Really? they just closed for the year and they already are giving a countdown until opening day next year? Maybe if they gave us something good to look forward to next year I would be excited for opening day next year. Until then I will be there next year, just not opening weekend unless something major. Hanges between now and then
CNL Lifestyle Properties issued a statement back on September 12th describing how they had signed a deal in June 2014 to sell off their entirely portfolio of golf properties, and were looking into the best opportunities to “explore liquidity strategies, our focus will remain on seeking attractive exit alternatives for the remainder of our property portfolio.” In other words, it looks like CNL Lifestyle Properties will be seeking to sell off their many Ski Resorts, Senior Housing projects, Marinas and their Theme Park / Water Park attractions. With that in mind, it almost seems doubtful that CNL would bother to invest in new capital additions for the 2015 at any of their properties. This list includes Darien lake, Elitch Gardens, Frontier City, Magic Springs, Wild Waves as well as the Wet ‘n’ Wild waterparks in CA, AZ, TX and Hawaii. Currently CNL hired outside management companies with experience in the theme park industry to run most of these parks, so I guess the question is if they would considering selling them individually to these management groups, or if they are going to try and group them together for a single group purchase instead.
Last edited by zach2012 on Mon Oct 20, 2014 10:39 pm.
Doesn't sound like their portfolio is panning out, but their attractions are doing pretty well. They bought too many golf courses and ski resorts. The golf courses are on a downward trend nationally, and ski resorts struggle during the off-season.
It sounds like they're in more of a hurry to get rid of the golf courses first thing, there's no mention yet of selling the parks. I hope Premier scoops up Frontier City and HFEC gets DL though.
Our equity offering was completed on April 9, 2011. In March 2014, we engaged Jefferies LLC, a leading global investment banking and advisory firm, to assist management and our board of directors in evaluating various strategic alternatives to provide liquidity to our shareholders. Consistent with this strategy, in June 2014, we signed a purchase and sale agreement to sell our golf portfolio to a third-party buyer, and we expect to complete the sale by the end of 2014. As we continue to explore liquidity strategies, our focus will remain on seeking attractive exit alternatives for the remainder of our property portfolio.
Its not they are performing bad. The golf and ski properties had a rough year due to weather. Their status as a REIT was only chartered through 2015. Basically they have two options by the end of 2015.
When they say "liquidity" it means two things: 1). Sell off all the properties. 2). File an IPO and become a publicly traded company.
The information regarding the liquidation of the REIT was discussed a few pages back. The investment portfolio has reached its maturity, which basically means its time to repay the investors of the portfolio. As Thedarkmaxim said, there was two ways they could have done that, and it appears they choose the first option he listed.
Yes CNL may just quietly sell DL to HFE, but in reality the park will be put up for sale. The reality may be that there is only one option but it will be put up for sale. I still stick to previous statements to say that HFE ownership will be the best thing for the park in the long run.
On the flip side with the park up for sale possibly, I would not expect CNL to be investing heavily in the park...meaning no new rides next year. The best thing would be to have the sale to HFE now, so at least they could get a new flat in place for next year at least.
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