Below the Surface: Why Open Road Resorts Just Bet Big on a Cave System

CHATTANOOGA, TN – June 17, 2026 – On the surface, the announcement is straightforward: Open Road Resorts (ORR), an ascendant outdoor hospitality firm, has acquired Raccoon Mountain Campground and Caverns, marking its official entry into the competitive Tennessee market. The deal adds a beloved Chattanooga destination, complete with RV sites, cabins, and a sprawling 5.5-mile cave system, to the company’s rapidly growing portfolio. But just like the caverns themselves, the real story lies deeper. This acquisition is not merely a real estate transaction; it is a calculated move in the high-stakes consolidation of America’s outdoor recreation industry, signaling a new era for both a local landmark and the modern traveler.

A New Chapter for a Chattanooga Landmark

Raccoon Mountain is more than just a campground; it’s a piece of Chattanooga history. The caverns were discovered in 1929 by Leo Lambert—the same geological impresario who unveiled the nearby Ruby Falls—and opened to the public in 1931. For nearly a century, it has operated as a regional attraction, drawing families, spelunkers, and campers to its unique combination of subterranean wonder and scenic mountain hospitality. Its reputation is built on this duality, offering an experience that marries a traditional campground setting with a nationally recognized natural attraction.

Recent history shows the property's escalating value. In June 2023, the site was sold for a reported $7 million, a figure that provided a clear benchmark for its market potential. Now, with Open Road Resorts taking the helm, another chapter begins. The company's leadership is keenly aware of the property's legacy. "Our focus will be on preserving what makes the property special while investing thoughtfully in the guest experience," said Jim Omstrom, Co-Founder of Open Road Resorts. This promise of balancing preservation with enhancement is a common refrain in such acquisitions, aimed at reassuring a local community that its cherished assets are in capable hands. For Chattanooga, it represents a fresh injection of capital and marketing muscle into its vital tourism sector.

The Open Road Playbook: Consolidation and Capital

To understand this acquisition, one must understand Open Road Resorts itself. Founded in 2019 by close friends and former investment analysts Chase Becker and Jim Omstrom, ORR is not a traditional campground operator. With backgrounds at firms like JP Morgan Chase and Citadel, the founders bring a Wall Street playbook to the world of RV parks. Their strategy is clear: identify and acquire exceptional, often independent, properties in desirable markets, and then deploy capital to upgrade amenities and standardize the guest experience under a single, trusted brand.

This model is fueled by significant financial firepower. In September 2024, ORR secured a major strategic investment from a powerful consortium including consumer-focused private equity giant L Catterton and THOR Industries, the world's largest RV manufacturer. This backing transformed the company from a promising startup into a serious market consolidator, providing the resources to aggressively expand its network, which now numbers ten properties across the country. The Raccoon Mountain deal is a direct product of this strategy. As Co-Founder Chase Becker stated, "Raccoon Mountain is exactly the type of special destination we look for. It has a strong reputation, an incredible location, and a one-of-a-kind guest experience."

The "one-of-a-kind" element—the caverns—is the key. In an increasingly crowded market, unique, defensible attractions create a competitive moat. ORR isn't just buying campsites; it's buying an experience that cannot be easily replicated, ensuring the property remains a destination rather than just a commodity stopover.

Riding the Outdoor Hospitality Wave

The ORR acquisition is a microcosm of a seismic shift occurring across the outdoor hospitality landscape. The industry, once a fragmented collection of family-owned businesses, is undergoing rapid professionalization and consolidation. Spurred by a sustained surge in demand for outdoor experiences, private equity and large corporate players are rolling up independent parks at an unprecedented rate. Companies like Modern America Campgrounds are rapidly acquiring dozens of properties, all vying to build branded networks that promise consistency and quality.

This trend is driven by the evolving expectations of the modern traveler. Today's RVer or 'glamper' demands more than a gravel pad and a fire pit. High-speed Wi-Fi, resort-style pools, dog parks, and curated activities are becoming standard expectations. ORR's model is built to meet and exceed these demands, transforming rustic campgrounds into highly amenitized outdoor resorts. The investment from THOR Industries is particularly telling; as a manufacturer, it has a vested interest in ensuring there is a robust network of high-quality destinations for its customers to use their multi-hundred-thousand-dollar vehicles. It’s a vertically integrated view of the entire customer journey, from vehicle purchase to vacation experience.

What This Means for Chattanooga and the Modern Traveler

For Chattanooga, the arrival of a well-capitalized operator like Open Road Resorts promises to amplify the marketing reach of Raccoon Mountain, likely drawing more visitors and tourism dollars to the region. The planned investments in infrastructure and amenities will elevate the property, potentially creating a halo effect for other local businesses. The primary risk, as with any local-to-corporate transition, is the potential loss of unique, local character in exchange for branded efficiency.

For the traveler, this industry-wide shift offers a new level of predictability and quality. The Open Road brand aims to be a seal of approval, assuring guests of a clean, safe, and family-friendly environment no matter which of their properties they visit. This acquisition demonstrates that the future of outdoor travel is becoming more curated and experience-driven. The simple road trip is evolving into a journey between well-appointed, activity-rich destinations, and companies that can deliver that unique, reliable experience are poised to win the future of American leisure.