By Jason Blevins | The Colorado Sun
The deal to sell the Stanley Hotel in Estes Park to an Arizona nonprofit has faded, so the state of Colorado is stepping in with a plan to buy the hotel.
The Colorado Educational and Cultural Facilities Authority, which helps nonprofit educational and arts groups fund capital projects, plans to take over ownership of the historic Stanley Hotel.
The authority will take the role as owner after the plan to sell the hotel to Arizona’s Community Finance Corp. fell through. Instead of selling to the Arizona group and taking ownership after as much as $450 million in bonds for renovating and upgrading the hotel are paid back, the Colorado Educational and Cultural Facilities Authority, or CECFA, will create a subsidiary and become the borrower of those bonds.