Sunday, November 6, 2016

CNL Lifestyle Properties Sells Amusement and Water Park Segment

Several U.S. theme and water parks will soon have a new owner, due to the sale of CNL Lifestyle Properties' leisure division to EPR Properties.  The parks came as part of a larger sale that includes many ski resorts, and in total the sale comes in at around $700 million.

Some of the parks (there are 15 in total) that are a part of the transaction include Darien Lake, Frontier City, Magic Springs, Wild Waves, Pacific Park, several Wet 'n' Wild parks, two Hawaiian Falls water parks and more.  Here is the complete list of parks now owned by EPR:

© EPR Properties
The slide is from a summary of the sale from EPR Properties, which isn't actually expected to close until the middle of 2017.  It is also worth noting that the comment at the bottom of the slide indicates that several parks will be leased to Premier Parks to operate when all is said and done.  Premier Parks was already operating most of CNL's parks, but now will pick up two water parks along with Magic Springs and Wild Waves.  Premier Parks currently also owns 4 amusements parks as well.

© EPR Properties
This slide also shows the growth of the group of parks being sold from 2011 through 2015.  Granted there may have been new parks that were added during these years, but it still makes the set look attractive.  Then again, the total revenue of all 15 parks is $207 million in '15, and I'm pretty sure Cedar Point alone makes more than that per year.

CNL previously owned even more parks, but sold off a handful of them individually in recent years, like Elitch Gardens.

EPR Properties' current amusement industry involvement is limited, owning three of the Schlitterbahn water parks, and the indoor and outdoor water parks at Camel Beach in Pennsylvania.