In the latest episode of MC Fireside Chats, host Brian Searl, the Founder & CEO of Insider Perks and Modern Campground, welcomed a panel of recurring and special guests to discuss the current state of the outdoor hospitality industry. The session featured recurring experts Jeff Hoffman, a Board Member at OHI; Sandy Ellingson, a prominent RV Industry Advisor; Mike Harrison, Chief Operating Officer at CRR Hospitality; and Robert Preston, CEO & Founder of Unhitched RV. Joining them as a special guest was Saurav Ghosal, the owner and property manager of Sojourn Lodging, who provided a fresh perspective as a new operator in the competitive Smoky Mountains market.

The conversation opened with a look at significant industry shifts, specifically highlighting the recent $97 million portfolio acquisition by Blue Metric. Robert Preston noted that this deal serves as a major data point for the industry, suggesting that while acquisitions may pick up in the latter half of 2026, many future deals might involve distressed assets rather than typical on-market sales. Brian Searl echoed this sentiment, pointing out that some properties overbuilt or overpaid during the 2021-2022 boom and are now facing a reality check as guest booking windows shorten and economic pressures mount.

Addressing the operational side of these shifts, Mike Harrison shared that volume in inquiries and transactions has recently picked up after a quieter fourth quarter. He observed that many properties developed in the last few years are now missing their financial marks and debt service coverage ratios (DSCR). Mike Harrison compared this to historical cycles in the hotel industry, suggesting that these transition periods, while difficult for current owners, often lead to a healthier industry through capital reinvestment and more sophisticated management.

Saurav Ghosal provided a real-world look at these challenges, noting that his new business in Sevierville is navigating its first "slow season." He described the local market as highly saturated and mentioned that while Sojourn Lodging performed well during the peak summer and fall months, filling the calendar in January and February has been a struggle. Saurav Ghosal explained that his property features 36 tiny home units on trailers and is currently undergoing a brand audit to better align with its target demographic of Gen Z travelers.

The panel engaged in a deep dive into the "identity crisis" many new properties face. Mike Harrison offered a candid critique of the Sojourn Lodging website, noting that the term "Outdoor Hotel" might be confusing to potential guests. He encouraged Saurav Ghosal to decide whether he is running a hotel or a glamping resort, as each requires a vastly different marketing strategy and operational approach. Mike Harrison emphasized that defining this identity is the first step before any effective marketing spend can occur.

Sandy Ellingson contributed to this strategic discussion by suggesting that operators must "reimagine their space" to meet the needs of the modern traveler. She noted that younger generations often view themselves as "travelers" rather than "campers" and are looking for variety, education, and community. Sandy Ellingson advised that simply providing amenities like pickleball courts isn't enough; properties need active leadership or scheduled events to encourage guests to step out of their units and connect with others.

The discussion also touched on the controversial trend of converting transient campgrounds into long-term stay parks. Sandy Ellingson expressed concern that some owners are moving toward long-term models solely for guaranteed seasonal income, potentially losing sight of the broader vision for the industry. However, Robert Preston countered that for many investments, the decision comes down to the basis of the property, noting that long-term stays can provide a predictable cash flow that offsets the risks of...