CNL Lifestyle Properties Revamps and Rebrands Texas Water Park

CNL Lifestyle Properties, Inc. recently announced that it has renamed its Splash Town water park in Houston, TX to Wet ‘n’ Wild Splash Town.

In November, CNL Lifestyle acquired the North American rights to Wet ‘n’ Wild and in December renamed Soak City in Southern California as Wet ‘n’ Wilde Palm Springs.

President and CEO of CNL Lifestyle Properties, Stephen H. Mauldin, commented, “The Wet ‘n’ Wild brand name is an important component of CNL Lifestyle Properties’ portfolio and we are taking a very strategic, long-term approach to extending the brand to other assets and identifying opportunities to drive value for our shareholders.”

CNL Lifestyle Properties now has four Wet ‘n’ Wild branded attractions out of its 16 water parks.

Along with the new name, Wet ‘n’ Wild Splash Town is being expanded and redeveloped. Several new rides are being added to the park including FlowRider, a simulated surfing experience, Big Kahuna, a raft ride, and Wet ‘n’ Wild Jr., a children’s area with eight water slides. The park will also receive a new parking lot, landscaping, updated dining facilities, as well as other amenities.

CNL Lifestyle Properties is a RIET that acquires properties and leases them on a long-term triple-net lease basis. Its portfolio consists of 144 properties across the U.S. and Canada in the lifestyle sectors. The offering has been closed to new investors since April 9, 2011 and has fully invested its offering proceeds as of June 30, 2012 although it continues to make select acquisitions.