Ashcroft, Castle Creek
ASPEN High Alpine Retreat

The Acquisition of Elk Mountain Lodge and Combination with Ashcroft & Pine Creek Cookhouse.

Confidential · By Invitation

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Castle Creek Valley · Aspen, Colorado

Own a Piece of Alpine Magic

The Aspen High Alpine RetreatAshcroft, Castle Creek Valley

The Acquisition of Elk Mountain Lodge and Combination with Ashcroft & Pine Creek Cookhouse.

“A Once in a Generation Opportunity Investment.”

600+Acres Under Control
$52MAll-In Cash (at $45M gavel)
37Potential Total Guest Keys
31%Stabilized NOI Margin
↓ Begin

Executive Summary

Four assets. One seamlessly experienced retreat.

“The Aspen High Alpine Retreat” assembles four irreplaceable assets in Aspen’s Castle Creek Valley into a single integrated luxury hospitality, conservation, and community enterprise. Anchored by a generational partnership with the Wilcox family, the platform offers individual or institutional investors a rare opportunity to acquire, develop, and stabilize a 600+ acre mountain hospitality destination with no comparable substitute.

Seeking new investment and partners to purchase Elk Mountain Lodge and combine this storied asset’s operations with Ashcroft Ski Touring and the legendary Pine Creek Cookhouse — creating the true alpine Picasso of real estate with significant operating synergies, once combined, and a completely unique new offering and guest experience — seamlessly combining Alpine Adventure, Fine Dining, Luxury Accommodations, and Elegant Events into one offering.

The Setting

Castle Creek Valley at Ashcroft, Colorado

Twelve miles up Castle Creek Road from Aspen, the valley opens into a protected alpine basin at 9,500 feet — surrounded by 14,000-foot peaks of the Elk Mountains, bordered by White River National Forest on three sides. This is Aspen's last undeveloped luxury frontier.

Conservation · Hospitality · Community

"We are building something that will outlast us — a place where the land is honored, guests are transformed by alpine experiences, and the community thrives for generations."

— J. Wilcox

The Assets

Four assets. One seamlessly experienced retreat.

Elk Mountain Lodge

52-acre luxury lodge compound with 15 bedrooms and 16,631 SF of historic architecture.

$45M Target Bid

Pine Creek Cookhouse

Iconic backcountry restaurant seating 120 guests, operating since 1971.

84% / 26% Gross Margin / Excellent NOI

Hidden Treasure Cabins

Hand-crafted sustainable cabins — 7 entitled, 3 built, expandable to 15 units.

$750K+ Annual Revenue

The Ashcroft Conservancy

600+ acre conservation and recreation platform with four-season programming.

600+ Acres

Significant synergy and benefit to combination.

Elk Mountain Lodge gets

A world-class outdoor adventure experience, with reservations, marketing, fine dining, an excellent events business, a loyal customer base, and a seasoned operator with deep valley & USFS expertise.

Ashcroft Ski Touring & Pine Creek Cookhouse gain

Additive and synergistic overnight accommodations, dining and events space, and amenities to augment the "resort" — making Ashcroft a full-package high alpine luxury retreat.

The Setting

Castle Creek Valley at Ashcroft, Colorado.

Twelve miles up Castle Creek Road from Aspen, the valley opens into a protected alpine basin at 9,500 feet — surrounded by 14,000-foot peaks of the Elk Mountains, bordered by White River National Forest on three sides. This is Aspen's last undeveloped luxury frontier.

Asset 1 · For Auction · Elk Mountain Lodge

52 acres · 16,631 SF · 15 bedrooms · Rowland+Broughton Design

At Auction July 7–17 · Concierge Auctions · No Reserve

Main Lodge

  • 15 bedrooms, 17 baths
  • Theater & wine cellar
  • 8-car garage

Guest Amenities

  • 2 ponds, 2 hot tubs
  • Hot tub & spa area
  • 8-stall horse barn
  • Fly-fishing pond

Land & Setting

  • 52 deeded acres
  • 9,500 ft elevation
  • Castle Creek frontage
  • National Forest access

Entitlements

  • Special Review (1996)
  • Residential / rentals
  • 3 + 3 events / year
  • Lodging via amendment

Source: Pitkin County Assessor, Concierge Auctions listing, 2026.

