The Colorado Educational and Cultural Facilities Authority has approved revenue bonds to purchase and expand the Stanley Hotel.
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The Colorado Educational and Cultural Facilities Authority will set aside up to $475 million in revenue to help pay for the historic hotel that inspired Stephen King’s “The Shining,” under a resolution passed by the board Wednesday. Issue bonds.
The deal, described by participants as “unique,” saw an Arizona nonprofit scrap plans to finance the purchase and renovation of the Stanley Hotel in Estes Park, Colorado, with bonds issued through the agency. It surfaced in March.
In June, the authority formed a nonprofit subsidiary, the Stanley Partnership for Arts, Culture and Education LLC, to own and operate the hotels acquired through its role as a debt financing borrower, as well as provide capital improvement funds. We plan to provide it.
A bill passed by the Colorado General Assembly and signed into law in May would allow the authority to operate and manage the facility, which it would finance through the issuance of bonds.
The financing plan presented at Wednesday’s meeting includes approximately $247 million in tax-exempt Series A senior lien notes, $40.87 million in taxable Series A senior lien notes, and $40.87 million in tax-exempt Series B subordinate lien notes. It required $79.43 million, $33 million tax-exempt and nearly $14 million in taxable Series A senior lien bonds. Taxable Series C Subordinate Lien Bonds.
Funding for the debt repayments will include net revenues from the hotel and new event center, as well as phased increases in state sales taxes generated by projects under Colorado’s Regional Tourism Act program.
All of the notes will be unrated, with the Series 2024 A and B Notes being for public offering to qualified institutional buyers and the Series 2024 C Notes being sold to John, President and CEO of Grand Heritage Hotel Group, the current owner of the Stanley Hotel.・This is a private placement by Karen. . The ultimate maturity is limited to 40 years. RBC Capital Markets is the debt underwriter and debt issuing agent.
“Once the bonds are redeemed, CECFA/SPACE will own the Stanley Hotel campus and expect to generate $50 million in annual net revenues to support its mission, which is the most significant public benefit arising from this project. “will happen,” the official said. In a statement.
Plans for the 193-room hotel include an additional 64 guest rooms, a restaurant, an event center with an approximately 864-seat outdoor amphitheater and a movie museum.
Timberline Lodge in Oregon served as a stand-in for the exterior of the Overlook Hotel in Stanley Kubrick’s 1980 film version of The Shining, which was mostly filmed in England. The 1997 television miniseries based on The Shining used the Stanley Hotel, just outside of Rocky Mountain National Park, as a filming location.
