Visit Jackson Hole lease would lock in 3% minimum annual rent hikes

The Jackson Hole Travel and Tourism Board (Lodging Tax Board) is scheduled to vote Aug. 13 on a lease provision that would increase the tenant’s base rent every year, starting Sept. 1, 2027, by the greater of 3% or the Consumer Price Index for All Urban Consumers (CPI-U) for the Western Region, as defined by the U.S. Bureau of Labor Statistics lease agreement.

That “greater of” structure matters in inflation spikes and in low-inflation years. It sets a 3% floor even if CPI comes in lower, and it also lets the landlord claim a higher CPI-based increase when prices jump. The board’s decision Thursday is whether to accept that escalator language as written for the 2026 to 2031 term meeting agenda.