The historic and iconic Stanley Hotel in Northern Colorado has been sold. The public entity The Stanley Partnership for Art Culture and Education, LLC (or SPACE), purchased the hotel through a public-private partnership.

That partnership is among the Colorado Educational and Cultural Facilities Authority, private bond investors, former owner John W. Cullen IV, and new manager Sage Hospitality Group. Cullen is at the helm of SPACE as chair and CEO.

"I have owned The Stanley for almost 30 years and can't imagine a better way to both preserve and grow it for generations to come," said Cullen in a statement.

According to CECFA, the nearly $400 million bond offering will also fund a major expansion of the two historic lodging buildings and a new 65,000 square foot event center. The event center will feature an 864-person auditorium and a horror film museum curated by Blumhouse Productions.

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 at the hotel, King had a vision of writing a horror book that took place in the hotel, which became "The Shining" and was turned into a movie.

The Stanley Hotel is located in Estes Park, about 65 miles northwest of Denver, near the entrance to Rocky Mountain National Park.