Venu Holding Corp
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Item 2. Properties
Corporate Office
Our principal executive office is located at 1755 Telstar Drive, Suite 501, Colorado Springs, Colorado 80920.
Venue-Related Properties
Venu indirectly owns properties through certain of its subsidiaries or controlled entities. The table below summarizes Venu’s portfolio of real estate as of the date of this Annual Report, indicating which of subsidiaries or entities owns each property. Venu is also party to certain agreements by which it (directly or through a subsidiary) expects to close upon and acquire real estate in Broken Arrow, Oklahoma (related to the Sunset at Broken Arrow), McKinney, Texas (related to the Sunset at McKinney), and El Paso, Texas (related to the Sunset at El Paso).
| Subsidiary Owner | Size and Location | Status and Operations |
|---|---|---|
| Sunset Hospitality Collection LLC | 4.98 acres in Colorado Springs, CO | Site where Roth’s Seafood & Chophouse, Brohan’s bar, and Notes Hospitality Collection are being constructed; leased from Sunset Hospitality Collection LLC to Roth Seafood & Chophouse LLC and Notes Hospitality Collection LLC |
| Notes CS I DST | 9.41 acres in Colorado Springs, CO | Site where Ford Amphitheater is located; leased to The Sunset Amphitheater LLC pursuant to a ground lease |
| NLRE | 1.05 acres in Colorado Springs, CO | Vacant land open for development next to Ford Amphitheater |
| NLRE | ≈ 5.54 acres in Colorado Springs, CO | Developed as a parking lot in connection with the Ford Amphitheater |
| Hospitality Income & Asset, LLC | 1.5 acres in Colorado Springs, CO | Site where BBST CO restaurant operates; leased from Hospitality Income & Asset, LLC to Bourbon Brothers Smokehouse and Tavern CS, LLC |
| Hospitality Income & Asset, LLC | 3.2 acres in Colorado Springs, CO | Site where BBP CO indoor music hall operates; leased from Hospitality Income & Asset, LLC to Bourbon Brothers Presents, LLC |
| 13141 BP, LLC | 0.73 acres in Colorado Springs, CO | Site where Venu-music bar operates; leased from 13141 BP, LLC to 13141 Notes LLC |
| GA HIA, LLC | 1.7 acres in Gainesville, GA | Site where BBP GA indoor music hall and BBST GA restaurant operate |
| Sunset at McKinney, LLC | 46 acres in McKinney, TX | Site where The Sunset Amphitheater in McKinney, LLC is to be constructed |
Lease Obligations
Venu or its subsidiaries currently lease facilities as follows:
| ● | BBST CO leases its property from HIA, a majority-owned subsidiary. The lease is structured as a triple-net lease (an “NNN lease”) with annual rents of $441,190. Base rent increases by 10% every five years through rent escalators in the lease. The initial term of the lease is ten years with one, ten-year renewal option, which will give Venu the ability to extend the lease on identical terms and control the property for up to 20 years. |
| ● | BBP CO leases its property from HIA, a majority-owned subsidiary. The lease is structured as an NNN lease. The initial term of the lease is ten years with two, five-year renewal options which will give Venu the ability to extend the lease on identical terms and control the property for up to 20 years. |
| ● | 13141 Notes LLC in Colorado Springs leases its property from 13141 BP, LLC, a wholly owned subsidiary of Venu. The lease is structured as an NNN lease with annual rents of $218,750. Base rent increases by 10% every five years through rent escalators in the lease. The initial term of the lease is ten years with two, five-year renewal options which will give Venu the ability to extend the lease on identical terms and control the property for up to 20 years. |
| ● | Roth’s and NHC will be leased from Sunset Hospitality Collection LLC, a majority-owned subsidiary of which Venu has full voting control. The lease will be structured as an NNN lease with annual rents equal to $2.0 million. Base rent will increase by 10% every five years throughout the initial 20-year lease term. The tenant will have four, five-year renewal options to extend the lease on identical terms. |
| ● | Venu leases its principal executive office in Colorado Springs, Colorado from a third party pursuant to a lease that was assumed from the prior tenant and expires on November 29, 2029. Annual rent payments are $230,698, increasing by 1.3% annually. |
| ● | BBST GA and BBP GA each leases property from GA HIA, a controlled subsidiary. The initial term of the lease is ten years with four, five-year renewal options, which will give Venu the ability to extend the lease on identical terms and control the property for up to 30 years. For the first five years of the initial term of the lease, BBST GA and BBP GA must pay GA HIA an annual base rent of $641,410 and $191,590, respectively. |
| ● | Pursuant to a ground lease, The Sunset Amphitheater LLC leases the property on which the Ford Amphitheater is operated from Notes CS I MT, LLC a wholly owned subsidiary of Venu (and the “master tenant” for that property). The ground lease to which The Sunset Amphitheater LLC is a party is for a 25 year term and provides for annual base rent of $3,222,000 (subject to escalation) which is paid monthly. The ground lease is a triple net lease. The Sunset Amphitheater LLC is also a party to an operations lease with respect to this same property. That operations lease and a corresponding operations sublease is generally described above under the subheading “Venu’s Subsidiaries and Properties.” |
Public-Private Partnerships
For a description of the public-private partnerships that we have entered into in connection with the development of venues on our properties, see “Business – Venu’s Subsidiaries and Properties – Public-Private Partnership Obligations” in Item 1 above.
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