EPR Properties (EPR) has closed on a transaction to acquire the Camelback Mountain Resort in Tannersville, PA, for approximately $70 million. The resort consists of 160 acres of skiable terrain and includes a waterpark, an outdoor adventure park, a 40 lane tubing facility and base lodge. The resort attracts approximately 900,000 visitors annually.
The property is currently leased to CBH2O who has operated the resort since 2005, and has committed to an additional 20-year term. Ken Ellis and Art Berry, principals of CBH2O, have consistently reinvested in the property to develop additional attractions to enhance attendance and cash flow in all seasons.
This resort expands the Company’s ski portfolio and extends its experience with waterparks. The Camelback Mountain Resort is located approximately 90 miles outside of New York City in the popular Poconos Mountain region.
David Brain, President and CEO, commented, “I am very pleased to announce this expansion of our Recreation portfolio with Camelback Mountain Resort. 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.”
EPR Properties is a specialty real estate investment trust (REIT) that invests primarily in Entertainment, Recreation and Education assets.
