Photo courtesy of Schlitterbahn Waterparks and Resorts
Schlitterbahn sells water parks in New Braunfels, Galveston
Schlitterbahn Waterparks and Resorts announced Thursday that it’s selling its New Braunfels and Galveston properties.
Schlitterbahn entered into an agreement to sell its New Braunfels waterpark and resort and Galveston park to Ohio-based Cedar Fair Entertainment Co. for $261 million.
“Cedar Fair is a dynamic, brand-oriented company,” Schlitterbahn said in a statement. “Under Cedar Fair’s leadership, the Schlitterbahn brand will have an opportunity to grow and expand like the early days when the sky was the limit. 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.”
Cedar Fair also had the right to acquire a property in Kansas City that previously operated as a Schlitterbahn water park for $6 million.
Cedar Fair president and CEO Richard Zimmerman said the Ohio company is excited about adding the two Texas water parks.
“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,” Zimmerman said. “The investments we have made over the past five years to strengthen our back-of-house and customer-facing systems will support a smooth integration of these properties by ensuring a premium guest experience, strong team collaboration and superior execution.”
In 2018, Cedar Fair saw 25.9 million guests in its 13 parks and resorts. Schiltterbahn’s South Padre waterpark and resort will be owned by one of the Henry families, who currently own it, and it will be rebranded over time.