A hotel brand that leans into the outdoors — fishing, hiking, campfire energy, but with proper beds — is quietly adding locations. Field & Stream Lodge Co., the lodging venture backed by Barry Sternlicht's Starwood Capital Group and AJ Capital Partners' Ben Weprin, has announced its second and third hotels: one in Bend, Oregon, and one in Big Bear, California.

Both properties are conversions rather than new builds. In Bend, the developers picked up the 151-room former Shilo Inn on the Deschutes River, a spot that puts guests right by one of Oregon's best-loved rivers for fly fishing and tubing. In Big Bear, they took over a 148-room former Holiday Inn resort in the San Bernardino Mountains, roughly a two-hour drive from Los Angeles and a popular weekend escape for Southern Californians. Both are slated to open in 2028 after full renovations.

They join the brand's first hotel, a 179-room converted Holiday Inn in Bozeman, Montana, which opened in May 2025 just off Interstate 90 — a handy base for Yellowstone and Big Sky travellers.

What's notable for now is the pace. The brand launched in 2023 and is three years in with only three locations. Its growth runs through a dedicated fund, F&S Hotel Fund 1, a 10-year vehicle that now totals around $260 million, with New Zealand's sovereign wealth fund as its largest investor. The people behind it say high capital costs are dictating a slower, conversion-first strategy — buying existing hotels and rebranding them instead of building from scratch.

For travellers, that model has an upside: conversions in proven locations mean rooms in places people already want to visit, at prices likely to sit below luxury lodge rates once renovations wrap. If Bozeman is anything to go by, expect a casual, outdoorsy style — think lodge aesthetics and easy access to trails and water — rather than stuffy resort formality. Bend and Big Bear are exactly the kind of markets where that formula fits: both draw steady streams of anglers, skiers, mountain bikers and hikers year-round.

Mark 2028 in the calendar if Bend or Big Bear are on your list, but there's no need to wait — both towns already have plenty of places to stay, and the Field & Stream versions will simply add a fresh, design-led option when they open. Skiers heading to Mt. Bachelor, families doing LA-adjacent mountain weekends, and fly fishers chasing the Deschutes are the obvious fits.

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