Cedar Fair Sells San Diego Water Park to SeaWorld

[Browntggrr]

SANDUSKY, Ohio, Nov. 20, 2012 — /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, today announced that it has sold Knott's Soak City – San Diego, a stand alone water park in Southern California, to a subsidiary of SeaWorld Parks & Entertainment. Terms of the agreement were not disclosed and are not material to Cedar Fair's results of operations. The sale of the San Diego water park has no impact on the Company's other properties located in California.

"For this particular property, a unique opportunity presented itself to team with SeaWorld to offer a premium product to its guests in the San Diego region," said Matt Ouimet, president and chief executive officer. "The net proceeds from this sale will be reinvested in our core assets including the multi-year refreshment of our hotel properties in Sandusky, Ohio that was announced earlier this month."

http://www.heraldonl...iego-water.html

[SonofBaconator]

That was smart for Cedar Fair to do. Both companies will benefit greatly from this sale. Knotts has plenty of water parks and one gone won't hurt. Do you know how much it was sold for?

[Mr. Christopher]

The Orlando-based company did not disclose the purchase price but said it will be making extensive renovations to Soak City, which had been owned by Ohio-based Cedar Fair Entertainment Company.

http://www.utsandieg...rld-water-park/

Photo courtesy of U-T San Diego/SeaWorld

[PhantomTheater]

http://www.cedarfair.com/ir/press_releases/index.cfm?current_root=15&mode=story&story_id=367

The corporate press release.

[Maverick00]

According to the second source, "Cedar Fair is trying to sell of their properties." Hmmm

[shark6495]

Could it be that Cedar Fair is attempting to consolidate to become a regional chain versus a national chain?more destination versus cookie cutter?

[malem]

^ Cedar Fair is concentrating resources on its core assets, where management believes the biggest growth potential exists. This standalone water park, nowhere near Knott's Berry Farm, was not a core asset of Cedar Fair.

Do you know how much it was sold for?

The San Diego assessor has the land and improvements valued at just over $20M, so it's reasonable to assume that Cedar Fair got at least that much. Perhaps not-so-coincidentally, this is very close to the estimated annual expenditure for hotel renovations at Cedar Point.

[The Interpreter]

Tax assessments often have little to no relation to true fair market values.

Cedar Fair certainly would sell the former Geauga Lake property for the right price and terms.

[BB1]

Great move on Cedar Fair's part, another Soak City bites the dust, its ironic how BB leaves a year before a SC leaves in San Diego.

[Browntggrr]

Great move on Cedar Fair's part, another Soak City bites the dust, its ironic how BB leaves a year before a SC leaves in San Diego.

I'm glad Boomerang Bay is gone.

It was old, crusty & needed refreshing.

[The Interpreter]

And Cedar Fair would have sold this particular asset to SeaWorld without regard to its name, had it been Boomerang Bay, Waterworks or even Teddy Bear Land. The name did knott matter.

Some say its patrons were old, crusty and needed refreshing, too.

[Maverick00]

I see what you did there

[BB1]

Great move on Cedar Fair's part, another Soak City bites the dust, its ironic how BB leaves a year before a SC leaves in San Diego.

I'm glad Boomerang Bay is gone.

It was old, crusty & needed refreshing.

I think we can say that about many waterparks.

[Browntggrr]

Great move on Cedar Fair's part, another Soak City bites the dust, its ironic how BB leaves a year before a SC leaves in San Diego.

I'm glad Boomerang Bay is gone.

It was old, crusty & needed refreshing.

I think we can say that about many waterparks.

No.

Just Boomerang Bay.