Finance Net Leasing
May 8, 2009
CNL Lifestyle Properties Inc., a REIT focused on lifestyle properties, has acquired the Hawaiian Waters Adventure Park in Kapolei, on the island of Oahu, Hawaii, from a subsidiary of entertainment and media firm Village Roadshow Limited. CNL will lease the park back to Village Roadshow to operate under a long-term lease. The sale-leaseback deal was for a ttoal of $29 million to be paid out over a period of three years. Opened in 1999, Hawaiian Waters is Hawaii’s only water park. The property was acquired by Village Roadshow in 2008. Effective this summer, Village Roadshow will rebrand the park as Wet ‘n’ Wild Hawaii, and will also open a second Wet ‘n’ Wild water park in Phoenix, Ariz.
CNL Lifestyle Properties Inc., a REIT focused on lifestyle properties, has acquired the Hawaiian Waters Adventure Park in Kapolei, on the island of Oahu, Hawaii, from a subsidiary of entertainment and media firm Village Roadshow Limited. CNL will lease the park back to Village Roadshow to operate under a long-term lease. The sale-leaseback deal was for a ttoal of $29 million to be paid out over a period of three years. Opened in 1999, Hawaiian Waters is Hawaii’s only water park. The property was acquired by Village Roadshow in 2008. Effective this summer, Village Roadshow will rebrand the park as Wet ‘n’ Wild Hawaii, and will also open a second Wet ‘n’ Wild water park in Phoenix, Ariz.
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