Field & Stream Lodge, the hospitality brand launched in 2023 by Starwood Capital and AJ Capital, announced expansion into two new markets through property conversions. The brand will open locations in Bend, Oregon and Big Bear, California, both slated for 2028. These conversions mark the second and third properties under the brand banner, signaling a deliberate growth strategy focused on outdoor-oriented destinations.
The brand's founders acknowledge that high capital costs are constraining the pace of expansion. Starwood Capital and AJ Capital, both seasoned hotel operators, recognize that building a hotel brand from scratch requires substantial investment in both properties and brand infrastructure. Rather than pursue aggressive growth that could dilute brand identity, the partners opted for controlled expansion tied to specific market opportunities.
Bend and Big Bear represent logical extensions for Field & Stream Lodge. Bend sits in central Oregon's high desert, a hub for skiing, hiking, fly-fishing, and mountain biking. Winter sports enthusiasts and summer outdoor adventurers populate the area year-round. Big Bear Lake, nestled in the San Bernardino Mountains east of Los Angeles, caters to similar demographics. Both destinations attract affluent travelers seeking authentic outdoor experiences paired with elevated hospitality.
The 2028 timeline reflects the reality of hotel conversions. Acquiring suitable properties, securing financing, conducting renovations, and obtaining permits consume years. Unlike ground-up development, conversions require retrofitting existing buildings to brand standards. The delayed opening allows Starwood Capital and AJ Capital time to refine their operational playbook with the flagship property before replicating the concept.
Field & Stream Lodge's positioning sits within a broader trend toward lifestyle brands that cater to specific traveler demographics. The outdoor hospitality sector has attracted significant capital in recent years. Brands like ROAM, Hipcamp, and luxury operators such as Collective Retreats have capitalized on consumer appetite for nature-adjacent stays. Field & Stream Lodge taps into this demand while leveraging outdoor credibility. The brand name itself evokes heritage Americana and outdoor recreation, appealing to travelers who view lodging as an extension of their lifestyle identity.
Capital constraints shape every brand's growth trajectory. Starwood Capital manages over $150 billion in assets globally, yet committed capital across multiple platforms means each brand receives disciplined allocation. High land costs, labor expenses, and construction inflation have pushed average hotel development costs above $500,000 per room in many markets. Conversions typically cost less than ground-up builds, but still require substantial capital for renovations and brand integration.
The announcement reveals patience as a strategic virtue. Rather than pursue rapid growth that spreads capital thin, Starwood Capital and AJ Capital prioritize brand coherence and operational excellence. Opening properties in 2028 allows the flagship location to mature, gather market data, and establish operational protocols that can be replicated.
Travelers planning trips to Bend or Big Bear should monitor Field & Stream Lodge's development. Both markets show strong demand, with Bend particularly constrained on quality lodging options during peak season. When these properties open, they will offer alternatives to established players like McMenamins and Bend's limited luxury inventory. Big Bear similarly lacks distinctive hospitality options beyond traditional ski resort lodges.
Brand building takes time. Starwood Capital and AJ Capital are betting that deliberate expansion, paired with thoughtful market selection, builds stronger competitive positioning than speed ever could.