John Cullen, the owner of Grand Heritage Hotel Group, which owns the historic Stanley Hotel, announced that he has entered into a series of agreements with the State of Colorado, Colorado Education and Cultural Facilities Authority, and various other parties to permit the sale of the iconic property. Cullen stated he will announce the details of the sale in mid-January, with the closing anticipated to happen the first week of Feb. 2024. The funding will be applied toward completing the highly anticipated Stanley Film Center as well as other major improvements at the Estes Park landmark.

In an exclusive to the Estes Park Trail-Gazette, Cullen said, “I am very pleased that Grand Heritage has been awarded a 25-year management agreement and will continue to operate The Stanley Hotel with all of the same people and honor all existing contracts. I have operated it for the last 28 years. The good news is I only have 25 years to go, and I’m better than halfway finished with my time operating The Stanley,” laughing as he reflected on the last statement.

The unexpected announcement of the sale came after a meeting on Thursday, Dec. 14, between Cullen, Colorado economic officials and the Colorado Department of Economic Development and International Trade. Ownership will be transferred to the Arizona-based nonprofit Community Finance Corporation through a bond issue of up to $475 million by the Colorado Educational and Cultural Facilities Authority. The Stanley property, including its revenues, will be used as collateral and repayment for the bond, according to Cullen.

A project that has been in development since 2015, the Stanley Film Center will include a 1,200-person concert hall, a flexible auditorium/theater, an event center and a film museum. There has already been one cult-classic piece donated to the museum — the door-splitting axe used in the 1980 movie “The Shining” before Jack Nicholson’s character famously proclaims, “Here’s Johnny!”

According to Cullen, the Grand Heritage Hotel Group will continue to manage the hotel after the acquisition with no anticipated personnel or management changes. In addition, the name The Stanley Hotel will remain as well as all of the amenities at the property, including The Post, Cascades Restaurant, The Whiskey Bar and Lounge, and Colorado Cherry Company.

This recent announcement follows on the heels of the Nov. 22 announcement about The Stanley Hotel hosting the Sundance Institute’s Signature Directors Lab in 2024.

With the upcoming funding, the alignment with the Sundance Institute and the film center, the Stanley Hotel and Estes Park have the potential to become a hub for not just horror film buffs eager to align with Stephen King’s “The Shining,” which he was inspired to write after staying at The Stanley Hotel, but students, creators, actors and movie aficionados of all film genres.

CFC is a Tucson, Arizona-based nonprofit, non-stock corporation that exists for the purpose of lessening the burdens of government and to erect, finance the erection of, or maintain public buildings, monuments or works. CFC works on behalf of governmental entities to design a solution that meets its needs. Services can include design, build, finance, operation and/or maintenance of governmental facilities. CFC has completed $1.9 billion in projects, including the Heller Center for Arts and Humanities at the University of Colorado Colorado Springs, the Grand Hyatt in San Antonio, and Arizona State University Residence Hall and Entrepreneurial Center.

For additional information about The Stanley Hotel, including upcoming events, visit https://www.stanleyhotel.com/.