CrossHarbor Capital has finalised its deal to buy the Montana members-only ski resort, the Yellowstone Club. The deal means the club can exit Chapter 11 bankruptcy protection.
Boston-based private equity real estate firm reportedly paid $115 million for the club.
In a statement today, CrossHarbor said it led a consortium of investors in closing the deal, including Yellowstone Club members and developer Discovery Land Company. CrossHarbor and Discovery will manage and develop the ski and golf resort.
In May, various media reports revealed that CrossHarbor would buy the club out of bankruptcy for $115 million, with the firm also providing up to $75 million in working capital.
Mike Meldman, chief executive officer of Discovery Land, said in a statement today this was the start of a “new chapter in the history of the Yellowstone Club”. Credit Suisse, which provided a loan to the club's former owners, had originally opposed the sale of the bankrupt resort to CrossHarbor alleging Yellowstone had done little to encourage other bids.
CrossHarbor originally offered to buy Yellowstone for $470 million in 2008, but the deal fell apart as Yellowstone slid towards bankruptcy eventually filing for Chapter 11 protection at the end of the year. CrossHarbor eventually made a $100 million stalking horse bid in May, before closing the deal today.
Located in Big Sky, the Yellowstone Club, established in 2000, is located on 14,000 acres of private land on the North West corner of the Yellowstone National Park.