Wednesday, June 10, 2015

Elitch Gardens Sold by CNL Properties to New Owner

© Elitch Gardens
Denver's Elitch Gardens has a new owner, after being sold by CNL Lifestyle Properties for an undisclosed amount.  Local developer Revesco Properties joined with Kroenke Sports Entertainment to complete the deal as new owners.  Between the two parties they own several theaters, arenas and Denver sports teams.

The new owners have agreed to keep Premier Parks as the current management company.  Premier Parks took over managing the park for CNL in 2013 and according to this news story grew the park's attendance 28% last year alone.

Although the new owners are also land developers, there is no interest in changing the park into anything other than an amusement park.

CNL Lifestyle Properties previously announced their intention to sell their portfolio of amusement and water parks, and many thought they would look for a new owner to purchase all or many of the parks at once.  This sale of just one park went against that theory, showing that it is possible the remaining properties - including Darien Lake, Frontier City and Magic Springs - could be sold off individually.

New this season at Elitch Gardens is a $2.5 million expansion that is focused around the massive new SlideZilla hybrid water slide.