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CNL Lifestyle Properties acquires Rapids Water Park

in South Florida

Update : 11:42 Published by François Mayné the 3 July 2012, Corporate.

CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired Rapids Water Park. The 30-acre (~12.15 hectares) family water park, located in West Palm Beach, Florida, contains one of the largest and most diverse collections of water attractions in the United States including: 35 water slides and thrill rides, a 25,000 square-foot (~2.323 sqm) wave pool, multiple kids play areas and a lazy river. The park first opened in the late-1970s, but underwent significant expansion in the mid-1990s.

Rapids Water Park is leased to and operated by Rapids Holdings LLC, which is led by Kieran Burke, the former Chairman and CEO of Six Flags Entertainment Corporation. Burke and his partners, through Premier Attractions Management, LLC, and other affiliates, operate six other parks, of which CNL Lifestyle Properties owns three: Frontier City Theme Park and White Water Bay, both in Oklahoma City, Okla., and Splashtown in Houston, Texas. Burke’s group also operates Nashville Shores in Nashville, Tenn., Ocean Breeze Waterpark in Virginia Beach, Va., and Clementon Park and Splashworld 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, which has driven terrific performance and guest service levels at the other three CNL Lifestyle Properties attractions it currently manages.”

“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 residents and visitors to South Florida with a robust and growing water park where lasting memories can be made together,” Burke said.

With this acquisition, CNL Lifestyle Properties’ attractions portfolio is comprised of 20 properties across 12 states, totaling more than $480 million (about €381 million) in investment value.

Waterpark - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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