Squire Patton Bogs has advised long-time client Cedar Fair Entertainment Company in the signing of a definitive agreement for the US$261 million acquisition of two water parks and a resort in Texas – Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston.
In addition to the three properties, Cedar Fair has secured the right to purchase a 40-acre property in Kansas City, Kansas that previously operated as a Schlitterbahn waterpark for US$6 million. The transaction is subject to regulatory approval and other customary terms and conditions, and is expected to close during the second quarter of 2019.
With this latest acquisition, Cedar Fair’s portfolio will include 15 parks, resort accommodations across six parks totaling 2,000+ rooms, more than 600 luxury RV sites across four parks and two marinas.
The firm team advising Cedar Fair was led by Cipriano S. Beredo, with Michael K. French, Michael Trivisonno and Katlyn A. Patton. The team included a dozen lawyers advising on environmental, employment, regulatory, tax, intellectual property and real estate issues.