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Swan Land Properties
Gateway to the Beartooth Highway & Yellowstone
Carbon County


  • Red Lodge, Montana

  • 38 Deeded

  • $9,350,000

Tucked along the banks of Rock Creek, bordering National Forest lands, just outside of Red Lodge, Montana, is the tranquility of the Rock Creek Resort. Moments from the Beartooth Highway and the nearby northeast entrance to Yellowstone National Park, the Resort occupies a prime commercial location in one of the world’s most spectacular settings.

With over 38± deeded acres in multiple parcels, bordering the Custer National Forest on the west and east boundaries, a spring-fed stocked trout pond, and with .36± miles of Rock Creek meandering through the property, the Resort grounds perfectly capture the majesty of the Beartooth Mountains. In addition, the property includes the established & approved Mountain Shadows Subdivision on the southeast corner of the property consisting of five 1+ acre lots – with two creek-front lots and three hillside lots.

Rock Creek Resort is excited to announce the upcoming completion of major septic system upgrades.  Through collaboration with Interstate Engineering and Peak Water Systems, the existing septic lift station and force main will be upgraded in the spring of 2023 to a state-of-the art DEQ-approved system capable of servicing the Resort far into the future.  This upgraded system is valued at over $860,000.00 and is slated for completion in early May 2023.

This established resort operation consists of varied guest accommodations of 84 rooms, the historic Old Piney Dell restaurant, pool and sauna, wedding and conference facilities, and transferable liquor and gambling licenses. The Resort offers the next owner the option for immediate use and almost unlimited possibilities for future expansion in a location that cannot be duplicated.

Rock Creek Resort is located an easy 5-mile drive south from downtown Red Lodge just off Highway 212.  The Resort is uniquely positioned as the last large commercial resort operation before the Custer National Forest joins the Absaroka-Beartooth Wilderness, and ultimately Yellowstone National Park.  Just past the entrance to the Resort, the road turns into the majestic Beartooth Highway – “the most beautiful roadway in America” as described by On the Road correspondent Charles Kuralt.
Red Lodge retains the charm and quaint quality of small-town Montana while offering visitors the amenities, services, entertainment, shopping and fine dining typically found in larger communities.  Recreational opportunities are abundant in summer and winter with downhill skiing, fishing, hiking and sightseeing being readily accessible.
The Resort is easily accessed via several main paved routes, and from several nearby airports: Billings-Logan International airport (1 hour 15 min.) Cody, WY – Yellowstone Regional Airport (1 hour 15 min.) and Bozeman, MT – Bozeman Yellowstone International Airport (2 hours 30 min.)
Billings Logan International Airport (BIL) is located about 68 miles from the Resort. It is home to Allegiant, Alaska, American Airlines, Delta, Cape Air, Frontier and United Airlines and offers year-round direct flights to Denver, Dallas, Minneapolis, Portland, Salt Lake City, Seattle, Las Vegas and Phoenix, with seasonal direct flights to Chicago and Los Angeles.
Recently upgraded, Bozeman Yellowstone International Airport at Gallatin Field in Belgrade (BZN) offers several full service FBOs, including the Yellowstone Jet Center, and excellent commercial services through Alaska, Allegiant, American, Delta, Frontier, Southwest, JetBlue, Sun Country and United Airlines. One of the busiest passenger airports in the Pacific Northwest, and the busiest in the state of Montana, BZN offers direct flights to 25 major airports around the nation including direct flights to the west coast, east coast, Texas, the southeast and Florida.
Approximate distances to other cities and attractions are as follows:

Downtown Red Lodge
Red Lodge Ski Area
Cooke City – via the Beartooth Highway
Yellowstone National Park – NE Entrance
Cody, WY
Billings, MT
Bozeman, MT

 5 miles
11 miles
60 miles
64 miles
68 miles
68 miles
152 miles


      • 38.33± Deeded Acres
      • 21 Individual Parcels
      • Inclusive of the established & approved Mountain Shadows Subdivision on the southeast corner of the property consisting of five 1+ acre lots – with two Creek-Front Lots and three Hillside Lots. One Creek Lot has a well installed.
      • .36± Miles of Rock Creek
      • Mixed Topography of riparian area, forest & open meadows – cottonwoods, pines & aspens
      • USFS Boundary on West and East Borders
      • Excellent Access to MT Highway 212
      • 2 Transferable Liquor Licenses
      • 1 Transferable Gambling License


Rock Creek Resort features 84 guest rooms distributed throughout five buildings. Accommodations vary in layout including standard rooms, studio apartments, deluxe studio apartments, an executive suite, townhomes, and the Stoney “Honeymoon” Cabin.  Most guest rooms feature either a view of Rock Creek, the surrounding mountains, or the spring-fed trout pond.  The Resort is a multi-use facility that can accommodate large groups and historically provides excellent income from weddings, special events, and meetings in addition to the overnight guest component.


