Main Facts: A New Chapter for Outdoor Hospitality
Field & Stream Lodge Co., the ambitious hospitality venture born from the partnership between Starwood Capital Group and AJ Capital Partners, has officially signaled its next phase of growth. On Tuesday, the company announced the acquisition of two additional properties, marking a significant expansion for the brand as it seeks to redefine the "outdoor-centric" hotel segment.
The brand, which first captured the industry’s attention in 2023, is set to transform two existing, mid-market properties into premium, nature-focused destinations. The company has acquired the former 151-room Shilo Inn, situated along the scenic Deschutes River in Bend, Oregon, and a 148-room former Holiday Inn resort in Big Bear, California. These acquisitions represent the second and third installations in the Field & Stream portfolio, following the successful debut of their inaugural lodge in Bozeman, Montana. Both new locations are undergoing extensive renovations, with doors expected to open to the public in 2028.
This strategic move underscores the vision of industry titans Barry Sternlicht, chairman and CEO of Starwood Capital Group, and Ben Weprin, CEO of AJ Capital Partners. By targeting high-traffic outdoor hubs—Bozeman, Bend, and Big Bear—the brand is positioning itself at the intersection of rugged adventure and refined comfort, a demographic shift that has gained immense momentum in the post-pandemic travel landscape.
Chronology: The Roadmap of an Outdoor Brand
The trajectory of Field & Stream Lodge Co. has been deliberate and focused on long-term sustainability rather than rapid, speculative expansion.
- 2022: The foundation of the brand is laid with the creation of the F&S Hotel Fund 1, a 10-year investment vehicle designed to capitalize on the rising demand for outdoor recreation.
- 2023: Field & Stream Lodge Co. officially launches, drawing upon the legacy of the iconic American outdoor brand. The partnership between Starwood and AJ Capital is formalized, combining institutional capital with boutique hospitality expertise.
- May 2025: The brand makes its market debut in Bozeman, Montana. By converting a 179-room Holiday Inn located conveniently near Interstate 90, the team proves the viability of the "adaptive reuse" strategy.
- Late 2025: The company confirms the acquisition of the Bend and Big Bear properties, signaling the next stage of its growth strategy.
- 2028 (Projected): Completion of renovations for the Bend and Big Bear lodges, bringing the total portfolio to three flagship properties across the American West.
Supporting Data: Capitalizing on the "Outdoor Boom"
The financial architecture behind Field & Stream Lodge Co. is as noteworthy as its design aesthetic. According to the 2022 prospectus reviewed by industry analysts, the venture operates under a disciplined $260 million fund.
A critical component of this financial backing is the involvement of the New Zealand Superannuation Fund (NZ Super Fund), the country’s sovereign wealth fund, which serves as the largest limited partner. This institutional backing provides the necessary runway to navigate the complex world of real estate development, particularly in an era of high interest rates and fluctuating construction costs.
The choice of property is equally data-driven. By acquiring underperforming or dated assets—such as the Shilo Inn and the former Holiday Inn in Big Bear—the developers are avoiding the exorbitant costs associated with ground-up construction. This "adaptive reuse" model is particularly prudent given the current macroeconomic climate. Building from the ground up requires massive capital outlay and years of entitlement processes; by contrast, renovating existing structures allows Field & Stream to expedite entry into high-barrier-to-entry markets like Big Bear, where land availability is severely restricted.
Official Responses: The Strategic Rationale
In exclusive interviews, representatives from Starwood Capital and AJ Capital have been transparent about the pressures of the current market. Ben Weprin and Barry Sternlicht have both noted that high capital costs are fundamentally changing the pace of brand building in the hospitality sector.
"We are not looking to build a thousand-hotel chain overnight," a company spokesperson suggested. "The goal is to curate a collection of properties that feel authentic to their geography."
The leadership team emphasized that the "Lodge" concept is designed to be a basecamp for the modern traveler. The Bozeman location, for example, successfully integrated local materials and a design language that evokes the American West without veering into kitsch. The upcoming Bend and Big Bear properties are expected to follow a similar philosophy: prioritizing the guest experience of the surrounding landscape while providing modern amenities that today’s travelers demand.
The choice of Bend—a city synonymous with mountain biking, fishing, and skiing—and Big Bear—a year-round mountain retreat just a two-hour drive from the urban sprawl of Los Angeles—reflects a deep understanding of domestic travel patterns. By situating themselves in these "drive-to" markets, the developers are hedging against the volatility of international air travel and capitalizing on the enduring popularity of the American road trip.
Implications: A New Standard for Hospitality
The rise of Field & Stream Lodge Co. has several profound implications for the broader hospitality industry.
1. The Resurgence of the "Lodge" Concept
For decades, the "lodge" was viewed as a dated relic, often associated with uncomfortable motels or prohibitively expensive luxury retreats. Field & Stream is effectively occupying the "middle-market premium" space. By taking over mid-scale properties and upgrading them, they are proving that there is a massive, underserved market for travelers who want to be near the trails and slopes without sacrificing high-speed Wi-Fi, premium bedding, or well-designed common areas.
2. The Power of Adaptive Reuse
The decision to focus on conversions is a bellwether for the rest of the industry. As construction costs (labor and materials) remain elevated, the math for new-build hotels has become increasingly difficult to justify. Developers across the U.S. are watching the Field & Stream model closely. If they can continue to deliver high-quality, profitable assets through conversion, expect to see a wave of similar investments in secondary and tertiary markets.
3. Institutional Capital in Niche Markets
The fact that a sovereign wealth fund is the largest partner in a project centered on outdoor recreation speaks volumes about the "institutionalization" of the outdoor economy. It is no longer a niche interest; it is a core asset class. This influx of capital will likely lead to further professionalization of the outdoor hospitality sector, as standards for service and sustainability continue to rise.
4. Competitive Pressure on Regional Operators
Local independent lodges and boutique operators in Bend and Big Bear may soon face increased pressure. Field & Stream brings the marketing power and loyalty-program connectivity of two of the largest players in real estate. While the "boutique" feel of the properties may keep them distinct, the operational efficiency and scale of the Starwood/AJ Capital partnership will force other regional players to sharpen their value propositions.
Conclusion: The Long Road Ahead
As Field & Stream Lodge Co. moves toward its 2028 opening dates, the eyes of the hospitality world will be on the execution of these renovations. The challenge will be to maintain the "outdoor" ethos while scaling operations across diverse environments.
The brand is currently in a "proof of concept" phase. With the Bozeman location operational and two more in the pipeline, the partnership has demonstrated that they can secure prime real estate and deploy capital efficiently. However, the true test will be the guest experience. Can a brand that is backed by a $260 million fund still retain the "soul" of an outdoor lodge?
For now, the strategy seems clear: wait for the right opportunities, leverage existing infrastructure, and lean into the enduring American desire to explore the great outdoors. If successful, Field & Stream Lodge Co. will not just be a hotel brand—it will be the standard-bearer for a new generation of American hospitality.
Reynand Wu 
Basiran 
Pevita Pearce 