As we look back over the summer and the past year, one clear pattern has emerged: many ultra-high-net-worth families are buying – and often developing – “forever” hospitality assets. Leading hotels, vacation resorts, ski resorts and even whole ski-town parcels are being acquired not just for yield, but as platforms for legacy, control and community influence. This is more than a taste for luxury real estate; it’s a strategic shift in how family offices translate wealth into multi-generational impact.
What’s driving the move toward forever hospitality assets?
Direct control of product and brand creation
Families want to control design, guest experience and operating economics rather than outsource those choices to third-party managers and brands. That control lets them shape the asset so it aligns with family values such as sustainability, privacy, and guest curation, and the story they want to tell for generations.
Search for legacy and place-making
Owners view resorts and hotels as civic instruments: they can design buildings, create jobs, and influence the character of a town for decades. This “place-making” impulse explains why some families are building in-house development teams and seeking hands-on involvement in planning and operations.
Attractive macro dynamics for hospitality
After a strong recovery in travel and spending, institutional and family capital has returned to hospitality; investors highlight improving occupancies, outsized returns in luxury and experiential segments, and the added appeal of for-sale components that make the numbers even more compelling compared with traditional commercial real estate.
Cultural and media effects
High-profile shows, celebrity travel patterns, and a general premium on curated experiences have increased demand (and brand value) for distinctive luxury resorts – a trend that magnifies long-term value for iconic, well-executed projects.
Risks that owners are internalizing
Climate and operational risk
Ski and mountain resorts face specific long-term threats from warming winters and changing snowfall patterns; sophisticated owners are investing in snowmaking, microclimate management and year-round programming to defend revenue. The sector’s recent capital raises and consolidation reflect both opportunity and the need to manage these systemic risks.
