South Street Partners, a private equity real estate investment firm headquartered in Charlotte, N.C., and Charleston, S.C., in partnership with Dallas-based hospitality concept developer and operator WoodHouse, has recapitalization of the 262-key Elevation Hotel & Spa, the only hotel located at the base of Mt. Crested Butte, Colo.
This recapitalization is the latest investment by South Street’s inaugural fund. This partnership is positioned to integrate WoodHouse’s expertise in identifying and leveraging culture-rich, relationship-driven brands with South Street’s track record of preserving and enhancing legacy club, hospitality and residential properties, while fully embracing local community tradition, culture and history.
South Street and WoodHouse will work together toward a redevelopment plan that enhances the hotel and the overall experience for guests and locals, with the retention of a genuine sense of place and community remaining the main priorities. 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 anticipated to be completed before the 2026 ski season.
Managed by Highgate, Elevation includes 262 rooms; an indoor pool, fitness center and spa; 20,000 square feet of meeting space; and three distinct food and beverage outlets including José, a slopeside Mexican themed restaurant, The billy barr, a lobby bar, and lounge as well as The Matchstick Lounge, an immersive hospitality and entertainment destination launched in partnership with leading ski film brand, Matchstick Productions.
“WoodHouse is thrilled to partner with South Street on the redevelopment of the Elevation Hotel & Spa. 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,” Woodhouse founder and CEO Brady Wood said in a statement.
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 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—and neighboring—communities.