NEW BRAUNFELS, Texas — The owners of Schlitterbahn Water Parks and Resorts announced on Thursday that they are selling two major holdings.
- The 2 parks sold for $261M
- Schlitterbahn may sell Kansas City location
- Henry family will keep South Padre park
The Henry family, which owns Schlitterbahn, has entered into an agreement with Cedar Fair Entertainment Company. Cedar Fair is purchasing the New Braunfels park and resort and the Galveston park for $261 million, subject to certain working capital adjustments.
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As part of the deal, Cedar Fair also has the right to acquire a property in Kansas City, Kansas, for a cash purchase price of $6 million.
“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Richard Zimmerman, Cedar Fair’s president and CEO. “These properties represent new markets for us with attractive demographics in the growing Central Texas region, and they align with our strategy to identify compelling opportunities to accelerate our growth and profitability.
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In recent years, Schlitterbahn has dealt with bankruptcy at its Corpus Christi park and a tragic death at its Kansas City park.
“While it’s a difficult decision, after several challenging years, we believe that our team, communities, guests, and fans are going to enjoy what lies ahead,” said the Henry family in a statement on Schlitterbahn’s website. “We believe Cedar Fair, with their approach to embracing parks that have a unique footprint, will be a phenomenal owner, and with the talented people that are the Schlitterbahn Family, will take Schlitterbahn Water Parks and Resorts to the next level of world-class family entertainment.”
The Henry family will retain ownership of its South Padre water park and resort which will be rebranded.
Diamond Beach will retain ownership of Schlitterbahn Corpus Christi.