Investor Roundtable: The Institutionalization of Outdoor Hospitality

Thesis Driven’s Buy Box series is for accredited & institutional investors exploring new real-estate asset classes and the entrepreneurs pioneering them. 

In this edition we dissect the fast-evolving world of outdoor hospitality—a category that sits between traditional hotels and vacation rentals yet taps the $20 billion-plus U.S. camping market and a rising generation of travelers who demand immersive, friction-free stays in nature. 

Join the roundtable webinar next Wednesday, June 25 (Register here)

Few travel experiences stir the imagination—yet feel logistically out of reach—quite like waking up steps from a pristine ridgeline, coffee in hand, with Wi-Fi strong enough for a 10 a.m. Zoom.

The Kampgrounds of America (KOA) 2024 Camping & Outdoor Hospitality Report counts 75 million U.S. households that camped at least once last year—up roughly 11 million since 2019. Yet most still pitch tents on uneven ground, lug their own bathrooms, and pray the weather holds—conditions that limit length of stay and keep many would-be guests at home.

Outdoor lodging has been inching toward a solution for 60 years. In the 1960s, KOA’s gravel-pad franchises and Jellystone’s cartoon-themed camp-resorts proved families would pay for predictable comforts in the wild. 

Around 2010, Instagram—and a restless millennial cohort—changed the calculus of the old-school campground model. A handful of start-ups inserted design, privacy and curated food into the gap between rustic camping and budget hotels.

Emerging from the pack of mostly mom-and-pop operators were AutoCamp, Under Canvas, and Getaway (now Postcard Cabins). Under Canvas pitched safari tents near national-park gates; AutoCamp lined up polished Airstreams under redwoods; and Getaway (now Postcard Cabins) scattered tiny cabins within a two-hour drive of major metros. Guests gladly paid hotel-level ADRs for a “bucket-list” night under the stars, validating both price and demand. 

Those brands ushered in institutional capital and major hotel partnerships, transforming outdoor hospitality into a durable, high-yield sector and establishing outdoor hospitality’s “middle market”

Now the opportunity exists for emerging brands and operators to: 

This Buy Box letter will examine how two new companies–Sojourner and Ramble–are planting their flag on different ends of the spectrum via “four star” nature retreats and turnkey, authentic camping experiences at scale. Specifically, we will cover:

Pioneering brands like Autocamp, Under Canvas and Getaway proved that millions of travelers crave nature without sacrificing a nice bed, hot showers or good coffee.

Each brand scaled beyond its original locations, cultivated brand loyalty, attracted institutional growth capital, and formed strategic partnerships with major hotel chains.

In 2018, KSL bought a controlling stake in Under Canvas and later injected a further $25 million for expansion. AutoCamp secured a $115 million growth round from Whitman Peterson to roll out its Airstream-and-cabin model nationwide (AutoCamp was also the first of the three to form a strategic partnership with Hilton Hotels, integrating with Hilton Honors and leveraging its global distribution system to bring luxury glamping to the mainstream). Starwood Capital led Getaway’s Series B before the brand—re-christened Postcard Cabins—was acquired by Marriott International in December 2024, signaling that the world’s largest hotel company now views outdoor lodging as an extension of its core portfolio rather than a quirky side bet.

While those deals crystalized that branded outdoor stays can deliver hotel-like RevPAR and loyalty when the guest experience is consistent, “Version 1.0” also revealed structural difficulties that—to date—has held back the scale of many smaller operators, specifically:

Still, the existing models have proven: 

Today, new emerging outdoor hospitality models, along with the leading brands, are iterating on previous versions both strategically and structurally, planting flags at opposite ends of a clear barbell.

New, emerging outdoor hospitality models iterate on previous versions both strategically and structurally.

Rather than chasing the middle of the market, compelling new operating models plant their flags at opposite ends of a clear barbell: on one side, ultra-luxury eco-resorts like Sojourner, commanding ADRs of $900 to $1,200 with full-service dining and private plunge pools; on the other, streamlined, authentic campground operators like Ramble, delivering a highly repeatable, under-$70,000 per key product with sub-$200 nightly rates and occupancy-driven cash flow.

Evolutions in technology have also unlocked improvements to the model:

As a result, these product offerings model build-to-yield strategies that consistently pencil to double-digit unlevered returns—rare in today’s hospitality landscape. 

Notably, investors are engaging with these new hospitality models in a number of different ways: growth equity in operating platforms, stabilized PropCo investments with strong current yield, or hybrid JV structures that share both upside and cash flow.

In short, armed with modular efficiency, zoning fluency, and sharp brand focus—the new offerings appear well-positioned to deliver the scalable, predictable returns that investors seek.

Today's successful outdoor hospitality operators are targeting distinct ends of the market spectrum, avoiding the middle market. Two brands, Sojourner and Ramble, represent this evolution.

Sojourner delivers the comforts and services of a four-star resort in immersive natural settings, bridging the gap between traditional luxury hospitality and outdoor adventure. Designed to eliminate the friction often associated with glamping—such as remote access and limited amenities—Sojourner offers seamless, high-end experiences for everyday travelers, with a particular focus on families, weddings, corporate retreats, and group events. For investors, the model combines strong unit economics, operational scalability, and a brand architecture that appeals to strategic buyers in the hotel and resort space. As glamping continues to mature and grow into a mainstream category, Sojourner is purpose-built to lead the category with a luxury-first, experience-driven approach that stands the test of time.

