Posted Tuesday, December 14, 2010 12:24 PM | Contributed by Jeff
Pacific Park is set to be sold for $34 million, with final approval of the sale expected to come during tonight's City Council meeting, a staff report stated. Santa Monica Amusements, the group that has owned and operated the park since its opening in 1996, is expected to sell the amusement park to CNL Lifestyle Properties.
Read more from The Santa Monica Daily Press.
CNL Lifestyle Properties...
Where have I heard of them before?
From the article...
While ownership of the property will change hands once the agreement is finalized, the current management group is expected to stay on to run the park.
Yeah. Good luck with that. :)
--Dave Althoff, Jr.Last edited by RideMan, Tuesday, December 14, 2010 3:31 PM
I'm sure they will stay on to run the park...for all of about six weeks.Last edited by Ensign Smith, Tuesday, December 14, 2010 3:56 PM
No, they will stay. Its a pretty unimpressive beaurocratic group who are not at all aggressive. Over the past 10 years, posted job openings have repeatedly included Ops Manager, Games Manager, CFO or some other beancounter title, and the infamous General Manager.
Its a revolving door, to manager what, I am not sure. The city still owns the parking, the beach, the carousel, and the lease on the aquarium. Unless they sold all the square footage, which was not for sale when they started shopping the place 2 years ago, it will be a rough go.
I'm just wondering if CNL Lifestyle Properties is making a go at becoming the next Tierco.
(Anybody else remember Tierco? Agent, give someone else a chance first... :) )
--Dave Althoff, Jr.
Tierco, the predecessor to Premier Parks, the predecessor to the Built It And They Will Pay Enough To Cover Our Massive Debts edition of Six Flags. :)
I shall refrain from doing what Harry Calder told Agent Hoyt not to do. :)
Tierco was not in the amusement park business when it bought Frontier City. In fact, their plans for Frontier City were to shut it down and redevelop the property, but since the season was in progress, they let the park finish out the season. Tierco discovered that amusement parks were more fun than shopping malls, so instead of shutting down Frontier City, they bought Wild World instead. Later they bought the FunTime parks, and divested of their non-amusement park properties.
Oddly enough, CNL Leisure Properties now owns Frontier City.
--Dave Althoff, Jr.
Frontier City - potentially the unfriendliest park I've ever visited...if not for the woodie, the Slingshot, and the Anton, there'd have been no reason to go at all.
Sounds kinda like PARC-7F with all the behind-the-scenes real estate investment and lease-back deals and whatnot...not typically your best bet if you want a long-term future of expansion and growth. Basically, it's profit-harvesting and "eating the seed corn", IMO.
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