Late last year, South Street Partners announced it was recapitalizing the Elevation Hotel and Spa in the town of Mt. Crested Butte, Colorado. This means the only hotel at the base of Crested Butte—a mountain located in this west Colorado region known for its skiing—will be getting an update, one that involves a site-specific vision for redevelopment.
Renovations should wrap before the 2026 ski season, and some of the 262 hotel rooms will flip to residencies. South Street Partners, a private equity real estate investment firm based in Charlotte, North Carolina, is teaming up with WoodHouse, a hospitality concept developer in Dallas, Texas, to accomplish this. The goal is creating an authentic, unique destination in Mt. Crested Butte that appeals to meeting and event attendees, travelers, and the local community, offering a unique sense of place.
“Our companies’ visions are perfectly aligned,” says Brady Wood, founder and CEO of WoodHouse, in a prepared statement, “and we look forward to a fruitful relationship that will result in a one-of-a-kind destination that celebrates the local, authentic culture of Crested Butte.”
Peter Lunenburg, senior vice president of South Street Partners, says Elevation suits its portfolio, among “assets that are well-positioned—and difficult to replicate—in high-quality locations.”
Elevation is managed by Highgate, the global hotel manager with more than 500 properties. WoodHouse acquired Elevation in August 2022, aiming to connect the property more closely with the local community. The hotel features a fitness center and spa, 20,000 square feet of meeting space, and three food and beverage outlets.