The Beartooth Lodge is the heart of the Resort. Originally constructed in 1990, the Lodge welcomes guests in the main lobby with a backdrop of mountain views and a huge stone fireplace.  The three-story Lodge features 33 guest rooms in various configurations including two queen beds, or studio apartments featuring kitchenettes, living/dining areas, Murphy beds, balconies, and gas fireplaces.  The Lodge is also home to the main 6,500± square foot banquet & conference facilities, the Kiva breakfast restaurant, 20′ x 50′ indoor heated pool, hot tub, sauna, locker rooms, work-out area, and offices.


Twin Elk offers rustic elegance in a beautiful log building constructed in 1995.  This three-story lodge offers guest accommodations on the upper floor, a large meeting or retail space on the main level, and two conference rooms, offices, and bathrooms on the lower level.  Twin Elk consists of four guest-room configurations – one queen bed, two full beds, one king bed with a Jacuzzi bath, and a spacious vaulted-ceiling deluxe apartment with a full kitchen, living/dining area, and balcony overlooking the lawn and pond. Guest rooms also offer multiple adjoining room options for booking flexibility.


Originally designed to house students, coaches, and families for the Red Lodge International Ski and Snowboard Camp, the Grizzly Condominiums were constructed in the 1970s and remodeled in 1985.  The building includes 39 individual units, including standard rooms, studios, deluxe apartments, and an executive suite, with multiple options for bedroom configurations.  The apartments feature full kitchens, living/dining areas, balconies, and a cozy wood stove.  Units have both king- and queen-bed options, adjoining room options, and some private decks overlooking Rock Creek.


Affectionately referred to as the “Honeymoon Cabin”, the Stoney Cabin is nestled in the trees and offers a king bed, gas fireplace, kitchenette, separate living and dining area, spacious Jacuzzi tub, and a private deck.  Constructed in 1995, the log cabin is consistently in high demand and popular as a private lodging option.


The two Rock Creek Town Home units are located near the Resort entrance and offer spacious guest accommodations and a sense of privacy for families or larger groups.  Each townhome has three bedrooms, cathedral ceilings, wood stoves, full kitchens, and private decks.  The townhomes were originally constructed in 1980 and were fully remodeled in 1995.


Located in the Beartooth Lodge with over 6,500 square feet of indoor event space, the main conference facilities have doors that open directly onto an outdoor patio overlooking Rock Creek.  The event facility can be utilized as one large open room or partitioned into two or three separate areas.  A full commercial kitchen with walk-in cooler storage is adjacent to the event space allowing for food service and banquet options.  Facilities include a dance floor, coat room, foyer bar, a sound system, and wireless internet access.  The Resort can also provide audio-visual equipment including, microphones, screens, and projectors.
Twin Elk has additional meeting facilities both on the main level and as two separate meeting rooms on the lower level of the lodge.  The main level space was previously utilized as a specialty retail boutique and has various options for future use.
The Resort also features a wonderful outdoor venue adjacent to the soccer field consisting of a beautiful BBQ area right next to Rock Creek.  The venue includes cooking and serving facilities, a 20′ x 40′ tent, picnic tables, chairs, a volleyball court, and a playground.


With the backdrop of the Beartooth Mountains and Rock Creek, the Resort has been a popular destination wedding venue for many years and consistently drives annual bookings.  Please inquire about current booking information and income projections.
There are several exceptional on-property locations in both outdoor and indoor settings that can accommodate small intimate gatherings to large wedding parties.  Popular venues include:
• The Patio – With Rock Creek as the backdrop – available year-round.
• The Pond – An ideal setting with shade trees and a beautiful fountain – available during summer months.
• The Field – Located at the south end of the Resort with majestic Beartooth views – available seasonally.
• The Chapel – In the charming log building of Twin Elk – available year-round.
• The Ballroom – Located on the lower level of the Beartooth Lodge along the banks of Rock Creek. This well-designed facility can accommodate up to 180 guests. French doors and a wall of windows open onto The Patio. The space can be divided into 2 or 3 separate areas or used as one large room.

