Taft, formerly Sherman & Howard, served as issuer’s counsel and borrower’s counsel in the acquisition of the historic Stanley Hotel in Estes Park, Colorado. The firm represented the Colorado Educational and Cultural Facilities Authority (CECFA) as issuer’s counsel and the Stanley Partnership for Art Culture and Education, LLC (SPACE), a wholly-owned subsidiary and instrumentality of CECFA, as borrower’s counsel. The transaction closed on May 15, 2025.

Originally built in 1907, the Stanley Hotel is an iconic landmark known for its panoramic views, old-world charm, and haunted lore. It also famously inspired Stephen King’s The Shining.

CECFA’s connection with the Stanley began with a conduit financing for the cultural facility. However, under the vision of CECFA’s executive director, Mark Heller, it turned into a more expansive project involving CECFA’s acquisition and ownership of the Stanley, ultimately to benefit the people of Colorado for generations to come. To accomplish this vision, Taft assisted CECFA in securing legislative support from the Colorado General Assembly to take an active role in financing and owning the project. With the backing of the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Economic Development Commission’s (EDC) Regional Tourism Act program, the project became a reality.

Taft’s Public Finance Practice Group Chair Cory Kalanick and Taft’s Mountain West Business Group lead Bill Peffer led the firm’s legal team through a public-private partnership and negotiations among CECFA, private bond investors, former owner of the Stanley and Chair and CEO of SPACE John Cullen, OEDIT, EDC, Blumhouse Productions, and Sage Hospitality Group. The nearly $400 million bond offering will finance the acquisition of the Stanley Hotel and support extensive upgrades, including a 65-room expansion connecting the two historic lodging buildings and a new 65,000 square foot event center with an auditorium and a horror film museum to be curated by Blumhouse Productions. The Stanley will also host the Sundance Institute’s 2025 Directors Lab.

The project is expected to generate approximately $45 million over the term of the bonds to support the public educational and cultural missions of CECFA and SPACE.

“I’m incredibly proud of the role we played in the acquisition and expansion of one of Colorado’s most iconic cultural and historical landmarks,” said Kalanick. “This public-private partnership, which has been more than two years in the making, not only preserves the Stanley’s legacy but will also strengthen Colorado’s cultural facilities, film industry, tourism, and economy. I especially want to recognize the tremendous work, vast capabilities, and dedication of our team, helping to navigate the intricacies of this monumental and complex deal.”

Peffer added, “Our team worked countless hours negotiating with over ten different counterparties, ranging from large institutional investors, the State of Colorado, a Hollywood production company, and one of the premier hotel operators in the country, to truly thread the needle and achieve a successful outcome for all stakeholders. We’re thrilled to deliver this result and honored for the opportunity to work on such a marquee project.”

The team from Taft included more than 20 attorneys from the Public Finance, Business, Construction, and Real Estate groups, with Ryan Christ leading the real estate effort and Mary Sue Greenleaf overseeing construction-related legal services.

Effective Jan. 1, 2025, Sherman & Howard combined with Taft, creating a firm powered by more than 1,000 attorneys from Washington, D.C. to the Mountain West. The combination enables both firms to deepen their benches of attorneys and strengthen their service offerings.

---

About Taft

As a modern law firm with a non-headquartered operating model, Taft is fully committed to delivering the highest level of service to today’s organizations and individuals. The legal performance of Taft attorneys is recognized nationally, with inclusion in the Am Law 100, Chambers USA, U.S. News Media Group Best Law Firms, Best Lawyers®, Super Lawyers, and more. Learn more at Taftlaw.com.