Not in my Colorado, but I have experienced this in my Buick. Could be a faulty solenoid that detects by electrical signal the vehicle is in Park and to release the key. Try this: Apply the brake pedal firmly, ensure vehicle is in Park, and then push the gear shifter knob button in and out repeatedly. Listen for a click sound behind the steering column or under the gear shifter. Gently turn the ignition off and remove the key. If the key won't switch to the off position, the key can be removed by finding a small circular plastic cover beneath the ignition switch. Remove it and then stick a long thin object in, like a pen, to manually release the key. There may be a manual shifter lock release as well on the shifter console.
Edit: the owner's manual indicates this is a shift lock issue, low battery voltage issue, or Ignition Transmission Lock issue
Edit: the owner's manual indicates this is a shift lock issue, low battery voltage issue, or Ignition Transmission Lock issue