An 18-unit West Yellowstone portfolio of large cabins and lodges runs consistently above its bedroom-matched market on RevPAR, at nearly 60% peak-season occupancy, in a market where competitor RevPAR declined year over year.
Yellowstone runs big houses, a 3-bedroom median with some properties going to 12. Bigger homes earn more per night than smaller ones, so stacking this portfolio against a blended market average would make it look better than it really is. Every unit here is measured against a comp set with the same bedroom count.
Monthly RevPAR, all managed units, availability-weighted. Market is the Key Data comp set matched to each unit's bedroom count. Occupancy 57.2% June, 58.7% July 2026.
Both the portfolio and its market declined year over year. The portfolio fell further, and almost all of that gap traces to a single listing configuration defect rather than to pricing.
| Month | Portfolio RevPAR | Portfolio YoY | Market RevPAR | Market YoY | Index |
|---|---|---|---|---|---|
| June 2026 | $309.11 | -6.5% | $271.31 | -2.5% | 1.14 |
| July 2026 | $348.40 | -13.3% | $294.09 | -4.4% | 1.19 |
The Bear Den bundle listing was competing against its own component units, so the same space was being sold twice and losing to itself. Splitting June and July revenue between those listings and everything else isolates the damage.
| June and July combined | 2025 | 2026 | Change |
|---|---|---|---|
| Bear Den listings | $126,599 | $85,929 | -$40,670 |
| Rest of the portfolio | $298,501 | $289,202 | -$9,299 |
81% of the portfolio's entire year-over-year decline is the Bear Den listings. Excluding them, the rest of the portfolio moved -3.1% against a market that fell between 2.5% and 4.4%, which is in line with its market rather than behind it. The defect was identified, quantified and is being corrected by establishing rate independence between the Bear Den and the Cub House.
Independent verification: measured against Key Data's narrower vacation-area comp set rather than the county set, July 2026 reads portfolio RevPAR $360.31 against market $269.96, a 33.5% premium, with occupancy 60.8% against the market's 55.5% and ADR $592.48 against $472.57. Both comp sets agree on the direction and the presence of a substantial premium.
Stated plainly: this portfolio ran above its market before Pacer was engaged in February 2026, at an index of 1.19 in June 2025 and 1.31 in July 2025. Pacer did not create the premium. The work here has been defending a premium position through a softening market and correcting the structural issues below.
A small portfolio of high-value assets rewards forensic work over broad rate moves. Three items drove the engagement.
The Bear Den bundle listing was competing against its own component units, producing an $80K bundle revenue shortfall and a $40K total revenue drop. Rate independence for the Bear Den and the Cub House is being established so the units stop cannibalizing each other.
A 25% last-minute promotion was applied selectively to slow-moving inventory with a hard $265 rate floor. Strong performers such as Trumpeter Swan were deliberately excluded rather than discounted alongside them.
Mountainside Manor was earning at only 16.1% occupancy, identified as a listing-presentation problem rather than a pricing one. A listing refresh and marketing asset review are underway to lift bookings without cutting the rate floor.
Every figure on this page is traceable to a query against Pacer production data or Key Data, including what the numbers do not show.
Every unit is compared against a Key Data comp set whose bedroom count exactly equals that unit's own, then averaged unit-weighted. For a portfolio with a 3-bedroom median and properties up to 12 bedrooms, an unmatched market average would be meaningless.
RevPAR is used throughout because ADR alone rises when a portfolio sells fewer, more expensive nights. The availability denominator is built from each unit's own managed window, so units are counted only for the days they were genuinely sellable.
Market benchmarks are taken from the latest snapshot after each stay month closed, so June and July reflect fully realized market performance rather than partial on-the-books data. Forward pace is separately labeled as on-the-books.
Pacer builds a free portfolio audit before any engagement, using the same bedroom-matched market comparison shown on this page.