Asset 2 · Pine Creek Cookhouse

Since 1971

Wine and a chef's plate set on a Pine Creek Cookhouse table with the Elk Mountains beyond.

"Not to be missed."

— The New York Times

"One of America's most legendary restaurants."

— Entrepreneur

"The best eats in the West."

— Chicago Tribune
50+Years of Operation
20+Events Per Year
120Guest Seats

Press: goop · NYT · USA Today · Entrepreneur · Chicago Tribune

"The fire-warmed dining room is one of Aspen's most sought-after reservations… We reached the off-the-grid log cabin just as flurries began to fall."

— Jen Murphy

"The log cabin eatery, which is nestled among the Elk Mountains, offers drinks and prix-fixe menus for lunch and dinner. If you're new to Nordic skiing or snowshoeing, Ashcroft offers gear rentals, private lessons and guided tours."

— Sarah Kuta · Best Spots for Après Ski in Aspen

The Insight

Ashcroft has 3 built overnight accommodation cabins — one is operating.

84.4%Gross Margin
15.6%COGS Ratio
26.0%NOI Margin

Ashcroft Ski Touring and Pine Creek Cookhouse have all the makings of a brilliant resort. Just needs more overnight rooms. This asset and team have significant bandwidth and leverage to scale culinary, reservation, marketing, adventures, more lodging and the event business across both Pine Creek Cookhouse and the Elk Mountain Lodge property, without additional operational overhead needs.

Source: 2024 audited AST P&L; 2025 Toast POS confirms $4.13M PCC net sales.

Asset 3 · Ashcroft Luxury Cabins at Hidden Treasure

Hand-crafted sustainable cabins beside the Pine Creek Cookhouse

7Entitled
3Built
$750K+Annual Revenue
$658Avg Nightly

The expansion pathway is clear: build the remaining 4 entitled cabins (Phase 1), then pursue entitlements for up to 15 total units across the broader Ashcroft parcels. At stabilized occupancy of 65% and ADR of $750+, a 15-cabin portfolio generates $4M+ in annual revenue with 40%+ NOI margins.

Asset 4 · King Cabin Arrival Center & Ashcroft Ski Touring

Pristine cross-country skiing, snowshoeing, and hiking — since 1971.

Ashcroft Ski Touring — the King Cabin arrival center and dining hall interior.
1971First Privately Run XC Ski Center in America
2044USFS Resort & Trails Permit (Extended)
35 kmWinter Nordic Trails & Summer Hiking
600+Acres of Pristine Alpine Access

Ashcroft Ober Aspen — the first privately run, commercial cross-country ski center in the country — opened in 1971 under Ted Ryan, one of the fathers of skiing in America and Aspen. The Wilcox family purchased Ashcroft from Ryan in 1986 and have stewarded the valley ever since.

The King Cabin is the arrival lodge — the first touchpoint for every guest experience in the valley. Ski shop, concierge, dining, and an interactive information kiosk for Ashcroft trails, American & Cathedral Lake trails, valley conservation projects, ACES nature guiding, wildlife protocol, and Ashcroft Ghost Town history.

Winter

  • Cross-country skiing — groomed & backcountry
  • Snowshoeing — guided & self-guided trails
  • Fat-tire snow bike guided tours
  • Horse-drawn sleigh rides to Pine Creek
  • Winter hiking — Ashcroft ghost town
  • Iconic nighttime ski touring

Summer & Fall

  • Hiking — American & Cathedral Lake trails
  • Mountain biking — Castle Creek corridor
  • Fly fishing — Castle Creek & alpine lakes
  • Valley lunch horseback ride
  • Private guided horseback touring
  • Wildflower walks & nature photography

Events & Programming

  • Weddings, social & private groups
  • Corporate buyouts, photoshoots, brand launches
  • Corporate retreats at the Hidden Treasure Cabins
  • Couples, families & celebrations
  • Alpine fine dining with the best views in Aspen
  • Fireside full-service bar

