Allentown
72° F
Overcast
Overcast
 

Camelback ski area sold for $70 million

By 69 News, (follow: @69news), news@wfmz.com
Published On: Oct 15 2013 03:11:35 PM CDT
Camelback Mountain Resort
TANNERSVILLE, Pa. -

 Camelback Mountain Resort in the Poconos has been sold for about $70 million.

 EPR Properties announced Friday that it closed on a transaction to acquire the Monroe County ski area, which includes 160 acres of skiable terrain, a waterpark, an outdoor adventure park, a 40-lane tubing facility and base lodge.

Camelback, which attracts about 900,000 visitors annually, was sold to Kansas City-based EPR Properties by Spirit Realty Capital, an Arizona-based real estate investment trust company, said Camelback spokesman Brian Czarnecki.

The ski resort is leased to CBH2O, which has operated it since 2005 and has committed to an additional 20-year term.

Ken Ellis and Art Berry, principals of CBH2O, consistently have reinvested in the property to develop additional attractions to enhance attendance and cash flow in all seasons.

The resort expands EPR Properties' ski portfolio and extends its experience with waterparks.

"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. “I am very pleased to announce this expansion of our recreation portfolio."

Based in Pocono Township, Camelback has been voted the top winter resort in Pennsylvania by Snow East Magazine every year since 2009. It has 37 trails, 15 lifts, 100 percent snowmaking and 100 percent of its trails are illuminated for night skiing and snowboarding,