Recreational
Recreational
Experiential recreation and entertainment real estate within mixed-use districts.
Investment thesis
Recreational is a real estate investment and development platform dedicated to the acquisition, development, and management of recreational, entertainment, and experiential properties within mixed-use districts across the United States. The company develops experience-driven projects that meet the needs of urban populations while revitalizing communities and creating destinations. Experiential real estate earns demand through differentiated programming and place rather than commodity space. As a higher-risk position within the hospitality platform, returns reflect development and operating execution, underwritten through location quality and community engagement. The strategy compounds by building destinations that draw repeat visitation.
What Recreational operates
- Invests in experiential, recreational, and entertainment properties
- Provides strategic urban planning for mixed-use entertainment districts
- Engages communities to support development and activation
- Consults on recreation and entertainment project development
- Manages assets to sustain repeat visitation and demand
Fund architecture
Recreational deploys investment capital through a consolidated stack of 12 platform funds, anchored by an originating Fund 0 vehicle and built out across Fund I through Fund XII. Each fund targets a distinct sub-strategy within recreation & entertainment re, while operations and reserve funds provide platform infrastructure, liquidity, and co-investment capacity. The architecture concentrates capital in scaled vehicles and aligns terms to the cash-flow durability of each strategy.
| Fund | Strategy | Target size | Target return |
|---|---|---|---|
| Fund I | Indoor Active Family Entertainment | $6.00B | 8% pref |
| Fund II | Outdoor Adventure Tourism | $1.54B | 8% pref |
| Fund III | Water Parks and Aquatic Resorts | $1.71B | 8% pref |
| Fund IV | Golf and Private Club Real Estate | $2.00B | 8% pref |
| Fund V | Sports Complexes and Athletic Facilities | $2.00B | 8% pref |
| Fund VI | Social Entertainment and Bowling Venues | $1.82B | 8% pref |
| Fund VII | Theme Parks and Amusement Attractions | $1.71B | 8% pref |
| Fund VIII | Marina and Waterfront Recreation | $2.00B | 8% pref |
| Fund IX | Ski Resort and Mountain Recreation | $1.98B | 8% pref |
| Fund X | Wellness and Spa Resorts | $2.00B | 8% pref |
| Fund XI | E-Sports and Gaming Entertainment | $2.00B | 8% pref |
| Fund XII | Glamping and Outdoor Hospitality | $4.03B | 8% pref |
In Recreational we backed durable demand and disciplined operations. The thesis is simple: own essential assets, underwrite conservatively, and let recurring income compound.Slate Blue Capital Investment Committee
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