It has been announced that the owner of Camelback Mountain Resort, Spirit Realty Capital, Inc., has sold the Pennsylvania ski area for a cool $69.25 million. The 800 vertical foot ski hill is PA’s busiest ski resort with 34 runs accessed by 15 lifts.
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.”