DENVER ( KDVR ) — Colorado’s famous Stanley Hotel will experience some big changes after the Colorado Educational and Cultural Facilities Authority approved documents on Wednesday to issue bonds to fund the purchase of the property.
Last year, CECFA formed a subsidiary, SPACE, LLC., and worked with multiple entities to secure funding for the transaction. It worked with the Colorado Office of Economic Development and International Trade, which will use sales tax revenue from the Regional Tourism Act program to help pay the bonds.
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CECFA also worked with the Colorado Film Commission, current owner and seller John Cullen, Blumhouse Productions, Sage Hospitality, investment bank RBC, attorneys from Sherman & Howard, Kutak Rock, Butler Snow, Spencer Fane, Saunders Construction, RevPar International and 4Site Advisors to invest in the bonds and help preserve the legacy of the hotel that holds such a legendary reputation.
The bonds will be managed by SPACE, LLC. who will assume ownership of the property when the bonds are retired, according to a release from CECFA.