Reflecting a shared belief in outdoor destination hospitality, the partnership underscores a commitment to experiential, design-driven hotels that connect guests through nature and community.

Barings, one of the world’s largest diversified investment managers, and Waterton, a real estate investment and property management company specializing in U.S. multifamily and hospitality properties, today announced a joint venture to recapitalize two existing Outbound Hotels, The Virginian Lodge in Jackson, WY, and Outbound Stowe in Stowe, VT.

This announcement follows the partnership’s earlier acquisition of the Poco Diablo Resort in Sedona, AZ, which will be reimagined as Outbound Sedona, slated to open in Q2 2026. The three properties are part of Waterton’s hospitality brand Outbound Hotels, a collection of lifestyle hotels and experiences located in iconic outdoor destinations across the U.S.

“The Virginian Lodge and Outbound Stowe are two exceptional lifestyle hotels where we see an opportunity to add value and expand their audience, all while preserving what makes them special,” said Stuart Turner, Managing Director, Hotel Group, U.S. Real Estate at Barings. “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.”

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 two of America’s most stunning national parks, Grand Teton and Yellowstone. Outbound Stowe is a 76-key hotel offering access to New England’s top ski resorts and four-season activities in Vermont’s scenic Green Mountains. The investment from Barings will empower Outbound Hotels to enhance and expand amenities while maintaining the features that make these properties such unique destinations.

“With Barings’ partnership and investment in The Virginian Lodge, Outbound Stowe and the soon-to-open Outbound Sedona, we’re strengthening the collection in a way that supports each property’s character and long-term potential,” said Matthew Mering, Executive Vice President, Hospitality at Waterton and Co-Founder of Outbound Hotels. “Our focus remains on creating hotels that are rooted in place and connected to the outdoors, and we’re excited to continue growing thoughtfully alongside Barings and CoralTree Hospitality.”

The Virginian Lodge and Outbound Stowe mark Barings second and third investments in Waterton’s Outbound Hotels collection, the first being their acquisition of the Poco Diablo Resort in Sedona, AZ, in December 2024. A large-scale renovation of the resort 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. Management of Outbound’s portfolio, including the Virginian Lodge, Outbound Mammoth, Outbound Stowe, Outbound Sedona, and Outbound Yosemite, is exclusively overseen by CoralTree Hospitality as part of the companies’ strategic partnership.

For more information about Barings, Waterton or Outbound Hotels, please visit barings.com, waterton.com and outboundhotels.com.

Barings Real Estate

Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers.

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About Barings

Barings is a $470+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of September 30, 2025

About Waterton and Outbound Hotels

Outbound Hotels is owned by Waterton, a real estate investment and property management company with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value add and credit strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. As of June 30, 2025, Waterton’s portfolio includes approximately $9.5 billion in real estate assets. Visit Waterton’s website: www.waterton.com

Operated in partnership with CoralTree Hospitality, Outbound Hotels seeks to redefine alternative lodging in nature, making it easy for people to access extraordinary outdoor destinations without sacrificing the amenities and design modern travelers want. Passionate about creating harmony between its properties, natural surroundings and local communities, Outbound respects the places and people it serves. Discover the perfect blend of adventure and comfort at www.outboundhotels.com.

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