Field & Stream Lodge Co., backed by investors Barry Sternlicht’s Starwood Capital Group and Ben Weprin’s AJ Capital Partners, announced plans to add two new properties to its portfolio. The brand will convert an existing 151-room hotel in Bend, Oregon, formerly operated as a Shilo Inn, and a 148-room property in Big Bear, California, formerly a Holiday Inn resort, into branded lodges. Both locations are planned to undergo comprehensive renovations with openings targeted for 2028.
The expansion marks significant growth for the brand, which launched in 2023. The company’s flagship location, a 179-room property in Bozeman, Montana, converted from a former Holiday Inn, opened in May 2025 near Interstate 90. That inaugural property established the brand’s positioning in the outdoor hospitality market.
According to statements from the developers, the pace of expansion reflects the capital-intensive nature of hotel development and conversion projects. The growth is being funded through F&S Hotel Fund 1, a 10-year investment vehicle that currently holds $260 million in total capital. New Zealand’s sovereign wealth fund serves as the largest limited partner in the fund, according to a 2022 prospectus reviewed by industry sources.
The two new properties represent strategic geographic positioning for the brand. Bend offers proximity to central Oregon outdoor recreation, while Big Bear, located approximately two hours from Los Angeles, provides access to mountain recreation for Southern California residents. Both conversions involve existing hotel structures being repositioned under the Field & Stream brand identity and operations.
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