Industry News
Written By Shredder Gnarborough
Boyne USA and CrossHarbor Financial Enter deal to acquire assets of Moonlight Basin Resort, creating largest ski resort in America.
In a press release yesterday Moonlight Basin announced a pending sale agreement between CrossHarbor and Boyne USA.
Yesterday’s press release (see below) marks the beginning of a new chapter for this resort, as Boyne USA in partnership with CrossHarbor intends to create the “Biggest Skiing in America” by combining Big Sky Resort, Spanish Peaks, and Moonlight Basin in to one unified mountain.
Big Sky Resort, Spanish Peaks, and Moonlight Basin combined create a ski resort of more than 5,700 acres, with 4,350 vertical drop, 23 chairlifts and 10 surface lifts, making it truly the “Biggest Skiing in America”. The acquisition will create the largest ski resort in the United States, outdoing Vail by over 400 acres.
Moonlight Basin, located in the town of Big Sky, Montana has operated as an independent resort on the north side of Lone Peak since 2003. Big Sky, a small town of roughly 1,000 year round residents is tucked away in the southwest corner of Montana, roughly one hour from Bozeman. The town has felt the burst of the real estate bubble in the past 5 years with The Yellowstone Club, Spanish Peaks, and Moonlight Basin Resorts all filing bankruptcy.
What does this mean for the skiers in Big Sky? Will this mega-resort succeed? Did The Man just buy out the last remaining souls in this small town? Will locals be able to afford to ski? Will every job in this small town be a Boyne job? Weigh In.
(Editor’s Note: Big Sky received the most skier visits they’ve ever gotten in one season in 2012/13 with 370,000+ skier visits. Big Sky Resort was also named North America’s favorite ski resort by visitors to OnTheSnow.com, winning the top honors in this year’s Visitors’ Choice Awards.)
Learn more about this deal: Bozeman Daily Chronicle
Big Sky Ski Resort Press Release:
BIGGEST SKIING IN AMERICA
Joint Statement on Purchase and Sale of Moonlight Basin
August 14, 2013
Big Sky, Mont. (August 14, 2013) – A joint statement has been issued on behalf of CrossHarbor Capital Partners LLC and Boyne Resorts.
CrossHarbor Capital Partners LLC, in partnership with Boyne Resorts, has entered into a definitive purchase and sale agreement with a subsidiary of Lehman Brothers Holdings Inc. to acquire the assets of Moonlight Basin in Big Sky, Montana. This agreement follows the recent acquisition of the assets of Spanish Peaks by the same partnership and is the next step in the creation of one of the largest and most compelling mountain resort experiences in North America.
CrossHarbor and Boyne plan to combine the ski operations of Moonlight Basin with that of Big Sky Resort, operating the properties seamlessly and solidifying the Big Sky brand as a premier ski destination and global brand. Big Sky Resort, Spanish Peaks, and Moonlight Basin combine to create a ski resort of more than 5,700 acres of skiable terrain, with 4350 vertical feet, 23 chairlifts and 10 surface lifts, making it truly the “Biggest Skiing in America.” Successfully unifying these operations will help promote economic stability and growth across the region and to all of Big Sky and will ensure Moonlight Basin’s long-term and sustainable success.
Additional development within Big Sky, Moonlight Basin, and Spanish Peaks will now share a common vision and leadership. The future development of these special and unique properties will continue to follow the path of stewardship and environmental sensitivity.
Statement from Sam Byrne, Managing Partner, CrossHarbor Capital Partners: “This investment is another important step forward for Big Sky and underscores the strength of our new partnership with Boyne Resorts. In the near term, the transaction will provide some much needed stability to Moonlight Basin. But the investment also reflects the broader potential we see for the region and sets the foundation for long-term growth.”
Statement from Stephen Kircher, President, Boyne Eastern Operations: “The alliance to acquire Moonlight Basin and Spanish Peaks with CrossHarbor Capital Partners, another long-term strategic player in the Big Sky area, creates the opportunity for a stable and coordinated effort in helping the community and the region fulfill its experiential and economic potential. For over 37 years, Boyne Resorts has been a steady custodian of growth of Big Sky Resort. We are truly excited about the positive impact this alliance will have on Big Sky Resort and surrounding communities in Southwestern Montana and permanently solidifying the “Biggest Skiing in America”.”
It is all relative. Speaking as somebody who skied Big Sky back in the 70s and early 80s, I could say “the neighborhood went” back in the 90s when the speculators and those focused on the uber-rich arrived in Montana. But really it is all good… I look forward to skiing there again.
There goes the neighborhood!