— Rapids Water Park acquisition further diversifies attractions portfolio —
(ORLANDO, Fla.) July 5, 2012 — CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired Rapids Water Park from Rapids Water Park, Inc. (“RWP”) for $51.85 million. The 30-acre family water park, located in West Palm Beach, Fla., contains one of the largest and most diverse collection of assets including: 35 water slides attractions and thrill rides, wave pool, multiple interactive kids play areas and a lazy river
Rapids Water Park will be leased to Rapids Holdings LLC, which is led by Kieran Burke. Burke and his partners through Premier Attractions Management, LLC, and other affiliates operate six other parks. CNL Lifestyle Properties owns three of these parks: Frontier City and White Water Bay, both in Oklahoma City, OK, and Splashtown in Houston. Premier Attractions Management also operates Nashville Shores in Nashville, Tenn., Ocean Breeze Waterpark in Virginia Beach, Va., and Clementon Park in Clementon, N.J.
“This acquisition further diversifies CNL Lifestyle Properties’ already significant attractions portfolio, both operationally and geographically,” said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. “We already enjoy a very constructive relationship with Premier Attractions Management, who has driven terrific performance and guest service levels at the other three CNL Lifestyle Properties’ attractions it currently manages.”
Rapids Water Park first opened in the late-1970s, but underwent significant expansion in the mid-1990s. Among the park’s attractions are four interactive children’s play areas, more than a dozen body slides and a 25,000 square foot wave pool.
“Rapids Water Park is an ideal investment for us because no similar park of comparable size and quality exists in South Florida today,” said Curt Caffey, senior vice president and managing director of CNL Financial Group. “It is a high quality attraction that has successfully penetrated the South Florida market by offering an excellent guest experience, while engaging in ambitious and significant expansion projects. Given CNL Lifestyle Properties’ history of investing in unique regional attractions, Rapids Water Park is an exciting and logical fit for our portfolio.”
“We are eager to build our relationship with CNL through our lease of Rapids Water Park, and we look forward to continuing to provide families in South Florida with a robust and growing waterpark where lasting memories can be made together,” Burke said.
Upon completion of the acquisition, CNL Lifestyle Properties’ attractions portfolio will be comprised of 20 properties across 12 states, totaling more than $480 million in investment value.
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 173 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior housing and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida.
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