Investment trust announces purchase of Darien Lake Theme Park, retaining current management
EPR Properties, a specialty real estate investment trust (REIT), today announced the purchase of Darien Lake under an agreement that also retains Premier Parks, LLC, as the park’s operator and awards a 40-year operating lease for the New York park along with 11 other theme and water parks.
“Darien Lake has an even brighter future under this new agreement with EPR Properties as it gives Premier Parks new resources to grow and improve our theme and water parks,” said Premier Parks CEO/President Kieran Burke. “The new 40-year operating leases awarded in conjunction with this purchase give our parks much greater stability and investment in the years to come. Our parkgoers won’t see any changes in the day-to-day operations of the park. It is business as usual as we enter an exciting 2017 season!”
The operating lease agreements impact 12 of the water and theme parks currently managed by Premier Parks including Frontier City and White Water Bay in Oklahoma City, OK; Darien Lake near Buffalo, NY; Wet ‘n’ Wild parks in Kapolei, HI, Palm Springs, Phoenix, AZ and Houston, TX; Rapids in West Palm Beach, FL; Wild Waves in Seattle, WA; Magic Springs in Hot Springs, AR; Waterworld California in Concord, CA; and Myrtle Waves in Myrtle Beach, SC.
EPR Properties (NYSE:EPR) is a New York Stock Exchange publicly traded REIT with substantial resources, over $5 billion in investments, and a proven track record in the entertainment industry with assets in golf entertainment venues, megaplex theatres and ski resorts.
“Premier Parks has been successfully operating most of these theme and water parks for many years,” continued Burke. “In anticipation of the EPR purchase, we were able to bring four new parks under the Premier Parks management umbrella last fall including the theme and/or water parks in Seattle, Concord, Myrtle Beach, and Hot Springs. We are confident the new ownership will have a positive impact on each of our parks’ customers, staff and community.”
Other parks not involved with this sale but also managed and owned by Premier Parks, LLC include: Wet ‘n’ Wild Toronto, Canada; Clementon Park & Splash World, Clementon, NJ; Nashville Shores, Nashville, TN; and Ocean Breeze in Virginia Beach, VA. Premier Parks also manages Elitch Gardens in Denver, CO for Revesco Properties. In total, Premier Parks manages or owns 16 U.S. parks and one park in Canada.