Posted: Jul 24, 2013 2:13 PM by Jamie Leary
It's official. The Club at Spanish Peaks has new owners.
CrossHarbor Capital, the company that owns the Yellowstone Club has partnered with Boyne, the company that owns Big Sky Resort, and officially closed on the purchase of Spanish Peaks.
The companies issued the following joint statement today:
"On Friday, July 19, 2012, an affiliate of CrossHarbor Capital Partners LLC, in partnership with Boyne Resorts, closed on the purchase of the assets of Spanish Peaks out of the Chapter 7 bankruptcy proceedings. CrossHarbor and Boyne acquired Spanish Peaks because we believe it has incredible long-term potential. Together, we recognize that the successful development and completion of Spanish Peaks is essential to the future of Southwest Montana and to ensuring the Big Sky area remains a world-class resort destination."
Sam Byrne, managing partner of CrossHarbor and owner of the Yellowstone Club, also issued a statement:
"I am excited by the opportunities provided by this transaction and the partnership that has been established with Boyne Resorts. I believe this investment will result in important benefits for Southwest Montana, preserving and creating jobs and attracting further investment in the region. I look forward to working with Boyne Resorts, and all of our friends and neighbors throughout the region, as we create a path forward that ensures Spanish Peaks remains a premier Big Sky destination."
Spanish Peaks is a 5,700-acre upscale private golf community that filed for Chapter 7 bankruptcy in 2011.
Cross Harbor and Boyne secured the club in bankruptcy court for $26.1 million.