Posted
[Ed. note: The following is an excerpt of a press release. -J]
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has sold Knott's Soak City – Palm Springs, a stand alone water park in Southern California, to CNL Lifestyle Properties, Inc. ("CNL"). Terms of the agreement were not disclosed and are not material to Cedar Fair's results of operations. The sale of the Palm Springs water park has no impact on the Company's other properties located in California.
CNL will retain the rights to the Knott's Soak City – Palm Springs name through the end of 2013 and no impact to customers is expected during this transition. The park will continue its regular operating schedule and all season passes sold will be recognized through the park's 2013 operating season currently scheduled to close on Sunday, October 6, 2013.
The Company noted that the net proceeds from this sale will be reinvested in their core assets including the multi-year refreshment of hotel properties in Sandusky, Ohio which was announced last year.
Read the entire press release from Cedar Fair.