Castle Peak Raises $315M to Expand Trailborn Outdoor Hospitality Brand Across U.S.

Castle Peak Holdings, the investment firm behind the outdoor-focused hospitality brand Trailborn, has closed its second real estate investment vehicle with $315 million raised over a four-month period. The funds will be used to expand the Trailborn portfolio to new destinations across the U.S.

The firm's April acquisition of Snow King Resort in Jackson Hole, Wyoming, marked the first investment of the new vehicle. Castle Peak plans to renovate the property and convert it under the Trailborn brand.

Co-CEO Mike Weiss states that the capital raise will help deliver customers access to outdoor-focused accommodations in top leisure destinations, "what they've been searching for." Since its launch in 2023, Castle Peak has been rapidly scaling Trailborn, including tying up with Marriott International late last year.

The newly raised capital will help Castle Peak expand Trailborn, starting with bringing the brand to Jackson Hole, "Wyoming's premier four-season mountain destination." The investment firm will renovate the 203-key Snow King Resort to expand its on-site amenities and enhance the building's exterior, lobby, meeting spaces, and dining offerings.

Once complete, the hotel will offer travelers an elevated experience with family-friendly amenities, expansive meetings and events spaces, dining, a spa, and access to world-class skiing, as well as Grand Teton and Yellowstone National Park.

Castle Peak's larger expansion strategy for Trailborn includes buying off-market properties in "iconic outdoor destinations with growing demand and high barriers-to-entry," and executing a tactical repositioning of those hotels, according to the firm's other co-CEO, Ben Weinberg.

Trailborn has an additional property debuting in Mendocino, California, within the coming year. The brand has opened five hotels within the last year at Colorado's Rocky Mountain National Park, North Carolina's Blue Ridge Mountains, the Grand Canyon in Arizona, and the North Carolina coast.

In December, Trailborn entered a long-term agreement with Marriott to bring its collection of hotels under the Marriott system, gaining access to the hotel heavyweight's distribution network. Hilton and Hyatt Hotels have also recently partnered with outdoor-centric accommodations providers as travel demand for the sector ramps up.