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CNL Income Properties Inc, a real estate investment trust based in Orlando, Florida, has purchased Magic Springs and Crystal Falls theme park, Hot Springs, Arkansas.
As part of a financing package, CNL will lease the park back to Magic Springs Development Company, the former owner in a deal that will provide US$10 million for new attractions over the next two years.
According to Dan Aylward, president and general manager of Magic Springs, this will allow for a major waterpark expansion in 2007 and a major new ride in 2008. Most of the current management team, including CEO Ed Hart and Aylward, will remain in place.
CNL Income Properties is the same company that in February acquired seven properties from Six Flags, including Darien Lake, Elitch Gardens, Frontier City and White Water Bay, Enchanted Village, and three waterparks.
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