Sam Byrne is the Managing Partner and founder of CrossHarbor Capital Partners, a leading real estate firm with a multi-strategy platform across property type, geography, and capital structure that manages $7 billion and has put to work $28 billion across 350 transactions.
The Yellowstone Club is a private, exclusive ski club located in Big Sky, Montana, whose members reportedly include Bill Gates, Eric Schmidt, Justin Timberlake, and Tom Brady. CrossHarbor bought the Club out of a messy bankruptcy in 2009.
Our conversation covers the history of the Yellowstone Club, process of purchasing the assets out of bankruptcy, and CrossHarbor’s implementation of real estate, membership, and community development over the fourteen years since. We close with CrossHarbor’s pending exit of the investment, adjacent opportunities, and lessons learned.
05:25 Cross Harbor background
06:27 The Yellowstone Club experience
08:29 Ownership history of Yellowstone Club
13:07 A land asset with immense opportunity
14:40 Risks in a GFC era deal
16:44 Initial circumstances and deal terms
19:55 Game plan for development
23:09 Operation to deliver unique experience
24:50 Growing and curating membership
29:18 Completing the development journey
34:36 Lessons from large projects
36:59 Relationship with Big Sky
38:33 Facing real challenges
40:38 Applying lessons broadly