HARDYSTON TOWNSHIP, N.J. (Sussex County) — South Street Partners has acquired Crystal Springs Resort, a 1,400-acre all-season resort in Hardyston Township, from the founding families that have owned and operated the property since 1995.
The private equity real estate investment firm, headquartered in Charlotte, North Carolina, and Charleston, South Carolina, said the acquisition expands its multibillion-dollar hospitality portfolio and marks its first property in the New York metropolitan area.
Crystal Springs Resort, located along the Appalachian Mountains about an hour from Manhattan, includes two hotels, six championship golf courses, 10 dining venues, a wine cellar and 100,000 square feet of meeting and event space.
The resort also features Restaurant Latour, a Wine Spectator Grand Award winner, and Ballyowen Golf Club, which has been ranked among the top public golf courses in New Jersey by Golfweek. Guests and club members also have access to a 30,000-square-foot sports and fitness center, nine indoor and outdoor pools and a range of outdoor activities.
Chris Randolph, Managing Partner at South Street Partners, commented, “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.”
South Street said the resort complements its existing portfolio of hospitality properties in high-growth, drive-to destinations near major metropolitan areas.
Crystal Springs is also home to the New Jersey Food and Wine Festival, which showcases Michelin-starred chefs and winemakers. The resort is near four major airports and is within 50 miles of about 14 million people, within 100 miles of about 29 million people and within 200 miles of about 50 million people, according to the company.
The company said Sussex County’s Appalachian landscapes, historic small-town setting and proximity to New York City make the resort well-positioned for guests seeking a rural destination near major metropolitan areas.
