South Street Partners has expanded its hospitality portfolio with the acquisition of Crystal Springs Resort in western New Jersey, marking the firm's first resort investment in the New York Tri-State Region. The private equity real estate investment firm, which is headquartered in Charlotte, NC and Charleston, SC, purchased the property from the founding families who have owned and operated the resort since 1995. Financial terms of the transaction were not disclosed.
Crystal Springs Resort spans more than 1,400 acres across the municipalities of Hamburg, Hardyston, Vernon and Franklin, NJ. The property is described as one of the Northeast's most renowned all-season resorts, offering a wide range of hospitality and lifestyle amenities set within a large-scale resort environment in western New Jersey. According to the parties, it is reportedly the New York Tri-State Region's only all-seasons resort.
The resort includes two luxury hotels that anchor the property's lodging offering. Crystal Springs is also home to six public golf courses that are characterized as renowned, positioning the property as a notable regional golf destination. On the food and beverage side, the resort features Restaurant Latour, a four-star dining venue, along with a wine cellar that holds a Grand Award from Wine Spectator, underscoring the depth of its wine program.
Wellness, recreation and fitness amenities are also a central part of the Crystal Springs experience. The resort offers two full-service spas and the Minerals Sports Club, as well as multiple indoor and outdoor pools. These features support Crystal Springs' positioning as an all-season resort, with activity and amenities designed to appeal to guests throughout the year.
In a statement on the transaction, South Street Partners managing partner Chris Randolph said that Crystal Springs Resort is a remarkable asset that enhances the firm's portfolio of properties. He added that the resort reflects South Street's focus on well-located, quality real estate backed by strong staff, services and amenities, and noted that the firm is pleased to welcome its first New York metropolitan area property into the portfolio.
