Tracked deals
20
20 tracked deals across 2019-2026.
Restaurants & Hospitality Buyers & Acquisitions in Colorado
Buyer mix
Mixed buyer set
19 strategic · 11 pe
Top trend
Volume peaked in 2024
5 tracked deals announced in 2024.
Primary Insight
What Stands Out
- Multi-brand operators and roll-up buyers appear frequently, including The ONE Group Hospitality, Inc., Expedition:Earth, StayTerra, and Propelled Brands.
- Refranchising and portfolio transfers show up in restaurant system activity, such as Red Robin’s Colorado-linked refranchising agreements.
- Colorado destination operators are active in golf, skiing, and club management (e.g., Troon and Alterra Mountain Company).
- Experience-based hospitality extends beyond restaurants, including luxury tours, vacation rentals/property management, and outdoor recreation.
- Many transactions emphasize post-close continuity—retaining leadership teams or existing management in several deals.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Alliance Consumer Growth | 1 | Growth equity fund providing capital and partnership to e... | PE |
| Alterra Mountain Company | 1 | Operator and owner of year‑round mountain resorts and the... | Strategic (PE-backed) |
| Aureus Capital, LLC | 1 | Private investment partner participating in the formation... | Investor |
| Brentwood Associates | 1 | Consumer-focused private equity firm investing in branded... | PE |
| Bronze Body, LLC | 1 | Long-time Palm Beach Tan franchisee that will acquire and... | Strategic |
| Cracker Barrel Old Country Store | 1 | National restaurant chain operating full-service restaura... | Strategic |
| Delaware North | 1 | Global hospitality and entertainment company operating pa... | Strategic |
| El Cap | 1 | Operator/parent company of climbing gym brands including ... | Strategic (PE-backed) |
| Evergreen Dining, LLC | 1 | Washington-state limited liability company formed by expe... | Investor |
| Executive Management (Scott Simmons & Marshall Calder) | 1 | Company executives who partnered in forming Nocturne and ... | Investor |
Acquisition Volume in Restaurants & Hospitality in Colorado by Year
Last 8 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
June 15, 2026
- Buyer
- Op Burgers, LLC, Kuber Oregon, LLC, Kuber Washington, LLC, Evergreen Dining, LLC
- Target
- 86 company-owned Red Robin restaurant units, 30 company-owned Red Robin restaurant units
- Seller
- Red Robin Gourmet Burgers, Inc.
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Divestiture
Red Robin Gourmet Burgers has entered into two refranchising agreements to sell 86 company-owned restaurants for $72.5 million to Op Burgers and Kuber. Together with a previously announced refranchising of 30 restaurants to Evergreen Dining, the three transactions are valued at approximately $96 million (subject to closing conditions) and are intended to support the company’s First Choice Plan debt reduction and refinancing priorities.
-
February 12, 2026
- Buyer
- Expedition:Earth, Providence Investment Partners
- Target
- EXPLORE, Inc.
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Expedition:Earth, a new Texas-based multi-brand operator, announced a strategic investment to acquire EXPLORE, Inc., a Steamboat Springs, Colorado-based luxury tour operator specializing in custom travel throughout Africa and select global destinations. Providence Investment Partners provided debt and equity financing to support the transaction, which serves as Expedition:Earth's inaugural platform acquisition under its buy-and-build growth strategy to expand capabilities, distribution and technology while preserving EXPLORE's founder-led culture.
-
- Buyer
- StayTerra Vacations, LLC, Garnett Station Partners
- Target
- Moving Mountains, Inc.
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Addon
StayTerra, a vacation rental collection backed by Garnett Station Partners, has made an investment in Moving Mountains, a luxury vacation rental and property management company operating in the Colorado Rockies. Moving Mountains will join the StayTerra collection and receive growth capital, technology and service capabilities to scale its luxury property and yacht charter offerings while retaining its brand and leadership.
-
December 11, 2024
- Buyer
- Troon
- Target
- The Club at Cordillera
- Seller
- Wind Rose Holdings LLC
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Troon, the Scottsdale-based golf and club management company, has purchased The Club at Cordillera, a private 54-hole mountain golf club in Edwards, Colorado, from Wind Rose Holdings LLC. The deal closed December 10, 2024; Troon will retain the existing management team and employees and plans capital improvements including a bunker renovation in 2025.
