Tannersville, PA – Spirit Realty Capital, Inc., owner of Camelback Mountain Resort, announced on Wednesday that it has sold the ski resort in Pennsylvania’s Pocono Mountains for $69.25 million.
A real estate investment trust (REIT) based in Scottsdale, Ariz., Spirit says that it will redeploy the proceeds into investments that are more consistent with its portfolio strategy. The buyer was not identified.
“Camelback was a good investment and profitable holding, but it was not consistent with our core principle of investing in operationally essential properties that are generally smaller and more flexible in terms of their potential reuse,” Thomas H. Nolan, Jr., the Chairman and Chief Executive Officer of Spirit Realty, said in a prepared statement. “This disciplined approach has proven successful in the past, and we believe it will continue to generate attractive portfolio performance over the long term.”
Neither Camelback Mountain Resort nor Spirit Realty responded on Wednesday to inquiries seeking further information and comment. Sources with knowledge within Camelback indicated to First Tracks!! Online that the sale will result in no changes to staffing or management at the resort.
One of Pennsylvania’s busiest ski resorts, Camelback offers 34 runs serviced day and night by 15 lifts spanning 800 vertical feet. It’s located an easy 85-mile drive from midtown Manhattan.
Update Oct. 12, 2013: Camelback’s Buyer Revealed