Tuesday, July 17, 2012

CNL Adds to Attractions Portfolio With Acquisition of Rapids Water Park

EDITOR'S NOTE: In addition to numerous leading ski and golf resorts in North America, CNL's holdings include waterparks, FEC's, Great Wolf Lodges in Sandusky, OH and Wisconsin Dells, WI, and the Darien Lake (Buffalo, NY), Elitch Gardens (Denver, CO),  Frontier City (Oklahoma City, OK), and Pacific Park (Santa Monica, CA) theme parks.  - JK

Orlando, FL, USA -- CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has acquired Rapids Water Park. The 30-acre family water park, located in West Palm Beach, Fla., 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 wave pool, multiple kids play areas and a lazy river.

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 first opened in the late-1970s, but underwent significant expansion in the mid-1990s. The park’s attractions include 35 slides with children’s play areas, a quarter-mile long lazy river and a 25,000-square-foot wave pool.

“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 in investment value.

About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 173 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 http://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 $26 billion in assets. CNL is headquartered in Orlando, Florida.