The Stanley Hotel could be sold to a Colorado financing authority this summer

DENVER (KDVR) — A Colorado organization expects to close on the Stanley Hotel this summer, mere months after prospects to sell to an Arizona nonprofit faded .

The iconic Colorado landmark was constructed in 1909 in Estes Park. It is known for its inspiration to Stephen King for his novel “The Shining,” which is part of why the hotel will soon house a movie exhibit space, the Stanley Film Center, to which the state is contributing about $46 million .

So how did things end up here? According to involved parties, when the plan to sell to an Arizona nonprofit fell through, a new plan arose to sell the Stanley to the Colorado Educational and Cultural Facilities Authority. CECFA was already involved in the project when the hotel was going to be sold to the Arizona nonprofit, but now there are fewer steps and fewer organizations involved.

“As owner of the project, CECFA could ensure that one of the most iconic and historic hotel properties in the country is preserved and dedicated to enhancing the cultural ecosystem in Colorado in perpetuity,” Mark Heller, CECFA’s executive director, said via email. “CECFA anticipates being able to direct a share of profit to support cultural and educational charities throughout Colorado.”

What is the Colorado Educational and Cultural Facilities Authority?

Colorado lawmakers established CECFA as a financing organization to provide affordable capital financing for colleges and universities. In the past few decades, the organization’s role has expanded to include museums, sports facilities, charter schools and more.

The authority finances projects by selling low-interest tax-exempt bonds. However, CECFA is not a state agency and receives no state appropriations.

According to CECFA, the purchase and renovation of the Stanley Hotel and the new construction of the Stanley Film Center will be financed by up to $475 million in bonds issued by CECFA to its subsidiary, the Stanley Partnership for Art Culture and Education.

“The final amount of bonds sold will be determined before closing this summer,” Heller said.

‘Strengthening Colorado’s position in the film-making world’

Heller said the Stanley purchase would “be a creative and unique way to leverage a non-profit cultural enterprise to fund this mission.”

According to public records, the CECFA board has met a few times about the proposed project and plans to hold an executive session to discuss the Stanley project on Wednesday.

According to Heller, CECFA’s mission is to support educational and cultural charities throughout the state. Accordingly, the creation of the Stanley Film Center and the involvement of Blumhouse Productions and the Sundance Directors Lab have generated “great positive economic and tourism potential for Estes Park and for strengthening Colorado’s position in the film-making world.”

Strengthening Colorado’s film-making industry is something legislators have also pushed for during the 2024 session .

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