25 Outdoor Hospitality Players to Watch in 2025 - Part 1 (1-8)
Highlighting some investors and operators making waves in the industry, in alphabetical order.
Estimated time to read: 5 minutes
TL;DR:
Below is part 1 of a 3-part series featuring 8 operators and investors that are poised to make a splash in 2025. They are listed alphabetically.
Side note:
Since last week, we released a podcast where we discussed the rise and fall of glamping startup Tentrr (link below):
Glamping's Biggest Name Failed Massively: The Story of Tentrr
This is not intended to be an all-encompassing list. If there is a group you think I missed, please comment!
1. AJ Capital Partners
The “AJ” in AJ Capital Partners appropriately means “Adventurous Journeys.” The firm was founded in 2008 by Benjamin Weprin and is an investment manager with notable outdoor hospitality investments that include a realized investment in Auberge Resorts and a current investment in Field & Stream Lodge Co. (see #6 below) alongside Starwood Capital.
Their website says, “The firm’s current portfolio includes $5.3 billion of assets across 100+ properties and 50+ geographic markets.” I list them as a player to watch because they are behind some great hospitality brands, and I suspect that Field & Stream may not be their only venture into outdoor hospitality in the near future.
Check out the AJ Capital Partners website.
2. Blue Water Development
Blue Water is a titan in our industry. They develop premium campgrounds, RV resorts, and hotels, and manage outdoor hospitality for other titans in our industry, and even operate their own impressive portfolio. They always seem to be on the cutting edge and involved in big deals. Nothing new here, but always a group to keep an eye on.
Check out the Blue Water website.
3. Campfire Ranch
Campfire Ranch has 2 locations in Colorado and 1 location in Arkansas. They offer campsites and “backcountry huts” and have developed a great, modern, premium camping concept and brand. I list them as a player to watch because I noticed late last year that they were hiring a Director of Property Development. They must be planning some pretty cool projects!
Check out the Campfire Ranch website.
4. Climb Capital/Unhitched Management
Climb Capital was founded by Robert Preston and Jeremy Hans in 2013. They focused on workforce housing investments until 2020 when they shifted focus to RV parks. In 2024, they announced the launch of the Unhitched Management and Unhitched RV platforms to offer third-party management and launch their RV park brand.
Check out the Climb Capital website.
Check out the Unhitched Management website.
5. Destination Capital
Bryan Auchterlonie founded Destination Capital in 2018 and has been involved in some of the biggest investment deals in outdoor hospitality and resort lodging over the last 15 years. I expect that to continue in 2025 and for years to come.
Check out the Destination Capital website.
6. Ferncrest
Brian Linton founded Ferncrest in 2022. What started with a “glampground” in Greentown, PA is now a glamping franchise concept that I expect to grow beyond its 2 locations in 2025.
Check out the Ferncrest website.
7. Field & Stream Lodge Co.
We mentioned Field & Stream above in #1, but this branded concept deserves its own mention. Anything with Barry Sternlicht, Starwood Capital or AJ Capital Partners behind it is expected to make a splash.
Field & Stream is an iconic outfitter and magazine for outdoorsmen and outdoorswomen that now lends its brand name to the lodge concept. AJ Capital Partners Founder Ben Weprin said in an interview with Hotel Investment Today that, “Field & Stream Lodge Co. will acquire/convert or develop affordable properties in under-served U.S. national parks, beach, mountain and ski town markets with some initial hotels in the 160-room range coming to South Lake Tahoe, Nevada; Joshua Tree in California; Colorado Springs, Durango and Steamboat Springs in Colorado; Traverse City, Michigan; and Yellowstone National Park.”
Check out the Field & Stream Lodge Co. website.
8. HAN Capital
In late 2024, Han Capital announced a partnership with Northgate Resorts, which could signal big things to come. HAN Capital operates a portfolio of 8 RV parks under the Heartland Parks brand. Northgate Resorts is reported to act as manager and to oversee improvements and expansion on the 2 Heartland Parks in Colorado.
Check out the HAN Capital website.
Stay tuned for numbers 9-25 on this list over the next 2 weeks!
That’s all for this week. Thank you so much for reading!
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