The Beartooth Lodge houses the 20’x50′ heated indoor pool, a hot tub with a capacity of up to 8 guests, the co-ed sauna, and locker rooms.  The pool facility is open to resort guests and to community members with a pool membership.  The fitness area is currently located poolside and could be enhanced with new equipment should the new owner desire.

Old Piney Dell is located at the Resort in a cozy, historic log cabin with the main dining room featuring spectacular views of Rock Creek. The rustic elegance of the historic bar offers a guest retreat perfectly suited to the mountain ambiance.  For decades it has been known as one of the finest restaurants in the area offering a special evening of exceptional dining, libations, and live music.
The Old Piney Dell evolved from a homesteader’s cabin originally built in the 1920s. In the ’30s, it was used by local ethnic groups as a community and cultural center for music and dance and was first opened as a restaurant in the early 1940s.  The original cabin structure has been added to over the years. The kitchen facilities are smaller but capable of handling dinners for a high volume of guests.  The facility also offers two employee housing units on site.  The current Old Piney Dell Liquor and Gambling Licenses will convey with the sale.

Note: The Old Piney Dell restaurant is currently open for business under limited hours & menu – please inquire with the Resort for specifics.



The main Beartooth Lodge is heated by a hot-water baseboard system located on the lower level of the Lodge.  Each of the other main buildings on the Resort has its own heating system.  The primary system is presently in good operating condition but will need to be verified by the purchaser via independent investigation.
The Resort operation facilities include several outbuildings/areas for maintenance and storage.  Several rustic cabins on the south end of the property may have the potential for refurbishment or re-purposing.

Rock Creek Resort is excited to announce the upcoming completion of major septic system upgrades.  Through collaboration with Interstate Engineering and Peak Water Systems, the existing septic lift station and force main will be upgraded in the spring of 2023 to a state-of-the-art DEQ-approved system capable of servicing the Resort far into the future.  This upgraded system is valued at over $860,000.00 and is slated for completion in early May 2023.

The Resort’s wastewater-treatment system was fully upgraded in 2015 by Sanderson Stewart Engineering out of Billings, Montana.  The system was modernized and improved via a $1.36-million project.

Full system design plans are available upon request.
Rock Creek Resort has ample parking in multiple paved lots easily accessed off Highway 212.
The Resort had tennis courts on the northeast end of the property that have fallen into disrepair.  The potential exists to refurbish the courts or utilize the ground for other facilities.
Note:  Current condition of courts is not as shown in marketing images. 

The following service providers are currently utilized:
Natural Gas
Beartooth Electric Cooperative
Northwestern Energy
Century Link


The real estate taxes for 2021 were $84,717.32.

The Sellers will convey with Rock Creek Resort 100% of whatever mineral, oil, gas, geo-thermal, hydro-carbon and gravel rights they actually own, subject to reservations by previous owners.  The Sellers make no representation as to the quantity or quality of any mineral or other sub-surface rights appurtenant to the property.

Recreation and relaxation are at the heart of the Rock Creek Resort experience and what has drawn guests to the area for decades.  Guests may simply relax and enjoy the many on-property amenities – soak in the hot tub, rejuvenate in the sauna, swim laps in the heated indoor pool or enjoy a cocktail at the bar.  Other resort activities include a catch & release fishing pond, fishing on Rock Creek, volleyball court, playground, a soccer field and hiking right from the Resort into the adjacent National Forest via the Mt. Maurice Trailhead.
Guests are just moments from the countless additional recreational opportunities that Southwest Montana is so famous for including hiking, camping, fishing, horseback riding, whitewater rafting, golfing, mountain biking and hunting.  Winter activities include cross-country skiing, snowshoeing and alpine skiing at Red Lodge Mountain which offers over 2,400 feet of vertical drop on over 1,635 acres with 70 runs for all skier abilities.  The adventurous can also enjoy summer skiing at the Beartooth Basin Summer Ski area – incidentally also founded by the Resort’s owners.
Locally, the historic town of Red Lodge offers great shopping, art galleries, a historical museum, restaurants and live music. The town is well known for its enjoyable events like the Christmas Stroll, Winter Carnival, 4th of July Celebration, Home of Champions Rodeo, the Beartooth Rally, the Festival of Nations, Oktoberfest and seasonal farmers’ markets.
Perhaps the largest summer area draw is the scenic Beartooth Highway on Highway 212.  The road rises rapidly from the valley floor to over 10,947 feet above sea level offering stunning vistas of the surrounding Beartooth plateau and Absaorka-Beartooth Wilderness before continuing to the mountain communities of Cooke City and Silvergate.  Yellowstone National Park’s northeast entrance is only 64 miles from the Resort.  This world-famous national treasure offers visitors incredible experiences on over 2.3 million acres of land while viewing wildlife, thermal features and the natural beauty that is the essence of the Greater Yellowstone area.

