The Stanley Hotel in Estes Park, which will turn 115 years old next year, will likely be sold in 2024. CBS News Colorado has confirmed that the current owners intend to sell the property to Arizona-based Community Finance Corporation.
CBS
If approved, the sale would be done through tax-exempt bonds. The property will be used as collateral to repay current debt and to repay bonds issued by the Colorado Educational and Cultural Facilities Authority, according to the Colorado Economic Development Commission. Up to $475 million in bonds will be available.
According to CECFA, the potential new owner plans to expand the services and capabilities of the current hotel and facilities. The buyers hope to add 58 more bedrooms to the hotel, as well as build a new restaurant and an 80,000-square-foot movie center.
The hotel was originally built to attract wealthy vacationers from the East Coast to Colorado. But after Stephen King visited a few decades ago, the building shot to fame. He was reportedly a guest at the hotel during its off-season. While staying as a guest, he had a vision to write a horror book that takes place in a hotel. The book became the iconic movie The Shining, which was inspired by that location.
CBS
Purchasing real estate through bonds can potentially save potential buyers a lot of money. Tax-exempt bonds issued through CECFA may be offered at interest rates that are one to two points lower than current interest rates.
CECFA held a public forum on Tuesday to hear from the community before deciding whether to issue the bond.
If approved, the sale of the property could be completed as early as January 2024. CBS News Colorado has learned that a potential new buyer may retain staff currently working at The Stanley property.
CBS
CBS News Colorado reached out to Stanley’s owner about this report, but did not receive a response. This article will be updated if ownership responds.
Thank you for reading CBS News.
Create a free account or log in
For more features.