Jet Hospitality has acquired two Wyoming hotels—The Historic Virginian Hotel in Medicine Bow and the Park Motel in Powell. Terms of the acquisition were not disclosed. The Park Motel and a second lodging property included in the Virginian sale are currently under renovation to be reopened as the first two locations under the company's new boutique brand, Jet Motor Inn, coming this summer.
In support of bolstering growth, Jet Hospitality is sponsoring Jet Growth Fund, a $5 million syndicated real estate fund available to accredited investors that will invest in new acquisitions and supporting infill development at existing locations across the Rocky Mountain Northwest.
"We are excited about the acquisition of The Historic Virginian Hotel in Medicine Bow, which was once the largest hotel between Denver and Salt Lake," Jet Hospitality CEO Jesse Baker said in a statement. "Jet Hospitality is proud to carry on the 100+ years of ownership legacy passed on from the Scott Family. Our acquisition of the Park Motel in Powell will open doors and provide a launchpad for our new Jet Motor Inn concept, another Jet Bet speculating that an outdoor travel company can cross over into the boutique hotel segment and compete in markets where franchise brands are the only players. We want to take them on and show guests what it means to stay with the leader in lifestyle lodging."
The Historic Virginian Hotel is considered by many to host Wyoming's oldest bar, the Shiloh Saloon, and has been a Wyoming landmark for over a century. Jet Hospitality will preserve the tradition of this iconic establishment while renovating, adding amenities, and rolling out a renewed F&B scene with multiple new concepts including a cafe, supper club, fine dining and a cowboy cocktail menu. The idea is to create a living, breathing museum-style destination concept.
Jet Motor Inn is the newest brand under the Jet Hospitality flagship. The concept is best described as a retro fab, roadside-boutique hotel brand that will focus heavily on wellness and amenities. Locations will be positioned on historic routes such as the Lincoln Highway or convenient Interstate markets along the I-80 corridor.
In addition to these new acquisitions and brand launch, Jet Hospitality is sponsoring Jet Growth Fund, a $5 million REG D(c) capital raise. This fund will be the catalyst to their expansion plans, investing in existing Jet locations and planting new Jet Motor Inn flags. With a focus on strategic investments and its hedgehog-model, Jet Hospitality is poised for a period of significant growth and scaling.