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Starwood Capital Group CEO Barry Sternlicht is hoping that travelers' pandemic-fueled interest in exploring the outdoors is here to stay.
Sternlicht plans to open a new chain of Field & Stream Lodge Co. hotels near national parks and other outdoor destinations, The Wall Street Journal reported. More than 100 markets are being looked at, including Joshua Tree, California; Lake Placid, New York; and the area around Snake River Canyon in Idaho. The chain will target families and fans of outdoor recreation with a price point similar to a limited-service hotel, the WSJ said.
“We want to change the vernacular by offering something fun and emotional that celebrates the wild outdoors,” Sternlicht told the WSJ.
Sternlicht is partnering with AJ Capital Partners CEO Ben Weprin on the project. Weprin is also the founder of Graduate Hotels, a chain of 33 locations in college towns. Starwood will help pay for hotel acquisitions as the brand establishes itself, Sternlicht said. The first Field & Stream Lodge Co. property is expected to open next year.
Hospitality offerings that focus on the outdoors appear to be an area of growing interest for investors.
In November, Summit Hotel Properties acquired a 90% joint venture interest in Onera Fredericksburg, a glamping property in the Texas Hill Country, and interest in an adjacent parcel where a future expansion could rise. Other outdoors-focused brands both new and established include an element of environmentalism, devoting a portion of reservation costs to conservation or undertaking beach cleanups along nearby shores, the WSJ reports.
The traditional hospitality industry has yet to recover fully from the pandemic's effects, especially the drop in business travel, but hotel executives seem confident that 2023 will be their year.
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