Restaurants & Hospitality Acquisitions in Colorado

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.

Exclusive Investments, LLC (part of The Exclusive Collective) has completed an all-cash acquisition of Inspirato Incorporated, taking Inspirato private in a transaction valued at approximately $59 million. The deal consolidates Inspirato into The Exclusive Collective's multi-brand luxury travel platform—joining Exclusive Resorts and onefinestay—to expand scale, membership offerings, and capabilities for high-net-worth travelers.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Inspirato LLC completed a business combination with Thayer Ventures Acquisition Corporation, resulting in the combined company being renamed Inspirato Incorporated and beginning trading on Nasdaq under the ticker ISPO on February 14, 2022. The transaction takes Inspirato public via the SPAC merger to accelerate growth of its luxury travel subscription platform.

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.

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.

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.

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.

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.

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.