Ashcroft, Castle Creek
ASPEN High Alpine Retreat

A Shared-Ownership Acquisition of Elk Mountain Lodge, Operated by Ashcroft Ski Touring + Pine Creek Cookhouse.

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Castle Creek Valley · Aspen, Colorado

Own a Piece of Alpine Magic

The Aspen High Alpine Retreatat Ashcroft, Castle Creek Valley

A Shared-Ownership Acquisition of Elk Mountain Lodge, Operated by Ashcroft Ski Touring + 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. Modeled on the Pacaso / Steve Case approach, the platform offers a wealthy family or a small syndicate of families a shared-ownership opportunity in a 600+ acre mountain compound — personal use, AST-managed sustainable income, conservation stewardship at the core, and a 40-year operator already in place.

Seeking owner-families to acquire Elk Mountain Lodge alongside long-term operating stewardship by Ashcroft Ski Touring and the legendary Pine Creek Cookhouse — creating a true alpine Picasso of real estate, seamlessly combining Alpine Adventure, Fine Dining, Luxury Accommodations, and Elegant Events into one offering.

01The 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

02The Assets

Four assets. One seamlessly experienced retreat.

Click on an asset to explore in detail

Asset 1 · For Auction · Elk Mountain Lodge

52-acre luxury compound: 7 BR main lodge + 6 named guest cabins, 25,277 SF across 8 structures.

$45M Target Bid

Asset 2 · Pine Creek Cookhouse

Iconic backcountry restaurant seating 120 guests, operating since 1971.

Uniquely excellent above-market Margin and NOI Financials available with NDA

Asset 3 · Ashcroft Luxury Cabins at Hidden Treasure

Hand-crafted sustainable cabins - 6 entitled (3 built + 1 newly approved 1,600 SF combined cabin).

Excellent Revenue, ADR, and Occupancy Financials available with NDA

Asset 4 · King Cabin Arrival Center & Ashcroft Ski Touring

The first privately run cross-country ski center in America - 35 km of Nordic trails across 600+ acres of pristine alpine access.

Strong recurring revenue with significant operational upside Financials available with NDA

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.

03Location

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 · 25,277 SF · 7 BR main lodge + 6 cabins · Rowland+Broughton Design

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

Main Lodge

  • 7 BR / 8 BA · 16,600 SF
  • Theater & wine cellar
  • 8-car garage

6 Guest Cabins

  • Last Dollar · Silver Queen
  • Forester · Gentleman’s Ridge
  • Freedman · Homestead Road
  • ~8 BR aggregate

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. View the auction listing →

Asset 2 · Pine Creek Cookhouse

Since 1971

Summer evening on the Pine Creek Cookhouse patio - willow lounge chairs, wildflowers, and the log cabin beyond.
Wine and a chef's plate set on a Pine Creek Cookhouse table with the Elk Mountains beyond.
Pine Creek Cookhouse dressed for an elegant private event - gold chiavari chairs and floral centerpieces.

"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 currently has 3 built overnight accommodation cabins - one is operating, 2 are built and coming soon.

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.

Asset 3 · Ashcroft Luxury Cabins at Hidden Treasure

Hand-crafted sustainable cabins beside the Pine Creek Cookhouse

7Entitled
3Built
$658Stabilized ADR

The combined platform spans 13 lodging structures at the currently entitled footprint: the Elk Mountain Lodge campus (1 main lodge with 7 BR + 6 named guest cabins, totaling 15 BR) plus 6 Hidden Treasure cabins at Ashcroft (3 built + 1 newly approved 1,600 SF combined cabin; some Hidden Treasure cabins are designed as 2-BR units, which would lift the total BR count higher once final layouts are confirmed). Anchored by EML pricing and the Pine Creek Cookhouse / Ashcroft Ski Touring operating engine, the integrated portfolio scales meaningfully from current revenue, with NOI margins in the 30-40% range. Any incremental entitlements beyond the 6 currently approved Hidden Treasure cabins would be evaluated by AST in close coordination with Pitkin County and the Castle Creek Caucus, and are not warranted or assumed in the base case.

Asset 4 · King Cabin Arrival Center & Ashcroft Ski Touring

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

The King Cabin arrival center at Ashcroft Ski Touring.
Cross-country skiers on a groomed Ashcroft Ski Touring trail.
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. The King Cabin will be re-imagined as an enchanting arrival experience for the entire valley and lodging - a high alpine arrival lobby and guest services center.

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.

05The Operating Steward

Team: AST as the Operating Steward

Ashcroft Ski Touring, Pine Creek Cookhouse, the Hidden Treasure Cabins, and the acquired Elk Mountain Lodge - operated as one seamless experience under AST’s 40-year stewardship platform on behalf of EML’s owner(s). The Wilcox family’s role is operational management and conservation stewardship, not equity participation. AST may evaluate a future investment if and when commercial entitlements mature.

Operational Excellence & Continuity

40+ year track record operating PCC and AST. Deep relationships with Pitkin County, Forest Service, and the Aspen community. AST will serve as the management entity for EML on behalf of the new owner(s).

Entitlement Expertise

Successfully navigated the 1996 Special Review and subsequent amendments. AST will advise on event and lodging programming within existing approvals; any expansion is subject to Pitkin County and Castle Creek Caucus approval and is not warranted.

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 Structure

Shared Ownership · AST-Managed.

Modeled on the Pacaso / Steve Case approach: a small group of 4–8 owner-families share Elk Mountain Lodge for personal use, with AST managing the property and producing sustainable income from select third-party stays, events, and integrated AST + PCC programming.

The Wilcox Family Role

Operating steward and conservation guardian on behalf of the new owner(s). They do not contribute capital and are not subject to capital calls. AST may evaluate an investment later, if and when commercial entitlements mature.

Capital Structure

Equity from the owner-families covers acquisition, light renovation, and working capital. AST is engaged via a long-term management agreement with performance-aligned fees.

Conservation & Community

Stewardship covenants baked into the operating agreement from day one. The valley’s pristine character, the Wilcox family legacy, and AST’s 40-year operating relationship with Pitkin County, USFS, and the Castle Creek Caucus are preserved.

04The 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

We believe this is a “Buy and Hold” generational asset. However, to give you a sense of its quality, here is the return profile:

$658 Blended ADR at Stabilization Portfolio-weighted across EML, PCC cabins, Hidden Treasure - Year 3+

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.

Full competitive analysis and market study available upon request.

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.

06Growth Pathways

Growth Pathways.

Phase 1 · Acquire

Year 1

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

Phase 2 · Launch

Year 2

  • Light lodge renovation (12–18 mo)
  • Complete the remaining 3 entitled cabins at Hidden Treasure
  • Launch recreation programming
  • Expand events calendar
  • Hire & train operations team for EML

Phase 3 · Stabilize

Year 3

  • Full platform operations
  • Ramp to 65%+ occupancy
  • Complete final 2 entitled cabins (6 total)
  • Brand partnerships (Aman, Relais)
  • Evaluate exit / permanent hold

Critical Path

Walk-away auction price is still under consideration. If the auction does not produce an acceptable price (≤$60M hammer), the AST operating relationship remains in place. We pursue off-market acquisition of EML post-auction at a negotiated price, preserving the platform thesis. View the auction listing →

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 stewardship as your operating partner.

    40 years of operating expertise · AST will manage on behalf of the new owner, with potential AST investment only if and when commercial entitlements mature.

  3. A clear 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

[email protected]

J. Wilcox

Ashcroft Ski Touring + Pine Creek Cookhouse, Aspen, Colorado

Let’s discuss Your Participation