CNL lifestyle properties acquires one of South Florida’s largest water parks

By | July 3, 2012

ORLANDO, Fla. — CNL Lifestyle Properties, Inc., a real estate investment trust, 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.

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