Camelback is Sold

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Publish Date

10/10/2013

SAM Magazine--Tannersville, Pa., October 10, 2013--Spirit Realty Capital, Inc., the real estate investment trust (REIT) that owned Camelback Mountain Resort, announced that it has sold Camelback Mountain Resort for $69.25 million, representing a "significant gain on its original investment," says the press release. The REIT bought the area in 2005.

"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 potential reuse," said Thomas H. Nolan, Jr., chairman and CEO of Spirit Realty.

The release does not indicate to whom that area was sold. Camelback GM Charles Blier told SAM that it is business as usual at the resort. More to follow.

Comments

all this sale is basically a

all this sale is basically a re mortgage for the owner so that they can use the investors money to build the hotel/indoor waterpark

New owner has surfaced

http://www.firsttracksonline.com/2013/10/12/camelbacks-buyer-steps-forward/

Re: Carl Kirchner comment

Hi Carl, Yes, I agree this would be a departure from traditional ski resort operations. But remember, Camelback is much more than just a ski resort, with the summer activities rivaling the best waterparks/outdoor activity attractions in the Philadelphia and NYC Metro area. My view -- Pennsylvania needs the tax revenue, and casino gaming will eventually become prolific in the Poconos. Why not be one of the first to the table and compliment a existing hotel/resort complex with gaming? Camelback has the infrastructure, brand awareness, existing customer base and attractions to easily take the leap to casino operations with proper capital infusion. My guess is the return-on-investment of a casino would be much quicker than adding a more rooms, ski lifts and waterslides. Consider a the recent conversion and quick turn-around of a nearby resort. Here is a quick description of the once-failing Mount Airey Resort. BTW, Mount Airey is in very close proximity to Camelback. "The casino resort features a mix of more than 2,200 of the latest slot machines and hottest table games. Our beautiful 65,144 Square foot gaming floor offers over 2,220 of the hottest slots. Mount Airy Casino Resort offers a game for every type of player from penny machines to high limits. You can play classics such as Blazin 7's, Tower of Power, Wheel of Fortune and Jackpot Party. Or if you prefer to be on the cutting edge of gaming you can play Sex in the City, Lucky Penny, the Giant Cash Spin machine and Dirty Dancing! If it is the thrill of live table games you seek Mount Airy has you covered! We have all of your favorite games including, Blackjack, Craps, Roulette, Poker and more. Our 72 tables are sure to satisfy any type of player." I guess "Ski Bunny" slot machines could be next. Think of the evolution of Las Vegas, from Sin City to a family-friendly destination boasting a variety of attractions and activities. Seems like Camelback could be a good match for a similar business model..

Camelback

A Casino would be a significant change in "traditional" Skiing and Riding Mountain Resort Operations anywhere in North America.

Camelback

My best guess -- the new owner is looking to add a casino.

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