POCONO TOWNSHIP -- A well-known ski resort in the Poconos has been sold.
Camelback Mountain Resort is now owned by a new investment company.
Resort officials say this means work can really start picking up for a new attraction.
"It was sold. But from one real estate investment trust sold the mortgage on the property to another real estate investment trust," said Brian Czarnecki, the marketing manager at Camelback Mountain Resort.
Czarnecki says no one at the resort is losing their jobs and Camelback Mountain Resort will still be run by the same people.
The reason for the sale?
"It means future development of Camelback," said Czarnecki.
Now that Camelback Mountain Resort is owned by a new investment company, it it paves the way for crews to work faster on the next phase of the resort.
That phase: an indoor water park and hotel which is being built next to where the current ski area is located.
"We're getting ready to launch a 450 room hotel opening in 2015 and this is the catalyst that will allow us to do that," said Czarnecki.
As large construction vehicles are moving enormous amounts of dirt for the resort expansion, Czarnecki says this plan has been in the works for years.
With the new investment company, it's finally able to happen more quickly and with some support from neighbors.
"I like the idea very much. I think it's good for the area, it's certainly good for the community," said John Abel of Swiftwater.
"I think it would produce jobs but there's too much traffic as it is now," said Robert Clark of McMichaels.
"I think it's good for Camelback. But for the locals, it's tough cause I think it's going to bring more traffic," said Suzanne Caci of Swiftwater.
Camelback Mountain Resort sold for $70 millon.
Resort officials hope to have the indoor water park and hotel up and running by Spring of 2015.