EPR Buys Camelback Mountain Resort in Poconos for $70M
- Oct 15, 2013
EPR Properties has closed on a transaction to acquire the Camelback Mountain Resort in Tannersville, Pa., for approximately $70 million. While skiing is the primary activity at the Poconos resort, its recreational amenities for the other seasons were key elements spurring the REIT’s investment.
“I am very pleased to announce this expansion of our recreation portfolio with Camelback Mountain Resort,” said David Brain, president & CEO, in a news release. “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.”
The resort, about a 90-minute drive from New York City, has 160 acres of skiable terrain, a water park, an outdoor adventure park, a 40-lane tubing facility, and a base lodge. Camelback attracts about 900,000 visitors annually.
EPR Properties, a specialty REIT, invests in properties in select market segments that require specific industry knowledge. Its total investments exceed $3.2 billion, with primary investment segments consisting of entertainment, recreation, and education properties. EPR owns over a dozen other ski properties that it describes as metro ski areas—facilities close to major urban centers—and three other water parks.
Camelback is currently leased to CBH2O, operators of the resort since 2005. The company has committed to an additional 20-year term.