The Broadmoor is buying a series of waterfalls near the luxury hotel in Colorado Springs from a Texas family.
The Broadmoor confirms that the deal to buy Seven Falls, one of the area's top tourist attractions, includes a surrounding canyon and 1,300 acres of adjacent land. Broadmoor president Steve Bartolin declined to close the sale price.
The property is owned by the family of Texas oilman Al Hill, who bought the property nearly 70 years ago.
No date has been set for the deal to close.
The falls have been closed by damaged from September's floods. Bartolin said they won't reopen until 2015 after about $1 million of rebuilding.