— Company will also obtain North American Wet ‘n’ Wild naming rights in $33 million deal —
(ORLANDO, Fla.) Nov. 21, 2013 — CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has signed an agreement with Village Roadshow to acquire the Wet ‘n’ Wild Phoenix water park in Glendale, Ariz., a suburb of Phoenix. The $33 million transaction is expected to close by the end of November.
As part of the transaction, CNL Lifestyle Properties will also acquire the North American rights to the Wet ‘n’ Wild brand name.
Once the transaction closes, Premier Parks, LLC (“Premier”) will lease Wet ‘n’ Wild Phoenix and Wet ‘n’ Wild Hawaii, which is owned by CNL Lifestyle Properties and currently operated by Village Roadshow. Premier, which is led by Kieran Burke, former chairman and CEO of Six Flags Entertainment Corporation, operates theme and water parks throughout the United States, including other attractions owned by CNL Lifestyle Properties.
“The opportunity to acquire not just Wet ‘n’ Wild Phoenix, but also the North American rights to the Wet ‘n’ Wild brand, will not only deepen our already significant investment in the attractions space, but will underscore CNL Lifestyle Properties’ role as one of the nation’s foremost owners of water parks,” said Stephen H. Mauldin, CEO of CNL Lifestyle Properties. “We are also excited to, once again, further expand our important relationship with Premier, which has driven exceptional performance through its operation of our other properties.”
Wet ‘n’ Wild Phoenix has 30 separate water slides and attractions on 35 acres. The region’s warm, dry and consistent weather allows the park, which opened in 2009, to enjoy an extended operating season.
“CNL Lifestyle Properties has an outstanding reputation in the industry and has been a great partner, working with us to help create the best and most memorable experiences possible for the guests at its properties,” said Burke. “We are delighted to have this opportunity to strengthen a solid working relationship with CNL Lifestyle Properties through the management of these two additional water parks.”
Wet ‘n’ Wild Phoenix will be the 12th water park in the CNL Lifestyles Properties portfolio, which currently includes a total of 24 attractions in the U.S.
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 $28 billion in assets. CNL is headquartered in Orlando, Florida.
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