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South Street Partners and WoodHouse Announce Recapitalization of Elevation Hotel and Spa

CHARLOTTE, North Carolina— South Street Partners, a private equity real estate investment firm, in partnership with WoodHouse recently announced the recapitalization of the 262-key Elevation Hotel and Spa, the only ski-in, ski-out hotel located at the base of Mt. Crested Butte in Colorado.

South Street and WoodHouse, a Dallas-based hospitality concept developer and operator, will work together toward a redevelopment plan that enhances the hotel and the overall experience for guests and locals alike. The partnership will launch a comprehensive renovation of Elevation with a plan to convert a portion of the hotel rooms to residences. The redevelopment plan is expected to be completed before the 2026 ski season.

Managed by Highgate, Elevation includes 262 guest rooms, 20,000 square feet of meeting space, an indoor pool and a fitness center and spa. Three distinct food and beverage outlets include José, a slopeside Mexican-themed restaurant, The Billy Barr, a lobby bar and lounge, and The Matchstick Lounge, an immersive hospitality and entertainment destination launched in partnership with ski film brand, Matchstick Productions.

“WoodHouse is thrilled to partner with South Street on the redevelopment of the Elevation Hotel and Spa,” said Brady Wood, founder and CEO of WoodHouse. “Our companies’ visions are perfectly aligned, 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.”

“South Street’s investment in the Elevation Hotel and Spa perfectly aligns with our firm’s background of investing in assets that are well-positioned – and difficult to replicate – in high-quality locations,” said Peter Lunenburg, senior vice president, South Street Partners.

WoodHouse acquired Elevation in August 2022 and has dedicated the past year to fostering initiatives designed to connect the property more closely with the Crested Butte community, while establishing it as a sought-after destination. South Street, one of the largest owners and operators of private residential club and resort communities in the United States – including Kiawah Island, Palmetto Bluff, The Cliffs, Naples Grande, Barnsley Resort and Residences at Salamander – is known for its investment and development experience, coupled with its commitment to outreach efforts focused on supporting the health and educational needs of its neighbors and conservation of the endangered and critical habitats in their communities.

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