— 21-acre property near Los Angeles in popular desert resort town —
(ORLANDO, Fla.) Aug. 13, 2013 — CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired Knott’s Soak City – Palm Springs from Cedar Fair Entertainment Company. The 21-acre water park is located in Palm Springs, Calif., about 110 miles from Los Angeles and 140 miles from San Diego.
The property will be operated by an affiliate of Premier Attractions Management, LLC, which is led by Kieran Burke, the former chairman and CEO of Six Flags Entertainment Corporation. Premier Attractions Management operates theme and water parks throughout the United States, including four other attractions owned by CNL Lifestyle Properties.
CNL Lifestyle Properties will retain the rights to use the Knott’s Soak City – Palm Springs name through the end of 2013.
“The acquisition of Knott’s Soak City – Palm Springs provides an exciting opportunity to further grow our attractions portfolio and expand our important relationship with Premier Attractions Management, a dynamic and proven operator for us in this sector,” said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. “Palm Springs is in an ideal location for a water park; the region’s favorable climate provides for an extended and very stable operating season, and proximity to Los Angeles allows for the opportunity to draw guests from one of the nation’s largest metropolitan areas.”
Knott’s Soak City – Palm Springs features a diverse mix of attractions for guests of all ages, including 13 waterslides, a lazy river, a tidal wave pool, and a family fun house containing waterslides, hose jets, water curtains and a 1,000-gallon dropping water bucket. The water park also contains a poolside and cabana bar, two restaurants, two ice cream and snack shacks, a “Surf Shop” that sells park merchandise, and a 1,300-member fitness club.
“CNL Lifestyle Properties is known in this industry for being a great partner, working very closely with operators to help create the best and most memorable experiences for guests,” said Burke, CEO of Premier Attractions Management. “We have developed a very strong working relationship with CNL Lifestyle Properties and are excited to further deepen that relationship through the operation of Knott’s Soak City – Palm Springs. Most of the properties we own or manage are water parks, which will allow us to put considerable experience and resources into Knott’s Soak City – Palm Springs and its continued growth and development.”
The sale is not expected to impact customers or day-to-day operations at the park. Knott’s Soak City – Palm Springs will continue its regular operating schedule and all season passes will be recognized through the end of the season. Gold and platinum season passes purchased during the 2013 season will be honored as originally stipulated.
Other attractions and water parks in the CNL Lifestyle Properties portfolio include: Camelot Park, Bakersfield, Calif.; Coco Key Water Resort, Orlando, Fla; Darien Lake, Buffalo, N.Y.; Elitch Gardens, Denver, Colo.; Frontier City, Oklahoma City, Okla.; Funtasticks Fun Center, Tucson, Ariz.; Great Wolf Lodge – Sandusky, Sandusky, Ohio; Great Wolf Lodge – Wisconsin Dells, Wisconsin Dells, Wis.; Hawaiian Falls – Garland, Garland, Texas; Hawaiian Falls – The Colony, The Colony, Texas; Magic Springs and Crystal Falls, Hot Springs, Ark.; Mountasia Family Fun Center, North Richland Hills, Texas; Pacific Park, Santa Monica, Calif.; Rapids Water Park, West Palm Beach, Fla.; Splashtown, Houston; Waterworld, Concord, Calif.; Wet’n’Wild Hawaii, Honolulu; White Water Bay, Oklahoma City, Okla.; Wild Waves Theme Park, Seattle; Zuma Fun Center; Charlotte, N.C.; Zuma Fun Center, North Houston, Texas; Zuma Fun Center, South Houston, Texas.
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 138 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 $29 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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