I read your Steamboat strategy doc closely — the concept-by-concept build, the daypart logic, the path from ~$2.3–3M today to $10M in 36 months. It's the most grounded operator case I've seen for that town. Here's how I see us fitting, and straight answers to what I'd want to press on if I were in your seat.
Here's the shape of the fit: you own the dayparts, I own the rooms. Your platform is the multi-concept daypart engine — Aurum, Table 79, Periodic, the morning and après concepts, the management fees and experiences layered on top. Mine is the distributed hotel — an owned Hub (Flagship + HALL + boarding houses) plus partner-supplied homes inside the walking radius. The Stockman guest sleeps in a Guesthouse home and eats every meal in a DH room. One guest, one week, both platforms earning.
A stabilized Steamboat Hub doesn't run on room rate alone. The Hub lifts ADR from a $486 non-Hub baseline to $736 — a 1.51× multiplier off the partner/board standard (the flagship runs ~$1,051). Across 3 boarding houses (9 keys) and 5 partner homes (20 keys), that's roughly $5.6M of Hub room revenue versus ~$3.3M without the Hub. Then layer guest services on top: one pre-scale Hub throws off ~$1.31M NOI on ~$12.1M GMV — a 10.9% NOI margin that climbs toward ~26.7% at 100-Hub scale. The room rate is the smaller half. The guest-services attach is the engine.
Here's the number I most want you to see. Guesthouse OpCo runs a 300–400 basis-point margin advantage over the way hotels and traditional property managers operate the same real estate. The reason is structural, not promotional: our lean fixed team is the guest-services team. The same people who run the house deliver the F&B, the excursions, the experiences — so guest services is 47% of our revenue at a 22% margin, revenue per FTE runs 2.9× the luxury-hotel benchmark, and labor lands at 24% of revenue versus 32–35% for hotels. That spread — the part a 6–9% property-management take and a hotel staffing model both leave on the table — is the 300–400 bps.
Why they stack: your platform runs the exact same mechanic on the daypart side — one year-round team across winter restaurants, summer catering, and experiences, capturing margin a standalone operator can't. We each earn the 300–400 bps on a different revenue surface — mine on rooms plus guest services, yours on dayparts plus management. On one destination the two premiums compound: the Stockman guest's room-night yield is mine, their dinner-and-experience yield is yours, and both grow the same week. Two operating-leverage engines pointed at the same town, additive by construction. That's the thesis in one line.
Stockman Auberge — $550M, opening 2030, Friedkin personally championing — is the demand catalyst your doc already named. It brings the ultra-luxury guest, but only 75 keys. Guesthouse catches the spillover that doesn't fit: the friends-of-Stockman, the corporate buyouts, the multi-generational gatherings. DH catches every daypart those guests eat. Together we own the destination economy the Auberge creates but can't itself capture.
You've said you want every market you serve to clear about $15M in revenue. The Guesthouse room layer is a big piece of that: one Campus — the same unit operating in Truckee (an owned Hub and Flagship plus a few Boarding Houses, with partner Spoke homes layered on asset-light) — runs roughly $7.9M a year, about half your target before DH's dayparts. The next page is the back-of-envelope — what a Campus contributes and how it scales with a market's size relative to Truckee. You already own the dayparts in these towns; the rooms sit inside the same ten-minute walk and stack on top.
| Component | # | What it is | ~Annual revenue |
|---|---|---|---|
| Flagship — owned | 1 | whole-house anchor | $1.5M |
| The Hub / HALL — owned | 1 | kitchen · House Captain · chef | $0.5M |
| Boarding Houses — owned | 3 | owned room supply (~9 keys) | $2.4M |
| Partner (Spoke) homes — asset-light | 5 | partner-owned supply (~20 keys) | $4.0M |
| One Campus | ~29 keys | rooms + guest services | ~$7.9M |
| Market vs Truckee | Owned core | Partner homes | ~Keys | GH revenue | (owned build) |
|---|---|---|---|---|---|
| 1× — Truckee baseline | 1 Flagship + 3 BH | 5 | ~29 | $7.9M | ~$15M |
| 1.5× | 1 Flagship + 4–5 BH | 8 | ~44 | ~$12M | ~$22M |
| 2× | 2 Flagship + 6 BH | 10 | ~58 | ~$16M | ~$30M |
Why it works: within one 10-minute walk, Guesthouse owns the rooms (Hub, Flagship, Boarding Houses + partner Spoke homes) while Destination Hospitality owns the dayparts in the core (Aurum, Table 79). DH's dining and the Stockman·Auberge halo lift the room rate the campus can charge; the campus gives DH captive room-night demand and a shared, year-round back-of-house.
The street grid and DH addresses (Aurum, 811 Yampa · Table 79, 345 Lincoln) are accurate; campus pin placements are indicative.