JET Hospitality has acquired two lodging properties in Wyoming—The Historic Virginian Hotel in Medicine Bow and the Park Motel in Powell.
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. The company is also sponsoring JET Growth Fund LLC, 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,” said Jesse Baker, the company’s CEO. “JET Hospitality is proud to carry on the 100-plus 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 crossover into the boutique hotel segment and compete in markets where franchise brands are the only players.”
The Historic Virginian Hotel hosts what is considered Wyoming’s oldest bar, the Shiloh Saloon, JET Hospitality will renovate and add hotel amenities, and roll out a renewed F&B scene with multiple new concepts including a cafe, supper club, fine dining and a Cowboy Cocktail menu.
JET Motor Inn is the newest brand under the JET Hospitality flagship. The company describes the concept 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 Interstate markets along the I-80 corridor.
The JET Growth Fund LLC will be the catalyst to the company’s expansion plans, investing in existing JET locations and planting new JET Motor Inn flags.
