"In the face of recent developments, the decision to proceed on the part of our ownership with the final phase of our major renovation project was courageous and far-sighted," says Broadmoor president and CEO Stephen Bartolin. "It shows a serious belief in our product and a real commitment to our future and it strongly positions us against our competition for many years to come."

The Broadmoor Main Building and its Northmoor and Southmoor buildings will be totally renovated. The project's first phase was unveiled Memorial Day. It included an extensive new main pool complex, renovation of 24 Northlake units and addition of the Lakeside Suites, a four-story structure featuring 21 new suites ranging in size from 770 sf to 1,800 sf. The final phase includes upgrades to the main entry drive, hotel rooms in the main building and original Northmoor and Southmoor buildings.

The main entry drive will feature a wrought iron "Welcome Pavilion," new asphalt with a stamped and colored Bomanite surface, granite under the porte-cochere, new lighting, landscaping and planters. Guest rooms will get high-speed Internet access via Web-TV, multiple phone lines, larger baths with soaking tubs, separate showers and dual basis. Two guest elevators and one service elevator will be added. The central heat and air conditioning systems also will be replaced.