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Starwood Capital and AJ Capital Partners Join Forces on Field & Stream Lodge Company
Private investment firm Starwood Capital and Adventurous Journeys Capital Partners have partnered to launch Field & Stream Lodge Company. The platform is in place to develop branded hotels that serve a growing need for affordable, authentic outdoor experiences.
The Field & Stream entity will initially create up to 25 hotels in U.S. markets. These hotels will be close to natural locations, such as parks, beaches, mountains and ski towns. A Starwood Capital affiliate and AJ Capital plan to use their acquisition, investment and development experience to create a unique brand in a virtually undifferentiated segment. The Field & Stream hotels will be in markets in which existing lodging options are either not available or obsolete.
According to an article in the Wall Street Journal, the hotels will provide lower to mid-price accommodations and will have interiors with patterns that reflect outdoor settings. Each property will feature 120 to 140 rooms. Also on-site will be storage that can be used for recreational gear and communal lounge space. Parking lots will have electric generators for RVs.
The article also indicated that Starwood Capital is in discussion for 10 locations. The partnership is targeting 125 markets in the United States for this venture, including the Snake River Canyon area in Idaho, Joshua Tree, CA and Lake Placid, NY.
“Today’s consumer has a strong desire to support brands that connect them with the outdoors, and this initiative with Field & Stream will provide them with authentic hospitality experiences,” said Barry Sternlicht, chairman and CEO of Starwood Capital said in a release about the joint venture. “Field & Stream hotels will be a modern take on an American classic,” added AJ Capital Founder and CEO Ben Weprin in the same release. “We believe our design-forward and vertically integrated approach will position the platform to scale rapidly and capitalize on consumer demand.”
- ◦Sale/Acquisition
- ◦Development
