Real estate investment trust CNL Lifestyle Properties has acquired the Hawaiian Waters Adventure Park in Kapolei, on the island of Oahu in Hawaii. The waterpark will continue to be operated by a subsidiary of Village Roadshow from Australia, its former owner, under a long-term lease deal.
Hawaiian Waters is Hawaii’s only waterpark. Opened in 1999, it was acquired by Village Roadshow in 2008 and covers 29 acres. It can accommodate up to 6,000 guests on a daily basis. Attraction highlights include Shaka, “the world’s wildest half-pipe;” Volcano Express, a 5-storey slide where four riders race to the finish line and the Tornado, a 130ft tunnel with a 50ft drop.
Effective this summer, Village Roadshow will rebrand the park as Wet ‘n’ Wild Hawaii. The Australian group already uses the Wet ‘n’ Wild brand in its home country and now plans to open a second Wet ‘n’ Wild in Phoenix, Arizona.
Speaking of the transaction in Hawaii, managing director Graham Burke remarked, “This provides us with financial flexibility, and a partner that shares our core values and aspirations. CNL Lifestyle Properties is the perfect partner for us as we grow our highly successful water park business in the United States.”
Including Hawaiian Waters, CNL Lifestyle Properties now owns 25 attractions properties, making it one of the largest regional theme park owners in the United States.