CrossHarbor Capital, the principal owner of the Yellowstone Club in Big Sky, Montana, has invested over $4 billion in the area over the past 15 years, with an aim to develop more luxury homes in the region. The firm purchased the Yellowstone Club in 2009, after it declared bankruptcy, and has since acquired other properties such as Spanish Peaks Mountain Club and Moonlight Basin. These acquisitions have turned Big Sky into one of the largest ski resorts in the country, with 5,800 skiable acres.
The firm has also invested in building homes, restaurants, two hotels, and other amenities in the area, as well as workforce housing. CrossHarbor now owns more than half of Big Sky’s town center, making it the region’s most significant private ownership and contributing to 75% of the local tax base. With no local government in place, CrossHarbor, through its Montana subsidiary, Lone Mountain Land Company, has taken on a role similar to that of the town’s unofficial mayor.
CrossHarbor’s investments have been successful, with early backers in the Yellowstone Club making about 4.5 times their invested capital. The firm has also invested in other projects nationwide, including apartment developments, distribution centers, and retail complexes. Despite the challenges of resort town living, such as workforce housing shortages, CrossHarbor has managed to thrive in the area by avoiding excessive debt and making strategic acquisitions at bargain prices.
Looking ahead, CrossHarbor plans to continue its growth in Big Sky and beyond. The firm is currently working on developing the One&Only Moonlight Basin hotel, set to be the first U.S. location for the ultra-luxury hotel chain. They will also be expanding further into Montana, with plans to build more homes, add more hotels, and create new recreational opportunities for residents and visitors.
Despite a slowdown in the real estate market in Big Sky, CrossHarbor remains confident in the area’s long-term potential. With affordable membership options at Moonlight Basin and Spanish Peaks, the firm aims to attract more residents and visitors to the region. By continuing to make strategic investments and focus on community-based infrastructure, CrossHarbor hopes to further enhance the value and appeal of Big Sky as a premier resort destination.
