The Colorado agency has greenlit $475 million in bonds to buy and renovate The Stanley Hotel, a historic site in Estes Park.
Estes Park: Big news for The Stanley Hotel! Colorado is set to buy this iconic landmark and give it a major facelift. The Colorado Educational and Cultural Facilities Authority just approved up to $475 million in bonds for the purchase.
Mark Heller, the agency’s executive director, mentioned that RBC Capital Markets is working on the financing. They plan to start marketing the bonds soon. The project is estimated to cost around $415 million, but they’re still figuring out the final price.
These bonds will help pay off existing debts and acquire all the Stanley properties, including the hotel, the Aspire, and even the Cryogenics Museum. Plus, they’re planning a $61 million expansion to add 65 new guest rooms and a new events center.
Interestingly, this plan came about after a deal to sell the hotel to an Arizona nonprofit fell through. Since 1981, CECFA has issued over $7.5 billion in bonds for various projects, including schools and museums.
One exciting addition will be the Stanley Film Center, a two-story building dedicated to horror films. It’ll feature a huge auditorium and an immersive film museum with exhibits and a theater for independent films.
They’ve even got some cool memorabilia lined up, like a fake axe from “The Shining,” which will be on display during hotel tours until the film center opens.
The center will also have a Discovery Center for kids, along with spaces for editing and events. Blumhouse, known for horror hits, will curate a special exhibition area in the film center, set to open in 2026.
Gov. Jared Polis is excited about the project, saying it’ll boost tourism and the local economy. The Stanley Hotel attracts around 400,000 visitors each year and is a historic site.
John Cullen, who owns the hotel, shared that revenues have skyrocketed from $1.4 million to $44 million since he bought it 30 years ago. He believes this project will keep the hotel thriving while focusing on arts and education for local kids.
These bonds will support the project for about 35 years. Estes Park’s deputy town administrator is optimistic about the cultural and economic benefits this development will bring to the community.
Representatives from the hotel and film center haven’t commented yet, but it looks like exciting times are ahead for The Stanley Hotel!
