Roy M. McClintock paid $15,000 to purchase a 45 percent interest in the Daily Oklahoman. The privately held company has 254 shareholders and thousands of employees.

Anschutz approached OPUBCO?s board in June.?This transaction will not cause OPUBCO to disappear ? rather, only the ownership will change,? CEO Everest, the granddaughter of Edward L. Gaylord, said. ?There are amazing similarities between the interests and conservative values of the Anschutz Corp. and those of OPUBCO. Mr. Anschutz?s stewardship of OPUBCO?s properties will carry the company?s 108-year history well into the future. His roots lie in ranching and oil and gas exploration and his holdings have expanded into publishing and hotel properties. His interests are remarkably consistent with the interests developed by our family over the last three generations right down to his love of the West and western values.?

A snapshot of some key dates for the Anschutz Corp.

1958: The Anschutz Corp. is founded by Fred Anschutz, an oil wildcatter.

1962: Philip Anschutz takes over Anschutz Corporation from his father.

1968: The younger Anschutz makes his big strike as a wildcatter.

1982: Anschutz sells a half-interest in the mineral rights on his ranchlands to Mobil Corporation for $500 million.

1984: Anschutz acquires the Denver & Rio Grande Railroad.

1988: Anschutz purchases Southern Pacific, merging it with the Rio Grande.

1991: Anschutz separates SP Telecom from Southern Pacific, retaining the right to lay fiber-optic cable along the railroad?s rights-of-way.

1995: With Edward Roski, Jr., Anschutz purchases the Los Angeles Kings hockey team. Anschutz acquires Qwest Communications and merges SP Telecom into it.

1996: Union Pacific acquires Southern Pacific; Anschutz pockets about $1.4 billion from the sale; Qwest announces that it will build a nationwide, state-of-the-art, fiber-optic network.

1997: Anschutz hires AT & T executive Joseph Nacchio to head Qwest, which is taken public later in the year; Anschutz retains 84 percent stake in Qwest, which is worth $4.9 billion by year-end. Nacchio later goes to prison for inside trading while at Qwest?s helm.

1998: Anschutz gains part-ownership of Los Angeles Lakers basketball team.

1999: The Staples Center, part-owned by Anschutz, opens in Los Angeles.

2000: Qwest acquires U S West in $43.5 billion stock swap, which reduces Anschutz?s stake in Qwest to 38 percent, or about $12 billion.

2002: Buys three movie theater chains out of bankruptcy ? Regal Cinemas, United Artist Theaters, and Edwards Theatres ? and creates what was the largest movie theater chain the nation.

2004: Buys Examiner.com

Contact John Rebchook at JRCHOOK@gmail.com

Source: http://insiderealestatenews.com/2011/09/anschutz-buying-broadmoor-other-assets/

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