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Crystal Springs Resort Changes Hands
10 Jun
Summary
- South Street Partners acquired the 1,400-acre resort in mid-May.
- The sale includes two hotels, six golf courses, and ten restaurants.
- This marks South Street's first property in the New York metropolitan area.
Crystal Springs Resort, a 1,400-acre luxury destination in Sussex County, was acquired by South Street Partners in mid-May. This marks a significant move for the private equity firm, representing their first property within the New York metropolitan area.
The expansive resort, previously owned by the Mulvihill and Davis families since 1995, includes two hotels, six renowned golf courses, ten distinct restaurants, and 100,000 square feet of event space. South Street Partners, based in North Carolina, focuses on properties within drivable distance of major metropolitan hubs.
South Street Partners plans to invest in enhancing the resort's offerings. Key areas for development include expanding wedding and banquet facilities, increasing hotel room inventory, upgrading golf courses, and devising strategies to attract more visitors during off-peak seasons.
