Colorado's iconic Stanley Hotel in Estes Park likely to be sold to Arizona-based investors

The Stanley Hotel in Estes Park, which turns 115 years old next year, will likely be sold in 2024. CBS News Colorado has confirmed current ownership intends to sell the property to Arizona-based "Community Finance Corporation."

If approved, the sale would be made via tax-free bonds. According to the Colorado Economic Development Commission, the property will be used as collateral to pay off current debt and to serve as repayment for the bonds issued by the Colorado Educational and Cultural Facilities Authority. Up to $475 million in bonds would be made available.

According to the CECFA, the potential new owners intend to expand the services and capabilities of the current hotel and property. The buyers hope to add an additional 58 bedrooms to the hotel, as well as a new restaurant and 80,000 square-foot film center.

The hotel was initially built to attract wealthy vacationers from the East Coast to Colorado. However, the building was rocketed into fame after Stephen King visited decades ago. He reportedly was a guest during a slow season for the hotel. While staying as a guest he had a vision of writing a horror book that took place in the hotel. That book became the iconic film "The Shining," which was inspired by the location.

By purchasing the property through bonds, the potential buyers could save a lot of money. The tax-free bonds issued via CECFA can come at a rate one or two points lower than current interest rates.

CECFA hosted a public forum on Tuesday to hear community feedback before making a decision on whether or not they'll issue the bonds.

If approved, the sale of the property could be finalized as early as January 2024. CBS News Colorado has learned the potential new buyers would retain the staff currently working at The Stanley property.

CBS News Colorado reached out to the ownership of The Stanley for this report but did not hear back. This article will be updated if ownership does respond.