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Crystal Springs Resort Announces Purchase
MAY 27, 2010
CRYSTAL SPRINGS RESORT ANNOUNCES PURCHASE
FOR IMMEDIATE RELEASE
CRYSTAL SPRINGS RESORT ANNOUNCES PURCHASE OF MOUNTAIN CREEK
Newly Formed Mega-Resort Now Offers 15,000 Acres of 4-Season Recreation
Hardyston, NJ —May 27, 2010 - Crystal Springs Resort announced today the purchase of Mountain Creek, the New York Metro area's closest and best-known winter resort. This acquisition creates the region's largest and most comprehensive four-season resort destination. Spanning five miles through four townships (Vernon, Hardyston, Hamburg, Franklin), the combined resorts fill the historic Vernon Valley region with 15,000 acres of world-class, year-round amenities including award-winning golf courses, spas, hotels, a globally-renowned 80,000 bottle wine cellar, ski and snowboard venues, a waterpark, and mountain bike park.
Mountain Creek has been under the ownership of Canadian-based, Intrawest ULC for the past 12 years, during which time the resort invested significant capital installing five new lifts and ongoing snowmaking upgrades including at the time, the largest single installation in North America. In the non-winter seasons, the resort is home to the Mountain Creek Waterpark and the world-renowned Diablo Freeride Mountain Bike Park. The principal owners of Crystal Springs were the original builders of the existing waterpark.
Crystal Springs President Andrew Mulvihill enthused "This newly formed mega-resort is unparalleled given the breadth, uniqueness and quality of its combined offerings to residents, day visitors and overnight guests. From this platform, we have major expansion plans to create a first-class tourist destination on par with New England and the Carolinas, but with convenient proximity to the New York Metro area."
Mulvihill continued "This transaction represents the acquisition of a financially healthy and vibrant resort entity, which together, vaults us to the lead position of Northeast travel destinations. Understand that there has been a joint half billion-dollar investment undertaken by both resorts in the past few years. While other resorts are seeing declining revenues, we have enjoyed strong increases in attendance and occupancy. Furthermore, on the residential side, the majority of Resort residential developments have slowed or shut down, yet Crystal Springs Builders is currently constructing a 300 home neighborhood. The beginning of the month saw a 1,000 guest grand opening of its new single family model home."
While still preliminary, Crystal Springs' plans include a rainforest-themed indoor water park hotel, a base area village with entertainment, dining and retail, as well as a "main street" with venues such as artisan food makers, a winery, brew pub, cheese maker, ice creamery, bakery, chocolatier, and more. Also contemplated are several internationally branded resort hotels. On the recreational menu are other mountain outdoor play elements such as mountain luge, zip lines, and lift-accessed water slides as well as a renewed focus on festivals and entertainment.
Today Mountain Creek and Crystal Springs are abuzz as they prepare to welcome the world-class US Open of Mountain Biking this weekend, the opening of the Mountain Creek Waterpark next weekend, and the second annual NJ Beer & Food Festival this summer.
About Crystal Springs Resort
Crystal Springs Resort, located in Vernon and Hardyston, New Jersey, is an upscale four-season leisure and residential resort, including the newly opened Grand Cascades Lodge and sister property Minerals Hotel. Crystal Springs Resort combines luxury accommodations, natural mountain beauty, and a wide array amenities including: seven renowned golf courses; four-star Restaurant Latour; Wine Spectator Grand Award-winning wine cellar (more than 78,000 bottles to date); two full-service spas ranked in the top 30 spas in America; the state-of-the-art Minerals Sports Club; multiple indoor and outdoor pools, including the distinctive Biosphere Pool Complex with an underground aquarium, tropical foliage and free form nature pools; and a plethora of sophisticated venues for meetings, weddings and catered events.
More information: www.crystalgolfresort.com.
About Mountain Creek
Mountain Creek is the NY/NJ Metro area's closest ski resort located in Vernon, NJ just 47 miles from New York City. It features 170 acres of trails with 100% snowmaking and night lighting, open 7 days and nights a week. Mountain Creek is nationally recognized for new skier and snowboarding teaching programs, and for its leadership in the development of terrain parks. Mountain Creek includes one of only a handful of all-mountain terrain parks in the country. In the summer months Mountain Creek is home to internationally-renowned Diablo Freeride DH Mountain Bike Park, and the unique 70-acre Mountain Creek Waterpark.