Edgecamp Crested Butte | Colorado

The latest acquisition in the Stomp Capital portfolio adds an asset in a market that boasts two-peak seasonality, as summer and winter both experience high demand. Crested Butte, Colorado is often referred to as the “last great ski town,” with an authentic mountain town feel and access to some of the best skiing, hiking, and mountain biking in the world.

With Stomp’s acquisition of the Old Town Inn, we now own 33 hotel keys or ⅓ of all hotel rooms in Crested Butte. In recent years, the Town of Crested Butte has significantly reduced the number of outstanding short-term rental licenses. So, with fewer options for short-term rentals and a tight supply of hotels and hotel zoning, the Old Town Inn has strong pricing power and little competition.

Crested Butte is an iconic destination for both winter and summer travelers. The town is also experiencing a surge in growth and popularity, with Vail Resorts acquiring the mountain in 2019 and an additional $150mm in renovations are planned for the town’s main street.

As both the largest hotel and lowest ADR hotel in Crested Butte, The Old Town Inn offers significant upside potential. Stomp plans to renovate the asset to enhance the wellness experience and provide luxurious accommodations, ultimately generating 2x ADRs in the post-renovation state. With an acquisition basis of $204,000 per key, the Old Town Inn is considerably lower than its competitive set in Jackson Hole ($300k per key) and Aspen ($800k per key).