Posted Wednesday, November 12, 2008 10:39 AM | Contributed by Jeff
Agreements are in the works to sell two parcels totaling about 111 acres for nearly $8 million, according to Cedar Fair spokesman Stacy Frole. She noted officials have accepted a bid for 11 acres surrounding and including the former Geauga Lake Hotel at Route 43 and Treat Road. Cedar Fair is still looking to sell the biggest part of the land, around 400 acres.
Read more from The Aurora Advocate.
Well, I guess that somewhat answers my question about whether the hotel was still open. I had heard that it hadn't been open much, if at all, since the sale. But is the waterpark safe? I never heard much about it again after the miserable attendance numbers during it's re-grand opening.Last edited by Coastersnhockey, Wednesday, November 12, 2008 10:55 AM
If they can get that kind of money for the rest of the acreage, that's about $40 million, and they'll still have the water park. It's interesting to start doing the math against the original $145 million they paid for the entire property. I figure the rides moved were worth another $40 million if you go by their 50-cents-on-the-dollar claim. You have to add in operating loss and cap ex spent on that part of the park (which was mostly paint and asphalt), but at the end of the day it seems like it wasn't a catastrophic loss.
^ nope--by their reckoning only about $54m
Plus add all of the additional revenue that CP and KI will get now that GL is no more...j/k.
The $145M didn't include the building of the new waterpark. In 2005 they had Phase 1. They spent $15.5M. For 2006, Phase 2 of the waterpark was scaled back substantially. Mostly, it ended up being just the Wave pool. You can see their original intent here. (9.7MB file) I don't know what the capital investment was in 2006. But, even with a conservative estimate, I think it's safe to say they spent at least 20M on the waterpark over it's first 2 years.
I think one of the articles said it was about $26 million. But keep in mind, they still own that, so it's not something they can write off as a loss.
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