Waterton-Barings deal recaps two Outbound Hotels

CHICAGO, CHARLOTTE, North Carolina – Waterton, a real estate investment and property management company that is developing the outdoor adventure brand Outbound Hotels, has announced a joint venture diversified investment manager Barings, which will recapitalize two existing Outbound Hotels, The Virginian Lodging in Jackson, Wyoming, and Outbound Stowe in Stowe, Vermont.

The news follows the partnership’s acquisition in December 2024 of the Poco Diablo Resort in Sedona, Arizona, which will be reimagined as Outbound Sedona, slated to open in 2Q26.

Management of Outbound’s portfolio, including the Virginian Lodge, Outbound Mammoth, Outbound Stowe, Outbound Sedona, and Outbound Yosemite (under development), is exclusively overseen by CoralTree Hospitality as part of the companies’ strategic partnership.

The Virginian Lodge is a 165-key hotel situated at the heart of Jackson Hole, offering access to a range of outdoor attractions, including hiking, climbing, fly fishing, skiing and Grand Teton and Yellowstone national parks. Outbound Stowe is a 76-key hotel offering access to New England’s ski resorts and four-season activities in Vermont’s Green Mountains. The investment from Barings will empower Outbound Hotels to enhance and expand amenities.

A large-scale renovation of the Poco Diablo Resort in Sedona is currently underway, including revived guest rooms, expanded amenities, a vibrant new restaurant, and new pool complex that includes a two-tiered pool, hot tubs and firepits. The resort is slated to reopen as Outbound Sedona in the second quarter of 2026.

“As travelers continue to seek out unique destination hotels located close to their favorite outdoor activities, we believe our investments with Outbound in Jackson, Stowe, and Sedona are positioned to benefit from long-term trends in travel and leisure,” said Stuart Turner, managing director, Hotel Group, U.S. Real Estate at Barings.

Waterton’s portfolio includes approximately $9.5 billion in real estate assets, while Barings had $470-plus billion in assets under management at the end of September 2025.