The Stanley Hotel, a historic gem nestled in Estes Park, Colorado, is on the brink of a significant transition. As the hotel approaches its 115th anniversary, it is set to change hands in 2024, with Arizona-based Community Finance Corporation poised to become the new owners. This change in ownership, confirmed by CBS News Colorado, is expected to usher in a new era for the iconic hotel, with plans for expansion and enhancement on the horizon.

The Stanley Hotel has long been a beacon for tourists, its grandeur and history attracting visitors from far and wide. However, it was the visit of famed author Stephen King that catapulted the hotel into the global spotlight. King’s stay at the hotel inspired his horror novel “The Shining,” which was later adapted into a critically acclaimed film. The Stanley Hotel’s association with this cultural phenomenon has only added to its allure.

The proposed sale of the hotel is set to be conducted via tax-free bonds, a move that could result in significant savings for the potential buyers. The Colorado Economic Development Commission has revealed that the property will serve as collateral to offset current debt and repay the bonds issued by the Colorado Educational and Cultural Facilities Authority (CECFA). The bond issuance could reach up to $475 million.

The Community Finance Corporation has ambitious plans for the Stanley Hotel. The potential new owners aim to expand the hotel’s services and capabilities, with proposals to add an additional 58 bedrooms, a new restaurant, and an 80,000 square-foot film center. These enhancements are expected to further elevate the hotel’s status and appeal.

The sale of the Stanley Hotel is subject to approval, with a decision expected as early as January 2024. The CECFA recently hosted a public forum to gather community feedback before making a final decision. If approved, this sale could mark the beginning of an exciting new chapter for the Stanley Hotel, preserving its rich history while paving the way for future growth and innovation.

FAQ
Who are the potential new owners of the Stanley Hotel?
The potential new owners of the Stanley Hotel are the Arizona-based Community Finance Corporation.

What changes are planned for the Stanley Hotel?
The potential new owners plan to expand the hotel’s services and capabilities, including adding 58 new bedrooms, a new restaurant, and an 80,000 square-foot film center.

When is the sale of the Stanley Hotel expected to be finalized?
If approved, the sale of the Stanley Hotel could be finalized as early as January 2024.

Glossary
Tax-Free Bonds: These are bonds issued by a government entity, where the interest earned by the bondholder is exempt from certain taxes. In this case, the bonds are being issued by the Colorado Educational and Cultural Facilities Authority.
Collateral: An asset or property that a borrower offers to a lender to secure a loan. If the borrower fails to repay the loan, the lender has the right to take the collateral.
Colorado Educational and Cultural Facilities Authority (CECFA): A government entity in Colorado that issues tax-free bonds for educational and cultural facilities. In this case, they are issuing the bonds for the sale of the Stanley Hotel.