NEWS: CNL Lifestyle Properties buys Wet n' Wild Phoenix

[jedimaster1227]

http://articles.orlandosentinel.com/2013-11-21/business/os-wet-n-wild-arizona-20131121_1_north-american-rights-cnl-lifestyle-properties-inc-wild-hawaii

 

Orlando-based CNL Lifestyle Properties Inc. signed an agreement to purchase Wet 'n Wild Phoenix water park for $33 million.

 

The real estate investment trust announced Thursday it expects to close the sale at 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.

 

"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, chief executive officer of CNL Lifestyle Properties.

 

Premier Parks LLC will lease both Wet 'n Wild Phoenix and Wet 'n Wild Hawaii, which is owned by CNL Lifestyle Properties and operated by Village Roadshow. Premier, which is led by Kieran Burke, former chairman Six Flags Entertainment Corporation, operates theme and water parks throughout the United States.

 

It should be noted that this agreement does not affect Wet n' Wild in Orlando, FL, a park that is owned and operated by the Universal Orlando Resort.

Edited November 25, 2013 by jedimaster1227