to an Arizona nonprofit fell through, the Colorado Education and Cultural Facilities Authority has stepped in to make the sale a reality., which manages or owns over twenty luxury hotels and resorts around the world, including the Stanley, which he bought out of bankruptcy court for $3.14 million in 1995.
Up to $450 million in bonds could be issued by CECFA for the project. It plans to create a subsidiary through which it will be the borrower of the bonds and eventually own the Stanley outright.“By expanding CECFA’s permitted operational activities, the proposed legislation will enable the organization to engage in a wider range of community revitalization projects,” Heller says. “That’s a win for the Colorado communities that will benefit from its important work.