Tannersville, PA – Following real estate investment trust (REIT) EPR Properties’ confirmation that the Missouri-based company has closed on a transaction to acquire the Camelback Mountain Resort in Tannersville for approximately $69.25 million, the Pocono ski resort’s operator has confirmed that the change in ownership will mean little, if anything for the mountain’s skiers and riders.
Despite the change in ownership, there’s no change to Camelback’s operation. The ski resort is currently leased to CBH2O, which has operated the resort since 2005 and has committed to an additional 20-year term. Ken Ellis and Art Berry, principals of CBH2O, have reinvested in the property in recent years to develop additional attractions to enhance attendance and cash flow in all seasons.
“It’s business as usual, except we are building a 450-room hotel and a 120,000-square-foot indoor water park, making Camelback Mountain Resort the most interactive resort in the country, so I guess in that regard it’s quite sensational,” Berry said.
The Camelback acquisition expands EPR’s ski portfolio and extends its experience with water parks. Camelback consists of 160 acres of skiable terrain and includes an outdoor water park, an outdoor adventure park, a 40-lane snow tubing facility and base lodge. The resort attracts approximately 900,000 visitors annually.
“We are celebrating the 50th year of operations, and the addition of the hotel and indoor water park will make the next 50 years even more spectacular,” Berry said.