Founders Dionis Rodriguez and Andy Murphy articulate their philosophy: “Guests today seek genuine luxury seamlessly integrated with nature. We create memorable experiences that don’t merely photograph well but feel genuinely exceptional throughout every moment of the stay so that guests come back year after year.”

The two met as classmates at Harvard Business School and bring complementary backgrounds to the venture. Andy, with a background in consulting, the Peace Corps and WWF, led the development of Zaina Lodge, West Africa's first safari lodge, and now Ghana's highest rated property on Trip Advisor, gaining deep experience in modular construction, off-grid utilities, and high-end guest experience in remote locations. Dionis Rodriguez brings over 25 years of experience in hospitality and real estate to the rapidly growing outdoor hospitality sector. Also a graduate of the Cornell Hotel School, he has invested extensively in properties across the U.S., Europe, and Asia, with a focus on hospitality. 

Sojourner’s first U.S. flagship is rising on 200 wooded acres with direct views of the mountains of Shenandoah National Park in Greene County, Virginia, where tented suites–the same used at Richard Bronson’s Moroccan Resort–arrive fully finished from the factory, crane onto elevated decks, and open directly to forest views. Every one of the 144 units will have en-suite bathroom with a spa tub, outdoor plunge pool, climate control, kitchen, and the property will have extensive resort amenities, including meeting facilities, pools, spa, kids club and the option of in-tent dining from a full-service restaurant on site. 

Early reservation surveys support room rates of $900–$1,200 per night in peak season, helped by proximity to Washington, D.C. drive-to demand. Management underwrites mid-teens unlevered yields once stabilized. The capital stack is two-tiered: a PropCo joint venture funds the land and improvements (targeting +10 percent cash yields), while an OpCo growth-equity round will fuel brand expansion.

Luxury glamping inventory remains scarce—few U.S. parcels offer the scenic backdrop, zoning clarity, and affluent catchment Sojourner requires—creating a built-in moat.  A fully operational flagship plus management-contract pipeline could appeal to experiential REITs or hotel brands now racing to add “nature luxury” products to their portfolios.

On the other end of the spectrum, Colorado-based Ramble is building a network of campgrounds close to US cities and popular outdoor recreation areas.  

Ramble was born after founder Matt Oesterle took a 2020 road trip with his family, staying at campgrounds that felt more like parking lots than nature escapes. Inspired—much like Kemmons Wilson before founding Holiday Inn—Matt set out to reimagine the camping experience for modern travelers.

Backed by experience scaling a tech company to $85M in ARR, he built a team of specialists in design, land use, and data. Ramble’s brand draws on outdoor credibility, with world-class outdoor athlete ambassadors like Tommy Caldwell and Sasha DiGiulian. Its first two parks were entitled and built in under four months, earning exceptional customer reviews in the form of a 4.9-star overall rating and a 91 Net Promoter Score—in the top 1% for consumer brands.

Ramble campgrounds are intentionally small—typically 25 to 75 sites—to preserve a village feel. Each campsite is generous, bathrooms and group amenities cluster in the centre, and trailheads start at the property edge. Prefabrication of all structures (including custom bathrooms with hot outdoor showers and flush toilets) keeps all-in costs below $65,000 a key. Nightly rates hover between $59 and $249, with upsells that range from firewood to branded gear to a roving electric ice cream cart, and even at conservative occupancy rates the model throws off 12-plus-percent unlevered cash yields.

Leveraging the founder’s two decade career as a technology entrepreneur, a proprietary GIS siting algorithm layers drive-time population, existing campground occupancy, weather windows, dark-sky ratings, county-level permitting data, and other datasets to identify high-performing locations that can be entitled in under six months—an edge hardly imaginable in v1.0 glamping.

Capital is invited through a first fund—$2-6 million of equity per park with warrants in the management company for LPs—following a fully subscribed $8mm Series A OpCo raise that was closed earlier this year to fund the management company, technology and R&D, pipeline deposits, and brand marketing. Consolidators such as Sun Outdoors and Equity Lifestyle have publicly signaled interest in branded, tech-enabled parks; and a stabilized 10+ campground Ramble portfolio could command a platform premium far above individual asset pricing. 

What investors should notice

In short, this is no longer a small niche—it’s a fully investable category with expanding strategies across the brand spectrum, proven operators, and institutional-quality outcomes.

Outdoor hospitality has moved beyond the novelty phase.  

Rapid growth in camping demand—11 million new U.S. households since 2019—is being met by better-designed, modular product that finally delivers hotel-grade comfort in natural settings.    Meanwhile, global brands are voting with their balance sheets: Marriott’s purchase of Postcard Cabins and Hilton’s booking-channel alliance with AutoCamp are unmistakable signals that big-box lodging wants a stake in the outdoors. 

For investors the message is clear:

If you’d like a deeper dive, join us for “Beyond the Tent: Investing in Outdoor Hospitality,” a live, 60-minute round-table with leaders from Sojourner, Ramble, and Whitman Peterson. We’ll unpack operating metrics, capital structures, and market timing—then open the floor for Q&A.

Look forward to seeing you there —

Brad & Paul