Barry Sternlicht’s Field & Stream Lodge Adds Two Hotels. Building the Brand Will Take Time.

Skift Take Field & Stream Lodge launched in 2023. Deals two and three are conversions in Bend and Big Bear, opening in 2028. Starwood Capital and AJ Capital say high capital costs are setting the pace for brand-building. Field & Stream Lodge Co., the outdoor hotel brand backed by Barry Sternlicht's Starwood Capital Group and Ben Weprin's AJ Capital Partners, said Tuesday it will add lodges in Bend, Oregon, and Big Bear, California, its second and third properties three years after launching. 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, the companies told Skift in exclusive interviews. Both hotels are slated to open in 2028 after full renovations. The brand's first location is a 179-room hotel in Bozeman, Montana. It opened in May 2025 in a converted Holiday Inn just off Interstate 90. Field & Stream Lodge's growth is funded through F&S Hotel Fund 1, a 10-year vehicle, according to a 2022 prospectus Skift saw. Today, "the total fund is $260 million," and "New Zealand's sovereign wealth fund is the largest limited partner,"