-
November 19, 2024
- Buyer
- Alterra Mountain Company
- Target
- Arapahoe Basin
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Alterra Mountain Company has closed the purchase of Arapahoe Basin, adding the legendary Colorado ski area to its portfolio of mountain destinations. Alterra will retain A-Basin's leadership team and maintain existing pass access while working with the resort on a 10-year master development plan.
-
September 7, 2024
- Buyer
- Thrive Restaurant Group
- Target
- Modern Market Eatery
- Seller
- Butterfly Equity
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Wichita-based Thrive Restaurant Group has acquired Modern Market Eatery, a Denver-originated fast-casual brand, from private equity firm Butterfly Equity. The deal transfers ownership of Modern Market’s 29-unit system (24 company restaurants and five licensed locations) to Thrive; terms were not disclosed and Modern Market COO Robin Robison will become the brand’s president under Thrive.
-
- Buyer
- The ONE Group Hospitality, Inc.
- Target
- Safflower Holdings Corp., Benihana Inc.
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
The ONE Group Hospitality, Inc. completed its previously announced acquisition of Safflower Holdings Corp., the owner of Benihana Inc. The $365 million cash deal adds the Benihana and RA Sushi experiential restaurant brands to The ONE Group’s portfolio.
-
February 1, 2024
- Buyer
- Propelled Brands, Freeman Spogli, LightBay Capital
- Target
- Camp Bow Wow
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Addon
Propelled Brands, the multi-brand franchisor backed by Freeman Spogli and LightBay Capital, has acquired Camp Bow Wow, a leading dog day care and boarding franchise. The deal adds over 200 Camp Bow Wow locations to Propelled Brands' portfolio (bringing the combined portfolio to 1,300+ locations) and positions the brand for accelerated unit-level growth across North America.
-
April 27, 2023
- Buyer
- L Catterton (Growth Fund)
- Target
- Urban Egg
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Growth capital
Urban Egg, a Colorado-based daytime restaurant concept, received a significant growth investment from the Growth Fund of L Catterton to accelerate expansion into existing and new markets. Terms were not disclosed; the capital will support unit growth and operational scaling of the nine-unit brand.
-
January 5, 2023
- Buyer
- Palm Beach Tan, Inc., Bronze Body, LLC, Old Trinity Partners, LLC, West Coast Tanning
- Target
- At The Beach
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Palm Beach Tan, Inc. announced the acquisition of At The Beach, adding 58 tanning-salon locations across Oklahoma, Kansas, southern California and Colorado. Many of the acquired locations will be owned and operated by long-time franchise operators — Bronze Body, LLC (27 locations), Old Trinity Partners, LLC (25 locations) and West Coast Tanning (6 locations) — and existing At The Beach memberships and employees will be integrated into Palm Beach Tan’s systems.
-
December 19, 2022
- Buyer
- TSG Consumer Partners
- Target
- Radiance Holdings
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
TSG Consumer Partners has acquired a majority stake in Radiance Holdings, a Denver-based platform that owns and operates premier beauty, wellness, and self-care brands including Sola Salons and Woodhouse Spas. Radiance's management will remain in place; financial terms were not disclosed and TSG said it will support growth through digital marketing, accelerated franchise development and strategic acquisitions.
-
October 1, 2022
- Buyer
- Delaware North
- Target
- Nova Guides, Inc.
- Seller
- Nova Guides, Inc., Steve Pittel (President & Co-Founder), Greg Carretto (Co-Founder)
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Delaware North has acquired substantially all assets of Nova Guides, Inc., a Colorado-based outdoor recreation and adventure tour operator that also operates Camp Hale Weddings. Hext Capital Partners served as exclusive advisor to Nova Guides on the transaction; the acquisition expands Delaware North's parks-and-resorts tours and outdoor recreation offerings.
-
September 15, 2022
- Buyer
- Gravity Haus
- Target
- The Ptarmigan Inn
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Gravity Haus, a Colorado-based membership-focused hospitality operator, has acquired The Ptarmigan Inn in Steamboat Springs, Colorado, expanding its resort outposts and member offerings. The Ptarmigan leadership will remain in place and Gravity Haus plans property improvements and new member-facing amenities to support growth in the region.
