The hotel, which was designed to look like an 18th century Spanish don's hacienda, closed in 1957. It sat abandoned until owner Allan Affeldt came to town from Southern California in 1997 to save the hotel. Without a lot of luck and hard work on Affeldt's part, La Posada might have also been knocked down. But it's a question of economics. However, cities are often unwilling or unable to match these funds.
Banks are loath to lend money for risky restoration projects.
It takes someone willing to lose money hand over fist, someone who's not looking for a quick capital return. And that's why some of these hotels are falling down - just being a Harvey House isn't enough. Affeldt brought in the money for La Posada. He also managed to persuade the Burlington, Northern, Santa Fe Company to restore parts of the hotel in return for rent-free space in the hotel for their telecommunications offices. There's a waiting list of people wanting to stay at the hotel.