According to the Montana Department of Natural Resources and Conservation’s Water Rights Division, the Resort owns the following water rights:

43D 6336 00
43D 10211 00
43D 10212 00
43D 35736 00
43D 94346 00
3D 49346 00

All water rights in Montana are subject to eventual re-adjudication by the Montana Water Court and, as a result of that process, may be changed as to validity, amount, priority date, place of use and other such changes as the Court determines.  This water district is currently under the Preliminary-Temporary Decree as classified by the Department of Natural Resources and Conservation (DNRC).  The Seller has made all of the filings currently required and will transfer the water rights as they currently stand with no warranty of future viability.
All water rights appurtenant to and for the benefit of the Resort will be conveyed to the Buyer at closing of a sale.

With the main lodge sitting at about 4,758 feet above sea level, the property is relatively flat along Rock Creek with some elevation gain as the property rises slightly to meet the USFS boundary on the east side of the property at about 4,773 feet above sea level.
July and August are quite comfortable with average highs of 79 degrees Fahrenheit and evening lows around 49 degrees.  Indian summer can linger until mid-October.  December and January bring highs of approximately 34 degrees with lows around 14 degrees.
Red Lodge averages 128 inches of snow per year with an annual average rainfall of 18 inches.

Rock Creek Resort is an established business providing immediate cash-flow opportunity through current bookings and events.  However, should the next owner desire to expand and upgrade the Resort, the possibilities are exceptional on the 38.33± deeded acres in 21 individual parcels.  Several options may exist to develop the vacant lots into either additional resort accommodations, individual cabins, employee housing, or even residential housing.  The future vision for the Resort could include individual guest cabins nestled in the trees, resort trails along Rock Creek leading guests to explore fire pits, cozy teepees and tranquil hideaways.  Expansion of the Old Piney Dell could include outdoor creek-side seating.  Possibilities are limited only by the vision of the next owner to further develop this very special property.


Please inquire regarding Resort business and financial details.  This information is only available upon request with a signed non-disclosure agreement, and demonstration, to the satisfaction of the Seller, of absolute financial capability to purchase the Resort.
Showings will be scheduled for financially pre-qualified individuals only.  Please contact Listing Agent Stephen Leibinger for more information.
Even with a location as special as Rock Creek Resort, it often takes a visionary to imagine the true potential.  The Resort was the dream of acclaimed and internationally known ski racer Pepi Gramshammer and his wife Sheika.  The Austrian-born couple had a vision that combined an epic resort and vacation location with an alpine ski camp that would allow for both winter and summer race training in the Beartooth Mountains.  Pepi was a celebrity in the ski industry as a Champion of the Austrian National Team, a ski instructor in Sun Valley, on the U.S. Professional Ski Tour – becoming the circuit’s top racer in 1962, and was instrumental in helping establish Vail Resort in Colorado.
Sheika is the descendant of an old Austrian inn-keeping family and was a model and dancer when she and Pepi first met in Aspen, Colorado.  Sparks flew, and they were engaged within a couple of weeks.  After settling in Vail, in 1964, Pepi and Sheika, through hard work and determination, established the Austrian-style hotel, Gasthof Gramshammer, known worldwide as “Pepi’s”.
During a visit to Montana in the 1960s, the Gramshammers fell in love with the Red Lodge area and the surrounding mountains.  The unique atmosphere of Red Lodge, called to them.  They loved the western experience of the town.  Pepi then discovered the now famous “Headwall” on the top of the Beartooth Pass and started the Red Lodge International Ski Race Camp that allowed him to return there every year.  Pepi recalled,

“When I first came here forty-five years ago, I fell in love with these mountains. With the beauty of this area, it amazes me that Rock Creek remains virtually undiscovered. And I tell you, that is the most wonderful thing of all.”

The vision for the Rock Creek Resort began to be realized when Pepi purchased the property along the creek.  In the early 1970s, Pepi continued the development of the resort by building the Grizzly Condos to house the ski racers.  Over the following two decades, he added the Rock Creek Town Homes, Stoney Cabin, the Beartooth Lodge, and finally the log building Twin Elk.  The Resort continues to be known across the region as having comfortable accommodations in a five-star setting.  Sadly, Pepi passed away August 17, 2019 at the age of 87.  Sheika continues as the proud owner of the Resort and is actively engaged in the management and success of the property she still loves.  However, she says it is now time for another passionate owner to continue the legacy of the Resort that started as only a vision of the majesty of the Montana mountains.

