An Arizona developer who bought and restored the historic Castañeda Hotel in Las Vegas, N.M., has agreed to sell the property to a trio of locals, two of whom worked on the extensive renovation project.

Allan Affeldt, the Sedona developer who bought the crumbling hotel in 2014 and poured millions of dollars into its renovation four years later, said he has agreed to sell the Castañeda to Las Vegas residents Carlos Lopez, Dennis Lucero and Lucero's wife, Annette Lucero, who will operate the hotel under the auspices of Historic Castañeda Hotel LLC.

The new owners will take over the Castañeda, located at 541 Railroad Ave., on Nov. 20, Affeldt said. He declined to name the purchase price.

Both Lopez and Dennis Lucero worked as contractors on the building’s renovation in 2018 — Lopez as the

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