Colorado agency approves $475M in bonds for purchase of The Stanley Hotel

The state of Colorado is moving forward with its plans to purchase Estes Park landmark The Stanley Hotel and fund a substantial makeover of the property.

During its October 2024 board meeting, the Colorado Educational and Cultural Facilities Authority approved issuing up to $475 million in bonds for the eventual purchase of the hotel.

“Since then, RBC (RBC Capital Markets) has been working to finalize the financing structure and we expect to market the bonds beginning (this) year,” said Mark Heller, executive director of the agency, in an email to The Post last month.

The proposed funding for the project is about $415 million, but the final price tag is still being evaluated.

The bonds, which will be issued though a subsidiary called Space LLC, will help retire debt and acquire the existing Stanley properties, including all of the related land, the Hotel, the Aspire, the Concert Hall, the Carriage House, the Cryogenics Museum and everything related to the Stanley Hotel.

The CECFA project will also help fund a $61 million addition to the hotel with 65 new guest rooms, along with a new covered entryway and lobby, and a new $66 million events center, which will be built near the existing Concert Hall and Carriage House.

CECFA stepped up with a plan to buy the hotel after a deal to sell the Stanley to an Arizona nonprofit fell through.

Since 1981 CECFA has issued over $7.5 billion in bonds, and its project list has grown to include museums, sports facilities, charter schools, alternative high schools and performance spaces, according to their website.

The Stanley Film Center will be a two-story building, spanning more than 70,000 square feet, featuring events, exhibits and an archive dedicated to the history and culture of horror films.

The film center will be designed by Denver firm MOA Architecture and include an auditorium with a 1,200-person capacity concert hall featuring 600 fixed seats.

The center will also house an immersive film museum with both permanent and traveling exhibits, complemented by a 60-seat theater that can serve as part of the tour experience or offer a dedicated space for independent film screenings.

Visitors can expect to see movie memorabilia, such as one of the fake axes used in Stanley Kubrick’s 1980 horror classic “The Shining,” as it was the film center’s first donation. It will be displayed during hotel tours until the film center is completed.

Additionally, the center will feature a Discovery Center dedicated to children’s programs. Other spaces will include film museum storage and archival areas, a public lobby and gallery that will host free exhibits, sell gifts and serve as the gathering point for tour groups.

Conference rooms will be designed to function as sound and video editing studios or meeting spaces, while the Creative Center will accommodate various uses, such as a sound stage, film conference venue or event space.

Jason Blum and his company, Blumhouse, known for producing popular horror films such as “Five Nights at Freddy’s,” “Insidious,” “Halloween” and Jordan Peele’s “Get Out,” will also exclusively curate 10,000 square feet of exhibition space in the Stanley Film Center, which is scheduled to open in 2026.

“Here’s Blumhouse! This iconic Colorado hotel will now have a new element of fun and fright for Coloradans and visitors across the world to enjoy, driving tourism and strengthening our economy,” said Gov. Jared Polis in an announcement about the project last year.

“I look forward to seeing the exhibit and am happy that our administration can help make this possible.”

Blumhouse will curate exhibits pulled from the company’s extensive catalog of popular franchises and box office blockbusters including films, television and gaming.

Estes Park is northwest of Denver at the entrance to Rocky Mountain National Park. The Stanley Hotel has about 400,000 visitors each year and is listed on the National Register of Historic Places.

John Cullen, owner of Grand Heritage Hotel Group, which owns the Stanley, said in the October CECFA board meeting that when he initially acquired the Stanley property 30 years ago, annual revenues were $1.4 million. He said revenues have since grown to $44 million.

“Under the umbrella of CECFA, Mr. Cullen believes that the Stanley Hotel Project will remain successful and self-sustaining, combining culture, arts, entertainment, and education, with a particular focus on public arts for children in grades 5-8 who would not otherwise be able to avail themselves of the opportunities the Stanley Project will offer,” according to a statement from the board meeting minutes.

The proposed bonds will fund the Stanley Project for approximately 35 years.

“We have followed the arduous process with much interest and are excited to hear the finish line is near,” said Estes Park’s deputy town administrator Jason Damweber in a statement to The Post.