Dreamstyle Arena, originally known as University Arena then WisePies Arena, now called The Pit, is an indoor arena in Albuquerque, New Mexico, serving primarily as the home venue of the University of New Mexico Lobos basketball teams. The facility opened in 1966 as University Arena but gained the nickname "The Pit" due to its innovative subterranean design, with its playing floor 37 feet below street level. The arena is located on the UNM South Campus and has a seating capacity of 15,411 for basketball and up to 13,480 for concerts, with 40 luxury suites and 365 club seats.
The Pit has frequently hosted NCAA basketball tournament games, including the 1983 Final Four, which featured North Carolina State's upset win over Houston.
Before construction of The Pit, Lobo basketball teams played at Johnson Gymnasium, a 7,800 seat multi-purpose gym on the University of New Mexico main campus. Lobo basketball was unsuccessful at the time that Johnson Gym opened, and it was rarely more than half-full for games. In 1962, UNM hired Bob King as head basketball coach, and he immediately transformed the Lobos into a winning program, reaching the finals of the National Invitation Tournament in his second season. Attendance at Lobo home games doubled, tickets were soon selling out, and plans for a larger arena began to take shape.
The Pit opened on December 1, 1966, with New Mexico defeating Abilene Christian College, 62-53. The building was officially named University Arena, but students were already calling it "The Pit" by the time it opened, and the nickname stuck. The Lobos have enjoyed extraordinary success playing at The Pit, winning over 80 percent of their games there and mounting home winning streaks of over 20 games four times, with the longest streak of 41 straight wins in 1996–98. The Lobos have made 14 NCAA tournament appearances and 17 NIT appearances since the opening of the arena. The Pit has hosted NCAA tournament regionals numerous times and hosted the 1983 Final Four championship. It also serves as the primary venue for New Mexico state high school basketball championship tournaments.
In 1992, the University of New Mexico recognized the coach who made construction of The Pit possible, naming the playing surface Bob King Court in his honor. The court was officially dedicated to King in a formal ceremony on December 1, 1992, the 26th anniversary of the opening of The Pit, a tribute to the contributions King made to Lobo basketball.
On December 1, 2014, the University of New Mexico announced that naming rights to the arena had been purchased by Albuquerque-based pizza chain WisePies for $5 million over 10 years. The formal name of the building became "WisePies Arena (aka The Pit)." On April 27, 2017, UNM asked WisePies to relinquish the naming rights, per the terms of the agreement, and WisePies agreed to do so. UNM hoped to get a more lucrative deal.
On May 3, 2017, UNM announced a $10 million naming rights agreement with Dreamstyle Remodeling, a local Albuquerque construction business, covering both The Pit and the UNM football stadium. The official name of the facilities became Dreamstyle Arena and Dreamstyle Stadium. On September 18, 2020, UNM announced that the naming deal had been discontinued and removed all exterior Dreamstyle signage from the arena.
