In 1926, Stanley sold his hotel to a private company incorporated for the sole purpose of running it. The venture failed and, in 1929, Stanley purchased his property out of foreclosure selling it again, in 1930, to fellow automobile and hotel magnate, Roe Emery of Denver. Until 1983, the resort was only open during the summer, shutting down for the winter every year. The presence of the hotel and Stanley's own involvement greatly contributed to the growth of Estes Park (incorporated in 1917) and the creation of the Rocky Mountain National Park (established in 1915).