Owner uses Stanley Hotel to secure loan for future development

ESTES PARK — The owners of The Stanley Hotel in Estes Park have used the historic 140-room hotel to secure a $46 million loan to help fund the rollout of its new line of resorts focused on health and wellness.

The Grand Heritage Hotel Group, based in Annapolis, Md., is using the loan to refinance the debt on the Stanley Hotel and help fund the 50,000-square-foot luxury resort that will be built adjacent to The Stanley Hotel.

The loan is through Los Angeles-based Karlin Real Estate, an affiliate of Karlin Asset Management, a private investment firm with more than $1.5 billion in unleveraged capital under management.

Grand Heritage will build the Aspire Hotel and Resort as part of a larger plan that includes a wellness center being developed by Estes Park Medical Center and the University of Colorado in a public-private partnership.  Grand Heritage will provide hospitality services that include a healthy cuisine restaurant and resort amenities to complement the wellness and sports medicine services being offered through the wellness center.

In 2010, Grand Heritage completed a multimillion-dollar renovation and restoration program at The Stanley that included restoration of the Concert Hall and manor house referred to as The Lodge.

Grand Heritage will also use a portion of the loan proceeds to acquire Peñasco Del Sol Resort and Conference Center, a 208-room beachfront hotel in Puerto Peñasco, Mexico. Grand Heritage had managed the property since 2010.

The Stanley Hotel was built in 1909 by Freelan Oscar Stanley, co-inventor of the Stanley Steamer. The Stanley is listed on the National Register of Historic Places and is a member of Historic Hotels of America.