Field & Stream Lodge 2026: Adding Oregon & California Hotels
Field & Stream Lodge by Starwood Capital and AJ Capital adds its second and third properties in Bend and Big Bear, targeting 2028 openings.
Stock photo for illustration only, not from the actual event
- Field & Stream Lodge is adding properties in Bend, Oregon and Big Bear, California, set to open in 2028 following renovations.
- Growth lags behind the 2023 target of 30-40 properties by 2030 due to high capital costs and a slow investment climate.
- The brand relies on hotel conversions funded by the $260 million F&S Hotel Fund 1, backed notably by New Zealand's sovereign wealth fund.
Field & Stream Lodge Co., the outdoor-focused hotel brand backed by Barry Sternlicht's Starwood Capital Group and Ben Weprin's AJ Capital Partners, announced plans to incorporate lodges in Bend, Oregon, and Big Bear, California, marking its second and third properties three years after its initial launch.
The developers acquired the 151-room former Shilo Inn along the Deschutes River in Bend and a 148-room former Holiday Inn resort in Big Bear, located a two-hour drive from Los Angeles. Both locations are slated to debut in 2028 following comprehensive renovations.
The brand's inaugural location is a 179-room hotel in Bozeman, Montana, which opened in May 2025 as a converted Holiday Inn situated just off Interstate 90.
The deceleration from the brand's original 2023 ambitions of 30 to 40 properties and roughly 4,000 rooms by 2030 highlights the broader impact of high interest rates and elevated capital costs on hospitality real estate. Consequently, developers have pivoted away from ground-up construction toward converting existing assets, which helps manage expenses and brings properties to market faster.
Stock photo for illustration only, not from the actual event
Growth is fueled by F&S Hotel Fund 1, a 10-year investment vehicle totaling $260 million. According to company documents, New Zealand's sovereign wealth fund serves as the largest limited partner in the fund.
At present, Starwood and AJ Capital plan to retain full ownership of all properties, betting that design-forward lodges and the established Field & Stream audience can successfully capture premium pricing despite a cautious investment climate.
Source: Skift
Found something wrong in this article? Report an issue with this article
Comments
Leave a Comment