Starwood and AJ Capital Expand Field & Stream Lodge

Starwood Capital Group and AJ Capital Partners have acquired two properties in Bend, Oregon, and Big Bear, California, to expand Field & Stream Lodge Co. [1]. Both assets will undergo full renovations before opening in 2028 as the hospitality brand's second and third locations, funded by a dedicated $260 million vehicle [[1], [2]].

Where are the new Field & Stream Lodge locations situated?

The new locations are in Bend, Oregon, and Big Bear, California [1]. In Bend, the developers acquired the 151-room former Shilo Inn, located directly on the Deschutes River less than two miles from downtown Bend [[1], [2]]. According to Hotel Business, the Deschutes River is known for trout and steelhead fishing, and the location provides year-round access to skiing and mountain biking at Mt. Bachelor, along with climbing at Smith Rock [2].

In California, Field & Stream Lodge bought a 148-room former Holiday Inn resort situated on Village Drive in Big Bear, within the San Bernardino National Forest [[1], [2]]. Skift reported that the property is a two-hour drive from Los Angeles [1]. Hotel Business reported the site is a 10-minute walk from Big Bear Lake and minutes from Bear Mountain Golf Course [2]. Summer activities around Big Bear include water sports on the 3,000-acre lake and access to over 100 miles of hiking and biking trails [2]. In winter, the destination centers on Alterra-owned Big Bear Mountain Resort, which encompasses Snow Summit, Snow Valley, and Bear Mountain, totaling roughly 680 skiable acres [2].

How is Field & Stream Lodge funding this expansion?

Field & Stream Lodge's growth is financed through F&S Hotel Fund 1, a 10-year investment vehicle [1]. According to Skift, a 2022 prospectus showed that the fund holds $260 million in total capital [1]. New Zealand's sovereign wealth fund serves as the vehicle's largest limited partner [1]. Starwood Capital Group and AJ Capital Partners stated that elevated capital costs have dictated the pace of developing and scaling the brand [1].

What does the current Field & Stream property portfolio look like?

The brand's portfolio now counts three properties across Montana, Oregon, and California [[1], [2]]. The inaugural site opened in May 2025 in Bozeman, Montana, featuring 179 rooms created from a converted Holiday Inn located just off Interstate 90 [1]. The acquisitions in Bend and Big Bear add 151 rooms and 148 rooms to the brand's national footprint [[1], [2]].

What amenities will the converted Big Bear lodge feature?

The Big Bear asset will operate as a mountain basecamp with recreational infrastructure [2]. According to Hotel Business, the reimagined 148-room property on Village Drive features suites, an on-site restaurant, meeting space, an outdoor pool, and a hot tub [2]. Both the Big Bear and Bend properties will undergo complete overhauls ahead of their scheduled 2028 operational debuts [[1], [2]].

What is the development timeline and strategy moving forward?

The developers are executing conversion strategies that target outdoors-oriented gateway towns [[1], [2]]. Field & Stream Lodge launched in 2023 under Starwood Capital and AJ Capital [1]. While its Bozeman debut took place two years later in May 2025, the Bend and Big Bear locations require longer lead times, with openings slated for 2028 following full conversions [[1], [2]]. Starwood Capital Group and AJ Capital Partners plan to continue expanding the concept nationwide [2].