Four-Season Adventure

Four-Season Adventure

Winter

  • Cross-country skiing — groomed & backcountry
  • Snowshoeing — guided & self-guided trails
  • Snow bikes — fat-tire guided tours
  • Horse-drawn sleigh rides to Pine Creek
  • Winter hiking — Ashcroft ghost town
  • Naturalist-guided wildlife tours

Summer & Fall

  • Hiking — American & Cathedral Lake trails
  • Mountain biking — Castle Creek corridor
  • Fly fishing — Castle Creek & alpine lakes
  • Horseback riding — guided valley tours
  • Wildflower walks & nature photography

The Resort

North America's Premier Alpine Wilderness & Luxury Hospitality Experience

  • USFS Resort and Trails Permit extended to 2044
  • 600 acres of pristine alpine access
  • American & Cathedral Lake trails
  • 35km winter Nordic trails and summer hiking
  • National Historic Ghost Town
  • Iconic nighttime ski touring
  • Evening winter wonderland sleigh rides with majestic draft horses
  • Valley lunch horseback ride. Private guided horseback touring.
  • Guided fly fishing tours
  • Alpine fine dining with the best views in Aspen
  • Fireside full-service bar
  • Wedding, Social & Private Groups. Corporate group buyouts, photoshoots, and brand launches.

The History

Ashcroft Legacy

The Ashcroft Conservancy

The Ashcroft Conservancy.

The Ashcroft Conservancy preserves 600+ acres of Castle Creek Valley through conservation easements, sustainable land stewardship, and community programming. This BCorp serves as the environmental and brand foundation of the entire platform.

Conservation

Land protection with Aspen Valley Land Trust partnership.

Forest Service Coordination

Special Use Permits for recreation programming on adjacent federal land.

Community Programs

Arts residencies, environmental education, heritage interpretation.

Funding Sources

Pitkin County Open Space tax, GOCO grants, conservation buyer incentives.

What we stand for

Stewardship & Conservation

Protection and — when necessary — restoration of the land and nature. Enhanced, thoughtful access to the beauty and natural resources of the valley for recreation and restoration. A commitment to preserving the quiet beauty and lack of development density in the valley.

Thoughtful Alpine Hospitality

People-and-place "connected" hospitality. The thoughtfulness of highly personal hospitality without the haughty feel of Aspen. Remember: Ashcroft is above that.

Authentic Ashcroft + Castle Creek Experiences

Immersion in and connection to the land, natural beauty, and history. Experiences that elevate the state of mind, body, and soul via connection to nature.

The Partnership

Team: The Wilcox · Ashcroft Partnership

All assets — Ashcroft Ski Touring, the Pine Creek Cookhouse, the Ashcroft Cabins, and Elk Mountain Lodge — operating as one seamless experience under one management platform.

Operational Excellence & Continuity

40+ year track record operating PCC. Deep relationships with Pitkin County, Forest Service, and Aspen community. Wilcox Managing Partner entity will oversee all operations and asset management.

Entitlement Expertise

Successfully navigated 1996 Special Review. Positioned to expand cabin and event entitlements under existing approvals.

Brand & Land Stewardship

The Wilcox name is the brand. Continued involvement ensures authenticity, community trust, and guest loyalty.

The Team

John Wilcox

John Wilcox

Founder & Chairman · AST

40+ years stewarding Castle Creek Valley. Built Pine Creek Cookhouse into an iconic destination. Secured USFS SUP (extended to 2044) and Pitkin County overnight cabin approval. Political capital with the Castle Creek Caucus.

Johnny Wilcox

Johnny Wilcox

Resort Director · AST

Oversees land, wildlife, and outdoor operations. Manages equestrian program, Nordic trail system, and property. Expert in alpine wilderness management. Day-to-day resort operations leader.

Michael Cramer

Michael Cramer

Executive Chef · PCC

Leads the culinary program at one of America’s most celebrated mountain restaurants. Seasonal menus emphasizing local wild game, fish, and farm-to-table. Drives $4M+ in annual F&B revenue.

Rob Ittner

Rob Ittner

Restaurant Director · PCC

Manages front-of-house, events, and guest experience. Oversees 20+ events per year including weddings, corporate retreats, and private dinners. Revenue management and reservations.

