Estes Park’s Stanley Hotel is one step closer to becoming a destination for horror fans, a project that has been in the works for a decade.
The Colorado Education and Cultural Facilities Authority, or CECFA, closed on a $400 million bond sale to finance the development. The proceeds from the bonds are for paying off old debt and funding the construction of the Stanley Film Center.
The vision is to transform the iconic property, best known as the inspiration for Stephen King’s “The Shining,” into a horror-themed museum and event space. Horror studio Blumhouse has signed on to curate the installations.
The film center is also poised to benefit with the Sundance Film Festival moving its signature event to Boulder starting in 2027. Sundance started partnering with the Stanley Hotel last year to host its Directors Lab.
The film center was approved for taxpayer funds in 2015 under Colorado’s Regional Tourism Act, a state program created to attract out-of-state visitors following the recession brought on by the housing crisis. It has since run into numerous delays and struggled to raise cash.
The recent bond transaction will kickstart work on the project, according to John Cullen, who bought the property out of bankruptcy in the 1990s. Cullen, still an investor in the property, will be CEO of a newly formed partnership with CEFCA, bondholders and Denver-based Sage Hospitality.
The project was awarded up to $46.3 million from state sales tax to be paid out over 30 years. Additionally, the state’s economic development commission approved a $1 million grant from its strategic fund earlier this year.
Colorado Public Radio’s COO, Jenny Gentry, is on the board of CEFCA.
