"Shining" hotel owner secures $46M loan

The owner of The Stanley Hotel in Estes Park, Colo., has landed a $46-million loan that will help pay for the construction of a luxury resort planned for the grounds of the historic property, the Denver Business Journal reports.

Grand Heritage Hotel Group, of Annapolis, Md., secured the loan with the 140-room hotel, which was built in 1909. In addition to paying for what's being called the Aspire Hotel and Resort, Grand Heritage will use the loan to refinance debt on the Stanley and to fund the purchase of the Peñasco Del Sol Resort and Conference Center.

Grand Heritage has managed the 208-room beachfront hotel in Puerto Peñasco, Mexico, since 2010.

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