Glenwood Caverns Adventure Park (GCAP) is a mountaintop amusement park accessed by a gondola in Glenwood Springs, Colorado. GCAP offers six thrill rides with alpine views at 7,000 feet about sea level and access to two nationally acclaimed caves descending 15 stories underground. GCAP was structured as an OZ transaction, which included incremental capital for growth projects such as a new roller coaster and substantial additional capacity for food and retail operations.

GCAP is a high margin business with natural barriers to entry due to its mountaintop location. GCAP has the potential for immediate and compelling cash-on-cash returns from current operations and attractive financing options. Material pricing power and potential upside in annual attendance growth should generate attractive after-tax returns. Combining the OZ program with existing cash flowing operating businesses is unusual as investors are not exposed to substantial real estate development risk. Private equity funds cannot avail themselves of the tax benefits of the Opportunity Zone program due to structural factors, such as fund lives, and other realities.