Boston real estate investment firm CrossHarbor Capital has made a significant impact on the exclusive Yellowstone Club in Big Sky, Montana, since purchasing it out of bankruptcy in 2009. With a focus on developing luxury homes and amenities in the area, CrossHarbor has spent at least $4 billion in Big Sky over the past 15 years. This includes acquiring other properties such as Spanish Peaks Mountain Club and Moonlight Basin, which were also purchased out of bankruptcy and eventually merged into Big Sky Resort.
With investments in real estate nationwide, CrossHarbor has become a dominant investor in Big Sky, owning more than half of the town center. This has led to significant economic growth in the area, with CrossHarbor representing 75% of the local tax base. The firm’s investments have played a key role in the development of Big Sky, turning it into one of the largest ski resorts in the country with a variety of upscale amenities.
Despite the challenges of the COVID-19 pandemic and a slowdown in growth, CrossHarbor remains committed to Big Sky. The firm continues to invest in the area, with plans to expand further by developing new hotels and residential properties. One of their latest projects is the One&Only Moonlight Basin hotel, set to open in December. Additionally, Lone Mountain Land Company, a subsidiary of CrossHarbor, is expanding into other parts of Montana with the acquisition of Crazy Mountain Ranch.
CrossHarbor’s success in Big Sky can be attributed to their strategic approach to investing and development. By focusing on equity rather than excessive leverage, the firm has been able to withstand economic challenges and avoid the pitfalls that led to bankruptcies for previous owners in the area. Their commitment to providing high-end amenities and workforce housing has also contributed to the overall growth and success of the community.
Looking ahead, CrossHarbor plans to continue growing and investing in Big Sky, with a focus on developing new properties and infrastructure. With a solid track record of success and a strong presence in the area, the firm is poised to play a key role in the ongoing evolution of Big Sky as a premier destination for luxury living and outdoor recreation.
