The purchase of Moonlight Basin in Big Sky by CrossHarbor Capital Partners LLC, in partnership with Boyne Resorts, in combination with the same partnership’s acquisition of Spanish Peaks, will combine to make it truly the “Biggest Skiing in America.”
“This investment is another important step forward for Big Sky and underscores the strength of our new partnership with Boyne Resorts,” Sam Byrne, Managing Partner with CrossHarbor Capital Partners, said. “In the near term, the transaction will provide some much needed stability to Moonlight Basin. But the investment also reflects the broader potential we see for the region and sets the foundation for long-term growth.”
Beginning this winter, the resort will boast 5,700 acres of skiable terrain, with 4,350 vertical feet, 23 chairlifts and 10 surface lifts. Owners and management hope this move will help promote economic stability and growth across the region and to all of Big Sky, and will ensure Moonlight Basin’s long-term and sustainable success.
The purchase from Lehman Brothers Holdings Inc. is not complete yet, but ends a multi-year search for a buyer of Moonlight Basin. Lehman Brothers went bankrupt in 2008. Following bankruptcy, Lehman Brothers demanded the resort repay a several-million dollar loan, with interest. Moonlight filed for bankruptcy about a year later. Lehman loaned the resort more money to continue operations during bankruptcy proceedings. During that time, Moonlight staff numbers were cut and the resort emphasized the skiing portion of its operations. Last year, Lehman purchased Moonlight out of bankruptcy and its management was turned over to Alvarez & Marshal.
“For over 37 years, Boyne Resorts has been a steady custodian of growth of Big Sky Resort. We are truly excited about the positive impact this alliance will have on Big Sky Resort and surrounding communities in Southwestern Montana and permanently solidifying the ‘Biggest Skiing in America’,” Stephen Kircher, President of Boyne Eastern Operations.
For more information on Moonlight Basin, please visit www.moonlightbasin.com/the-mountain.