CNL Lifestyle Properties has reached an agreement regarding the early termination of PARC Management’s leases on 18 attractions and family entertainment centres (FECs) in the US 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 Bob Masterson, to manage eight FECs.
The company is now evaluating new operating strategies with leading experienced management teams for the eight theme parks. CNL expects new management companies to be in place well in advance of the start of the 2011 season.
CNL Lifestyle Properties, a real estate investment trust, has invested significant capital over the last few years to expand and strengthen the parks and attractions in question.
“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,” says CNL president and CEO, Byron Carlock. “We are excited about the changes that are planned for 2011. We are also committed to ensuring these properties are managed by industry-leading management teams.”
CNL 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 honoured.
The affected properties are Elitch Gardens (Denver, Colorado), Frontier City (Oklahoma City, Oklahoma), White Water Bay (Oklahoma City), Waterworld (Concord, California), Wild Waves & Enchanted Village (Seattle, Washington), Darien Lake (Buffalo, New York), Splashtown (Houston, Texas) and Magic Springs and Crystal Falls (Hot Springs, Arkansas).
The FECs that will be managed by AMP include Zuma Fun Centers in Charlotte, North Carolina; Knoxville, Tennessee; North Houston, Texas and South Houston, Texas; Mountasia Family Fun Center (North Richland Hills, Texas), Fiddlesticks Fun Center (Tempe, Arizona), Funtasticks Fun Center (Tucson, Arizona) and Camelot Park (Bakersfield, California).
PARC Management, meanwhile, plans to focus on its existing US operations including NASCAR SpeedParks and on development and management opportunities, both domestically and internationally.
Pictured below (left to right): Bob Masterson, Curtis Parks, Bill Sims and Eli Stovall, all of Amusement Management Partners were seen cruising the trade show floor recently at IAAPA in Orlando.