-
July 20, 2022
- Buyer
- Sunset Management Company
- Target
- Winter Park Lodging Company, Steamboat Lodging Company
- Seller
- Chris and Sarah Bradford
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Sunset Management Company has acquired Winter Park Lodging Company and its sister business Steamboat Lodging Company from founders Chris and Sarah Bradford. The acquisition adds more than 140 vacation rental properties across Winter Park and Steamboat Springs, Colorado to Sunset Management's portfolio and continues the legacy of local, full-service short-term rental management.
-
June 3, 2021
- Buyer
- Gladstone Investment Corporation, Aureus Capital, LLC, Nocturne Villa Rentals, Inc., Executive Management (Scott Simmons & Marshall Calder)
- Target
- Exceptional Stays, LLC
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Addon
Gladstone Investment Corporation partnered with Aureus Capital and members of executive management to form Nocturne Villa Rentals and provided equity and senior secured debt to support the new platform. Nocturne (with management) completed the acquisition of Exceptional Stays, a luxury vacation rental manager with approximately 90 properties primarily in Telluride, Colorado, as the platform's initial investment.
-
December 30, 2020
- Buyer
- Sonesta International Hotels Corporation
- Target
- RLH Corporation
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Sonesta International Hotels Corporation announced a definitive agreement to acquire RLH Corporation (NYSE: RLH), a franchisor with more than 900 hotels. The deal will expand Sonesta's scale and franchising capabilities, creating a combined company with roughly 1,200 hotels across multiple brands; the transaction is expected to close in the first half of 2021 and will be funded with cash-on-hand and/or capital contributions from Sonesta's shareholders.
-
December 17, 2020
- Buyer
- Brentwood Associates, Stripes, Alliance Consumer Growth
- Target
- Snooze
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Growth capital
Brentwood Associates has made a strategic minority investment in Snooze, the Denver-based breakfast and brunch restaurant chain, joining existing investors Stripes and Alliance Consumer Growth. The undisclosed deal adds Brentwood partner Rahul Aggarwal to Snooze's board and aims to fund nationwide expansion of the 44-unit concept.
-
July 6, 2020
- Buyer
- Radiance Holdings
- Target
- The Woodhouse Day Spa
- Seller
- Jeni Garrett
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Addon
Radiance Holdings, the newly formed parent company of Sola Salon Studios, has acquired The Woodhouse Day Spa, a premium day-spa franchise with over 60 locations. The deal brings Woodhouse into Radiance’s portfolio as the holding company builds a collection of beauty, wellness and self-care brands under PE-backed ownership.
-
November 6, 2019
- Buyer
- El Cap, Tengram Capital Partners
- Target
- Movement Climbing + Fitness
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Addon
El Cap, the parent company of Planet Granite and Earth Treks (backed by Tengram Capital Partners), has acquired Movement Climbing + Fitness, adding Movement's three Colorado facilities to its network. The transaction expands El Cap's footprint in Colorado, creates the largest climbing-gym footprint in the state, and gives members unified access across locations.
-
- Buyer
- Cracker Barrel Old Country Store
- Target
- Punch Bowl Social
- Seller
- L Catterton
- Industry
- Restaurants & Hospitality
- Location
- Colorado, United States
- Type
- Buyout
Cracker Barrel Old Country Store has acquired Punch Bowl Social, an experiential "eatertainment" restaurant chain, after purchasing L Catterton's stake; terms were not disclosed. L Catterton supported Punch Bowl Social's expansion—more than doubling units to 17—and Cracker Barrel will integrate the concept as part of its portfolio to extend its reach into younger, experience-focused dining customers.
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Frequently Asked Questions
What kinds of hospitality acquisitions are happening in Colorado recently?
Recent activity includes restaurant refranchising and ownership transfers, plus acquisitions in golf and clubs, skiing resorts, luxury tours, vacation rentals/property management, and outdoor recreation.
Which deal theme is most common across these Colorado transactions?
A recurring theme is scaling a hospitality platform—often through multi-brand expansion, adding operating assets, or increasing distribution and guest-facing capabilities.
Do buyers typically keep existing management after an acquisition?
In multiple transactions, the buyer plans to retain existing leadership or the current management team and employees (for example, in the Troon and Alterra Mountain Company deals, and in other referenced acquisitions).
Are these Colorado deals limited to restaurants only?
No. While restaurants and foodservice brands are present (including Benihana-related activity and other restaurant brands), the page also covers broader hospitality experiences such as ski resorts, golf clubs, luxury tours, and vacation rental/property management.
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