Tannersville, Pa – October 15, 2013 – EPR Properties (NYSE:EPR) announced Friday, October 11th, that subsequent to quarter end the Company 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. “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. This resort expands the Company’s ski portfolio and extends its experience with waterparks. 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.”
“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.
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $3.2 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com.
About Camelback Mountain Resort
Camelback Mountain Resort has been voted the top winter resort in Pennsylvania by Snow East Magazine every year since 2009. Boasting 37 trails, 15 lifts, 100% snowmaking and 100% of the trails illuminated for night skiing and snowboarding, Camelback is only 90 minutes from New York City and two hours from Philadelphia. Camelback Mountain Resort also includes Camelbeach, CBK Mountain Adventures. For more information, visit www.SkiCamelback.com, www.Camelbeach.com or www.CBKMountainAdventures.com.