US private equity real estate investment company South Street Partners has purchased the Crystal Springs Resort in Sussex County, New Jersey.
The transaction marks a shift in ownership for the 1,400-acre property, which had been owned and operated by its founding families since opening in 1995.
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The Crystal Springs Resort is located near the Appalachian Mountains and approximately an hour from Manhattan.
The resort comprises six golf courses, ten dining venues, and two hotels, namely the AAA Four Diamond Grand Cascades Lodge and Minerals Resort & Spa.
Facilities at the property also include 100,000ft² of event space, a 30,000ft² sports and fitness centre, nine pools, and a variety of amenities and outdoor activities.
South Street Partners managing partner Chris Randolph said: “Crystal Springs Resort is a remarkable asset that enhances our firm’s portfolio of properties. The Resort embodies our commitment to well-located, quality real estate, with a strong emphasis on exceptional staff, services, and amenities.
“We are excited to welcome this iconic Resort as our first New York metropolitan area property in our portfolio.”
The acquisition adds to South Street Partners’ existing collection of hospitality assets, which focuses on destinations near large cities and within driving distance of major population centres.
Crystal Springs Resort also hosts the New Jersey Food and Wine Festival, which attracts chefs and winemakers recognised globally.
In August 2024, South Street and TPG Real Estate established a joint venture to acquire The King and Prince Beach & Golf Resort in Georgia’s Golden Isles in the US from MMI Hospitality Group.
