EPR completes Magic Springs purchase

EPR Properties announced Thursday that it had purchased Magic Springs Theme and Water Park under an agreement that also retains Premier Parks LLC as the park’s operator and awards a 40-year operating lease for Magic Springs and 11 other theme and water parks.

EPR Properties, a specialty real estate investment trust, announced in November 2016 that it had agreed to purchase the park from its previous owner, CNL Lifestyle Properties Inc.

“Magic Springs 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,” Premier Parks CEO/ President Kieran Burke said in a news release.

“The new 40-year operating leases awarded in conjunction with this purchase gives 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,” Burke said.

The operating lease agreements impact 11 other water and theme parks currently managed by Premier Parks, including Frontier City and White Water Bay in Oklahoma City; Darien Lake near Buffalo, N.Y.; Wet ‘n’ Wild parks in Hawaii, Palm Springs, Phoenix and Houston; Rapids in West Palm Beach; Wild Waves in Seattle; Waterworld California in Concord, Calif.; and Myrtle Waves in Myrtle Beach, S.C.

EPR Properties is a New York Stock Exchange publicly traded REIT with substantial resources, more than $5 billion in investments, and a proven track record in the entertainment industry with assets in golf entertainment venues, megaplex theaters and ski resorts, the release said.

“Premier Parks has been successfully operating most of these theme and water parks for many years,” Burke said.

“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.”

In total, Premier Parks manages or owns 16 U.S. parks and one park in Canada.