Field & Stream Lodge Adds Two Hotels; Building the Brand Will Take Time

Key points

• Field & Stream Lodge Co. said it will add lodges in Bend, Oregon, and Big Bear, California — its second and third properties three years after launching in 2023.
• The developers bought the 151-room former Shilo Inn on the Deschutes River in Bend and a 148-room former Holiday Inn resort in Big Bear, a two-hour drive from Los Angeles.
• Both hotels are slated to open in 2028 after full renovations.
• The brand's first location is a 179-room hotel in Bozeman, Montana, which opened in May 2025 in a converted Holiday Inn just off Interstate 90.
• The brand's growth is funded through F&S Hotel Fund 1, a 10-year vehicle; the total fund is $260 million and New Zealand's sovereign wealth fund is the largest limited partner.
• Starwood Capital and AJ Capital say high capital costs are setting the pace for brand-building.