Tuesday, October 15, 2013

Camelback Mountain Resort Sells for $69.3M

EPR Properties (NYSE: EPR) has acquired the Camelback Mountain Resort at 1 Camelback Rd. in Tannersville, PA from Spirit Realty Capital, Inc. (NYSE: SRC) for $69.25 million. 

The resort, located in the Pocono Mountains region of northeastern Pennsylvania, consists of 160 acres of skiable terrain and includes a waterpark, outdoor treetop adventure park with mountain coaster and zip line, 40-lane tubing hill and a 48,400-square-foot base lodge. The resort attracts nearly 900,000 visitors annually. 

CBH2O has operated the resort since 2005, and has just committed to a new 20-year lease at the property. Ken Ellis and Art Berry, principals at CBH2O, have reinvested and redeveloped the property with additional attractions to enhance attendance through all seasons. 

"I am very pleased to announce this expansion of our Recreation portfolio with Camelback Mountain Resort. Camelback has been a very popular and successful recreation property for over 50 years and importantly, offers year-round attractions and sustainable year-round cash flows," said David Brain, president and CEO of EPR. 


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