Schlitterbahn sells water parks New Braunfels, Galveston



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Schlitterbahn Waterparks and Resorts – which has suffered horrible deaths, charges and financial problems in recent years – sells a large portion of its assets.

Ohio-based Cedar Fair Entertainment Co. has reached an agreement with Schlitterbahn's owners to acquire the New Braunfels Company Park and Resort and Galveston Park for $ 261 million. subject to certain adjustments.

"It's important to know that Cedar Fair values ​​the character and promise of the Schlitterbahn brand," said the Henry family – the owners of Schlitterbahn – in a statement. "They are committed not only to keep Schlitterbahn awesome, but also to help us grow!"

On ExpressNews.com: Financial and legal problems at the Schlitterbahn preceded the sale of the parks


Richard Zimmerman, President and CEO of Cedar Fair, said the company was "very excited about the opportunity to bring these two award-winning Texan Water Parks to the Cedar Fair family."


"These properties represent new markets for us with attractive demographics in the expanding Central Texas region and align with our strategy to identify compelling opportunities to accelerate our growth and profitability." , did he declare.

The sale agreement comes as a Schlitterbahn entity was required to repay a $ 186.4 million note by June 1 to the Kansas City Real Estate Investment Trust, EPR Properties. The loan's due date had been extended by one month.

The Henry family decided to sell the properties last year and is currently looking for a buyer to take over, the statement said.

The company will continue to operate its South Padre Water Park and Resort, which will be renamed.

Ticket and season ticket prices and bookings will not change, the company said. Events will continue as planned.

On ExpressNews.com: Schlitterbahn celebrates 40 years this summer with gifts and other special offers

In February, criminal proceedings against co-owner Jeff Henry and other Kansas City park officials over the design and construction of the Verrückt toboggan were withdrawn.

They were charged with the death of Caleb Schwab, a 10-year-old boy decapitated during his walk in 2016.

The indictments allege that Henry and others have devised a dangerous vehicle without proper expertise, reported the Tribune News Service. The irregularities committed by the prosecutors led a judge to dismiss the charges in February.


Cedar Fair said it has the right to acquire the Kansas City property for $ 6 million.

The partnership that belonged to the Schlitterbahn Water Park on North Padre Island ran into financial difficulties as a result of a feud between the partners – among them brothers Gary and Jeff Henry. The partnership was supposed to build a vast development including residential properties, a marina and a waterfront experience modeled on San Antonio's River Walk.

The quarrels triggered lawsuits and arbitration proceedings and forced the filing of a chapter 11 bankruptcy proceeding against the partnership by two companies related to Schlitterbahn two years ago.

On ExpressNews.com: A closer look at Cedar Park, the Ohio amusement park company that bought the Schlitterbahn properties

In May 2018, IBC Bank took over the property of the Schlitterbahn Riverpark & ​​Resort at a foreclosure auction after a trustee in bankruptcy failed to find another buyer. The bank offered $ 20 million of the approximately $ 32 million in partnership.

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