The real estate investment trust CNL Lifestyle Properties has acquired Florida’s Rapids Water Park.
This 30-acre family waterpark, located in West Palm Beach, contains what is descried as one of the largest and most diverse collections of water attractions in the United States.
CNL will now lease the venue to operator Rapids Holdings LLC, led by former Six Flags executive Kieran Burke. Through their vehicle Premier Attractions Management and other affiliates, Burke and his partners now operate six other North American parks, three of which are owned by CNL Lifestyle Properties. With this acquisition, CNL Lifestyle Properties’ attractions portfolio is comprised of 20 properties across 12 US states, totalling more than $480 million in value.
“Rapids Water Park is an ideal investment for us because no similar park of comparable size and quality exists in South Florida today,” notes CNL Financial Group’s Curt Caffey. “It is a high quality attraction that has successfully penetrated the South Florida market by offering an excellent guest experience, while engaging in ambitious and significant expansion projects. Given CNL Lifestyle Properties’ history of investing in unique regional attractions, Rapids Water Park is an exciting and logical fit for our portfolio.”
Rapids Water Park opened its gates for the first time in the late 1970s, but underwent significant expansion in the mid-1990s. The park’s attractions include 35 slides with children’s play areas, a quarter-mile long lazy river and a 25,000-square-foot wave pool.