Camelback is Sold
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.