Barings Expands Hospitality Real Estate Joint Venture with Waterton for Park City Hotel Repositioning

Barings has expanded its joint venture with Waterton for the comprehensive repositioning of a 182-room hotel property in Park City, Utah, the firms announced Jan. 13. The project, Outbound Park City, is scheduled to open in early 2027 following a comprehensive reimagination of the property on a 4.5-acre site.

The deal represents the fourth collaboration between Barings and Waterton in the hospitality real estate sector, reinforcing an expanded investment partnership focused on experiential, design-forward properties.

Hospitality Real Estate Portfolio Expansion

The Outbound Park City project follows earlier joint investments between Barings and Waterton, including The Virginian Lodge in Jackson Hole, Wyoming; Outbound Stowe in Vermont; and the planned Outbound Sedona in Arizona, which is set to open in the second quarter of 2026.

"Park City gives us the opportunity to create an Outbound basecamp on 4.5 acres in one of the country's most iconic four-season mountain destinations," said Matthew Mering, executive vice president of hospitality at Waterton and co-founder of Outbound Hotels. "This property continues our commitment to delivering accessible, design-driven experiences that are rooted in the local landscape. With Barings' continued partnership, we're able to thoughtfully grow the Outbound portfolio while staying true to what defines the brand: outdoor adventure at your doorstep, intentional design, a strong sense of place, and spaces that make it easy for people to connect."

Stuart Turner, managing director of the hotel group for U.S. real estate at Barings, said the property exemplifies the firms' shared approach to building a curated portfolio of outdoor destination properties. "Outbound Park City promises to be a can't-miss hospitality destination in one of the most beautiful places in America," Turner said. "The property exemplifies why we have partnered so successfully with Waterton and reflects our shared desire to build a thoughtfully curated portfolio of outdoor destination properties that are attractive to a variety of travelers."

Commercial Real Estate Financing Structure

Under the joint venture structure, Waterton and its Outbound Hotels brand serve as general partner, while Barings provides capital as limited partner. The commercial real estate financing arrangement enables the repositioning of the existing hotel asset into an alpine retreat.

Property Details and Repositioning Plans

The Outbound Park City repositioning will transform the 182-room property into what the firms describe as a modern basecamp for the Wasatch Mountains. The Gettys Group is guiding the design, which will introduce natural textures and materials that strengthen the property's connection to the outdoors.

The reimagined layout will center around two expansive courtyards: an interior retreat featuring a new pool and hot tub, cabanas, loungers, and fire features. The property will include meeting and pre-function space.

Guestrooms will feature layouts with built-in storage designed for outdoor enthusiasts. Food and beverage offerings will include a diner and bar.

Market Context and Investment Strategy

The announcement comes as hospitality real estate investors increasingly target outdoor and mountain destinations. Park City's position as a four-season destination with access to skiing, hiking, and mountain biking aligns with the firms' focus on properties offering year-round activity options.

The firms indicated they plan to continue growing their partnership in hospitality real estate beyond the Park City project, though no additional properties were announced.

Sources

Barings