Juliet Wilcox

Juliet Wilcox

Co-Owner & Advisor · AST

Co-steward of the valley alongside John. Instrumental in community relations, conservation initiatives, and the Ashcroft Conservancy’s public benefit mission. Special Events.

Peter Mack

Peter Mack

Hospitality CEO · Asset Management · Brand & Marketing

Hospitality asset manager and real estate operator. Structured the EML acquisition thesis, financial model, and capital strategy. Leads investor relations, entitlement strategy, and platform integration.

The Opportunity

Market Context.

Market Context

Aspen Ultra-Luxury Demand

Median home price $8.5M+. Limited new hospitality supply due to zoning and environmental constraints.

Experiential Travel Shift

HNW travelers prioritize immersive, nature-based experiences over traditional luxury hotel stays.

Conservation Premium

Properties with conservation easements and environmental stewardship command 20–30% brand premiums.

Supply Scarcity

No comparable backcountry hospitality platform exists within 100 miles. This is a one-of-one opportunity.

Investment Returns

Conservative

22%

Net IRR · 2.5×

$200M

$60M walk-away · 55% occ · lower ADR · 6.5% exit cap

Base Case

30%

Net IRR · 3.5×

$265M

$45M target · 65% occ · $850 ADR · 31% NOI · 5.5% cap

Upside

38%+

Net IRR · 5.0×+

$310M+

$30M steal · brand partnership · 75% occ · 5.0% cap

Auction Sensitivity

Walk-away line: $60M hammer ($69M total basis, 22% IRR). Above this threshold, returns compress below institutional hurdle rates and risk-adjusted alternatives become more attractive.

Competitive Set

Recommended ADR range: $750–$1,200 / night. Positioned below Aspen luxury hotels but at parity with backcountry luxury peers like Dunton and Taylor River.

Entitlement Pathway

Key Finding

Today the lodge is by-right as a private estate — with 30+ day UHNW rentals and a limited event allowance (3 special + 3 outdoor guided events / year) — a cash-flowing floor that needs no approvals. The value-creation step is a Special Review amendment to add nightly, hotel-style lodging (the 37-key retreat) and expanded events. That amendment — backed by the Wilcox family's standing with the Castle Creek Caucus — is the platform's single biggest value driver, and is realistically achievable where a brand-new approval of this scope would not be.

Growth Pathways

Growth Pathways.

Phase 1 · Acquire

Months 0–12

  • Complete Due Diligence (underway)
  • Formalize Partnership
  • Close EML auction
  • Begin lodge renovation design

Phase 2 · Launch

Months 12–36

  • Light lodge renovation (12–18 mo)
  • Build 4 additional cabins (Hidden Treasure site)
  • Launch recreation programming
  • Expand events calendar
  • Hire & train operations team for EML

Phase 3 · Stabilize

Months 36–60

  • Full platform operations
  • Ramp to 65%+ occupancy
  • 15-cabin target buildout
  • Brand partnerships (Aman, Relais)
  • Evaluate exit / permanent hold

Critical Path

If the auction does not produce an acceptable price (≤$60M hammer), the Wilcox partnership remains in place. We pursue off-market acquisition of EML post-auction at a negotiated price, preserving the platform thesis.

Why Now

Why Now.

  1. No-reserve auction creates once-in-a-generation entry.

    Elk Mountain Lodge trades July 7–17 with no floor price.

  2. Wilcox is ready to partner on Ashcroft for a game-changing asset.

    40 years of stewardship; now seeking an institutional co-investor.

  3. A de-risked entitlement path.

    By-right income today; the Wilcox-backed Special Review unlocks the upside.

  4. Market timing favors experiential luxury.

    HNW demand for backcountry hospitality is accelerating.

No comparable substitute exists. 600+ acres, 4 integrated assets, 12 miles from Aspen. There is no second option.

Next Chapter

Let’s discuss your ownership participation, large or small.
This is not just an investment in real estate.
It is an investment in sustainability, in legacy, and in the future of mountain hospitality.

Let’s discuss your investment

Peter Mack

Hospitality CEO, Asset Management, Brand & Marketing

peter@hospitalityos.tech

J. Wilcox

Castle Creek Valley, Aspen, Colorado

Let’s discuss Your Investment