News for the Hospitality Executive
Intrawest Sells its New Jersey's Mountain Creek Ski Area
Operators of Neighboring Crystal Springs Resort
HARDYSTON, N.J., May 28, 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
About Mountain Creek
Crystal Springs Resort
|Also See:||Intrawest Appoints Frank DeBerry to President and Chief Operating Officer at Mountain Creek in New Jersey / November 2008|