Herschend has completed its acquisition of Palace Entertainment’s 24 US attractions, including theme parks, water parks and FECs.
The deal between Herschend and Palace Entertainment, Parques Reunidos’ US subsidiary, was announced in March of this year.
Theme parks in Palace Entertainment’s portfolio included Kennywood and Dutch Wonderland in Pennsylvania, and Lake Compounce in Connecticut.
As of now, Herschend operates 49 properties. Its portfolio before the acquisition included 29 theme parks, tourist attractions and resorts, such as Dollywood and Silver Dollar City.
“This is a landmark moment – not just for Herschend, but for every host, guest, and community we serve,” said Andrew Wexler, CEO of Herschend.
“To us, this is so much bigger than adding attractions to our portfolio of family brands – growth is about people.
“It’s about creating a great place to work so our hosts love what they do and can create memories worth repeating for our guests for generations to come.”
Herschend oversees 49 properties
The deal is a major milestone for both companies, as Herschend works on its expansion in family entertainment and hospitality, while Parques Reunidos focuses on its core market in Europe.
“Our purpose has carried us through both bright seasons and challenging ones – and it will continue to guide us as we move into this next chapter,” said Chris Herschend, board chair and third-generation owner.
“We are focused on doing what’s right for the business, our hosts, and the communities we’re honored to be part of.
“This process will take time, and we know we will not get everything perfect, but we are committed to listening, communicating and continuously improving.”
John Reilly, chief executive officer of Palace Entertainment, previously said Herschend is “the ideal organization to lead Palace Entertainment’s unique properties”.
Herschend launched a $1.1 billion leveraged loan to help fund the acquisition, first reported by Bloomberg.
Images courtesy of Herschend
