Madden opened 30,000-square-foot Pura Vida in April 2008 in Denver's affluent and retail-dense Cherry Creek neighborhood. He did not respond to Club Industry's request for further comment.
"When we opened Pura Vida ... as the area’s first high-end, full-service fitness club, the competitive landscape in Denver was very different," Madden said in his letter. "Unfortunately, in this new landscape, our current model and location are no longer financially viable. This is an incredibly difficult decision, one that deeply affects our staff – the heart of the Pura Vida community – and each of our members and I hope to make the transition as smooth as possible for each of you."
Pura Vida will continue operating normally until its closure, although Madden said the club's group exercise schedule may be limited or modified.
Month-to-month memberships can be cancelled at the end of any month prior to the club's closure, and pre-paid memberships will be appropriately refunded after April 15.
Madden is encouraging current members to transition their memberships to nearby Greenwood Athletic and Tennis Club or Cherry Creek Athletic Club. Neither club will charge initiation fees to Pura Vida members through April 30, 2019.
Over the next year, Madden said he is committed to rebooting Pura Vida in another form.
"I am actively pursuing a new location on the east side of Denver and have signed a confidential Letter of Intent (LOI) to progress further," the letter states. "This new location would present a new club concept that will position us more competitively in the current fitness landscape. My goal, provided that the location, funding and build-out proceeds as planned, would be to begin presale of the new concept and location on or around November 1, 2019, with a target opening date of January 1, 2020. My hope is that many of you will be interested in joining as Charter/Founding Members and I look forward to sharing more details with you as these plans progress."