“For both Pepi and I, an American dream came true.”
Sheika Gramshammer

The Sellers hereby make known that there may be variations between the deeded property lines and the location of the existing fence boundary lines on Rock Creek Resort.  The Sellers make no warranties with regard to the location of the fence lines in relationship to the deeded property lines, nor do the Sellers make any warranties or representations with regard to specific acreage within the fenced property lines.
The Sellers are selling Rock Creek Resort in its “as is-where is” condition in regard to the location of the fences as they now exist.  Boundaries shown on any accompanying maps are approximate.  The maps are not to scale and are for visual aid only.  The accuracy of the maps and information portrayed thereon is not guaranteed nor warranted and independent investigation is highly recommended.

Resorts are often located in the world’s most beautiful settings and Rock Creek Resort’s location along the banks of Rock Creek captures the essence of what a mountain resort locale should encompass.  When the Resort was first only a dream of the Gramshammer family, they chose a location that would fill the senses with the natural beauty of the Beartooth mountains.  Seldom do established resort properties become available for sale – even more rare is the combination of a cascading creek, National Forest boundary, proximity to a gateway to Yellowstone National Park, summer and winter guest traffic, excellent existing facilities and an established historic restaurant.  The Resort is further enhanced by the amount of deeded acreage and possibilities for future expansion and development of this amazing property.  Rock Creek Resort affords the next fortunate owner all the necessary attributes to provide guests with a premium resort experience in one of the most beautiful settings in Montana all while continuing the legacy that began with the first resort vision so many years ago.


Rock Creek Resort, as previously described herein, is offered at US $9,350,000.00 Cash or Terms acceptable solely at the discretion of the Seller.  The conditions of sale as of March 2023 are as follows:
    1. All Prospective Buyers must demonstrate, to the satisfaction of the Seller, absolute financial capability to purchase the Resort prior to scheduling an inspection of the Resort;
    2. Earnest money deposit will be due upon completion of a fully executed contract, and all earnest money deposits will be held in escrow by First American Title Company in Red Lodge;
    3. The Sellers will provide and pay for a standard owner’s title insurance policy.  Any endorsements requested by the Buyer or any lender will be at Buyer’s expense.  Title to the real property will be conveyed by a warranty deed;
    4. All of the water right claims controlled by the Resort will be transferred to the Buyer at Closing, and all of the mineral rights which the Sellers actually own will be conveyed to the Buyer at Closing;
    5. Buyers’ Brokers are welcome and invited to contact listing agent Steve Leibinger in our Bozeman Office for information regarding Cooperation Policies.
The Seller reserves the right to effect a tax-deferred exchange for other real property in accordance with provisions in Section 1031 of the Internal Revenue Code.  The Buyer will not be required to incur any additional expenses nor to step into the chain of title on any property which the Seller may acquire.
This entire Offering is subject to errors, omissions, prior sale, change, or withdrawal without notice and approval of purchase by the Seller.  Information regarding land classifications, acreages, potential profits, etc., are intended only as general guidelines and have been obtained from sources deemed reliable; however, accuracy is not warranted or guaranteed by the Seller or Swan Land Company.  Prospective Buyers should verify all information to their sole and complete satisfaction.
A 48-hour notice is requested to make proper arrangements for an inspection of Rock Creek Resort.
Swan Land Company has been authorized by the Seller to act as their Exclusive Real Estate Broker on the sale of Rock Creek Resort.  Since 2002, we have focused on the brokerage of significant ranches, farms, and recreational properties throughout the Rocky Mountain West.
This Offering is based on information believed to be correct; however, it is subject to errors, omissions, prior sale, and change or withdrawal without notice.  Information contained herein has been provided by the Sellers or obtained from other sources deemed reliable.  The Agent does not, however, guarantee accuracy and recommends that any Prospective Buyer conduct an independent investigation.
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Stephen Leibinger
With deep family roots in Montana’s ranching history, I inherited a natural affinity for the state’s exceptional lifestyle and unparalleled outdoor recreation opportunities. After graduating with honors from the University of Wyoming, I pursued my love of fly-fishing and ultimately settled in Bozeman where I founded a successful fly-fishing guiding and outfitting business. My extensive ...
Meet the Broker
Swan Agent, Stephen Leibinger

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