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The Stanley Hotel to Be Sold to Arizona-Based Nonprofit

The imminent sale of the historic Estes Park property promises significant expansions and a new film center

By Emma Enebak

The start the new year is bringing major changes for one of Colorado’s most iconic properties: The Stanley Hotel in Estes Park. The historic site is poised for sale to the Arizona-based nonprofit Community Finance Corp., with an official closing projected for early February. The new ownership is set to facilitate significant renovations to the hotel, including the addition of 58 guest rooms, a new restaurant, and the opening of an 85,000-square-foot film center and museum within the property.

Exterior of The Stanley Hotel || Courtesy of The Stanley Hotel

The sale was announced in mid-December, following a meeting between Colorado economic officials and the property’s current owner, Grand Heritage Hotel Group, who has secured a 25-year agreement to continue managing the hotel after ownership is transferred. Community Finance Corp. will purchase the property using tax-exempt bonds issued by the Colorado Educational & Cultural Facilities Authority (CECFA). An impressive sum of up to $475 million in bonds will be made available. This strategy not only serves to pay off existing debts, but will also help fund the expansions planned for the iconic site.

The hotel, which will celebrate its 115th birthday this year, holds a lucrative tourist appeal due to its inspiration of the hotel in Stephen King’s famous novel—and later film— “The Shining.” Now inextricably tied to the horror genre, both at the hands of the film and many visitors’ alleged ghost sightings, the property has become a popular site for ghost tourism in the U.S.

The Heritage Hotel Group initially planned to capitalize on this connection with the opening of the Stanley Film Center, a proposed film center and museum that celebrates the horror genre. The project was approved in 2015 but shortly thereafter ran into numerous delays. With the sale, Community Finance Corp. will see this long-awaited project through. Designated as a cultural gathering space for the appreciation of film, art, and literature, the center will include an auditorium, interactive museum, production space, editing suites, and an outdoor theater.

The expansive renovations are slated to be completed by the end of the year.

stanleyhotel.com

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