SUNDANCE, Utah — The global corporate retreat market is forecast to reach $73.7 billion by 2034[1] — more than double its 2024 valuation. As remote and hybrid work continue reshaping company culture, businesses are investing more heavily in leadership offsites, wellness escapes, and strategy retreats designed to bring teams together in more meaningful ways.

Brad Stewart, Owner of Stewart Mountain Lodging, which manages short-term rentals in the Sundance area of northern Utah’s Wasatch Back region, says he is seeing this trend firsthand, particularly within the tech and financial sectors. Stewart has over 20 years’ experience in the market.

The shift is especially visible in Utah’s booming Silicon Slopes corridor, stretching from Salt Lake City through Lehi and Provo, which has emerged as one of the fastest-growing technology ecosystems in the United States. For companies based nearby, Sundance and the Wasatch Back region offer both proximity and separation: close enough for easy access, yet far enough removed from the pace of the office to encourage deeper thinking and more meaningful connection.

While Stewart welcomes the growing demand for corporate retreats in the area, he believes many companies pay at least 150% more because they default to the traditional resort model - particularly for smaller C-suite retreats of up to 25 guests.

Resorts vs Private Retreats: The Cost Difference

“The retreat market is growing, but the instinct is still to book a hotel block,” says Stewart. “When you compare those costs to what’s available on the same mountain, the difference can be substantial.”

While resorts and hotels remain the default choice for many retreat planners, Stewart says the overall costs often escalate quickly once accommodation, catering, beverages, and meeting logistics are added.

For a group of 20 people, a simple two-day retreat at a full-service hotel or resort property in the Wasatch Back can cost between $26,000 and $82,000 depending where you book - or roughly $1,300 to $4,100 per person - before taxes, gratuities, transport or additional activities are even considered.

Comparable private-home short term rental retreat configurations can reduce that figure to approximately $10,400, or around $520 per person, while still offering a more exclusive and personal experience.

In practical terms, the comparison shows that resort-style retreats can cost at least two and a half times as much as a comparable private retreat, with the price gap widening considerably at the higher end of the market.

The Rise of the Private Retreat Model

According to Stewart, executive teams are also becoming far more intentional about what they want from retreats.

“The traditional conference-style retreat is losing relevance for senior leadership teams,” he says. “What companies want now is privacy, flexibility, and an environment where conversations can continue naturally beyond a scheduled meeting session.”

For corporate groups, the company often combines multiple neighbouring properties into what Stewart describes as “a private mountain village”, allowing teams to stay, meet, dine, and gather within their own shared environment.

A typical configuration for a 20-person group includes four large homes within walking distance of each other, along with optional concierge support, curated activities, and flexible catering options ranging from casual group dining to private chefs.

“There’s a continuity that naturally happens in a private environment,” says Stewart. “The conversation that started during a strategy session continues around the fire later that evening. That’s very difficult to recreate in a traditional hotel setting.”

Stewart says the appeal is not simply about reducing costs, but about creating a retreat structure that better supports how leadership teams actually work.

“The companies coming to us aren’t just looking for a less expensive option,” he says. “They’re looking for something that actually works - a place where their people can think clearly, speak freely, and leave feeling more connected as a team. The mountain does most of that work. We just make sure the experience around it is worth coming back for.”

[1] Allied Market Research. “Corporate Retreats Market – Global Opportunity Analysis and Industry Forecast, 2025–2034.” IT segment highest revenue contributor 2024; hotels & resorts largest venue segment 2024; market valued $31.8bn in 2024, projected $73.7bn by 2034 at 9.1% CAGR. https://www.alliedmarketresearch.com/corporate-retreats-market-A325808