CNL Lifestyle Properties Inc. has reached an agreement regarding the early termination of PARC Management’s leases on 18 attractions and family entertainment centers currently operated by PARC.
CNL Lifestyle Properties has already entered an agreement with Amusement Management Partners (AMP), a company chaired by former Ripley’s Believe it or Not CEO Robert Masterson, to manage eight family entertainment centers. The REIT is now evaluating new operating strategies with leading experienced management teams for the eight theme parks. CNL Lifestyle Properties expects new management companies to be in place well in advance of the start of the 2011 season.
In the last few years, CNL Lifestyle Properties has invested significant capital to expand and strengthen these attractions, investing in new rides and other guest amenities. As part of its ongoing program of capital investment and park improvement, the REIT is in the final stages of planning various new attractions for these parks for the 2011 season.
“Since our acquisition of these properties in 2007, CNL Lifestyle Properties has remained dedicated to their success and ensuring they provide fun and memorable experiences to guests in a family-focused environment, ” said Byron Carlock, president and CEO of CNL Lifestyle Properties. “We are excited about the changes that are planned for 2011 and will continue to seek ways to improve these parks and build upon the wonderful experiences they provide to the local communities we serve. We are also committed to ensuring these properties are managed by industry-leading management teams.”
CNL Lifestyle Properties expects no adverse changes in the consumer experience, employment levels or community involvement due to the management transition. Since there is no change in ownership, season passes already purchased for the 2011 season will be honored.
The affected attractions are:
- Elitch Gardens (Denver, Colo.)
- Frontier City (Oklahoma City, Okla.)
- White Water Bay (Oklahoma City, Okla.)
- Waterworld (Concord, Calif.)
- Wild Waves & Enchanted Village (Seattle, Wash.)
- Darien Lake (Buffalo, N.Y.)
- Splashtown (Houston, Texas)
- Magic Springs and Crystal Falls (Hot Springs, Ark.)
AMP will manage the following family entertainment centers (FECs):
- Zuma Fun Center (Charlotte, N.C.)
- Zuma Fun Center (Knoxville, Tenn.)
- Zuma Fun Center (North Houston, Texas)
- Zuma Fun Center (South Houston, Texas)
- Mountasia Family Fun Center (North Richland Hills, Texas)
- Fiddlesticks Fun Center (Tempe, Ariz.)
- Funtasticks Fun Center (Tucson, Ariz.)
- Camelot Park (Bakersfield, Calif.)
PARC is committed to assisting to make the transition to new management companies as smooth as possible. PARC plans to focus on its existing operations including NASCAR SpeedParks and on development and management opportunities, both domestically and internationally. CNL Lifestyle Properties also is finalizing plans to smoothly transition two other properties.
About CNL Lifestyle Properties, Inc.
CNL Lifestyle Properties, Inc., formerly CNL Income Properties, Inc., is a real estate investment trust that owns a portfolio of 121 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com
About Amusement Management Partners
Amusement Management Partners (AMP) is a leisure industry management company founded and directed by senior industry leaders with proven track records. For more information, go to www.ampfun.com.