Hotel Business Magazine, hotelbusiness.com | The Newspaper For Lodging Decision Makers

Spirit Realty Capital Sells Camelback Mountain Resort

Tuesday October 8th, 2013 - 10:36AM

SCOTTSDALE, AZ—Spirit Realty Capital, Inc., a real estate investment trust (REIT), has completed the sale of Camelback Mountain Resort, a ski and snowboard resort located in the Pocono Mountains in Pennsylvania, for $69.25 million, representing a significant gain on its original investment.

According to the company, Spirit Realty will redeploy the proceeds into investments that are consistent with its strategy in an effort to continue to generate attractive, sustainable cash flows to support its dividend for shareholders.

“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,” stated Thomas H. Nolan, Jr., the chairman and CEO of Spirit Realty. “This disciplined approach has proven successful in the past, and we believe it will continue to generate attractive portfolio performance over the long term.”