SANDUSKY, Ohio--(BUSINESS WIRE)-- Cedar Fair, L.P. (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced it has sold the land at its California’s Great America amusement park and plans to close the park. Cedar Fair elected to sell the land to Prologis, Inc. (NYSE: PLD), a Bay Area-based logistics real estate company, for approximately $310 million with a lease agreement. The Company will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term.
The land sale, which was marketed by CBRE, was the outcome of a strategic review initiated by Cedar Fair in 2021 to explore potential avenues to maximize the value of the Company’s extensive asset portfolio. Cedar Fair purchased the land at California’s Great America in 2019 from the City of Santa Clara after the State of California dissolved redevelopment agencies, requiring the city to cede its ownership of the property to pay off existing debt. Prior to that transaction, the Company leased the land from the City for more than 40 years.
Cedar Fair intends to use proceeds from the land sale transaction to accelerate progress on its strategic priorities of reducing debt to achieve its $2 billion target, investing in high-return projects within its portfolio such as upgrading resort properties, and reinstating a sustainable unitholder distribution. Based on the strength and pace of the recovery since reopening its parks in 2021, and due to the additional capital raised through the Great America transaction, Cedar Fair expects to reinstate quarterly unitholder distributions by the third quarter of 2022, subject to review and approval by the Cedar Fair Board of Directors.
“We chose Prologis as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,” said Cedar Fair President and CEO Richard A. Zimmerman. “For our investors, the sale and lease agreements allow us to monetize a high-value asset in the heart of Silicon Valley at a very attractive multiple. The transaction also provides us with a substantial sum of incremental capital which we intend to use to further advance our strategic priorities and generate enhanced returns for our unitholders.”
About Cedar Fair
Cedar Fair, L.P. (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive, and memorable experiences, the Company owns and operates 13 properties, consisting of 11 amusement parks, four separately gated outdoor water parks, and resort accommodations totaling more than 2,300 rooms and more than 600 luxury RV sites. Cedar Fair’s parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.
Some of the statements contained in this news release that are not historical in nature constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements as to the Company's expectations, beliefs, goals, and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct, including the timing of any debt paydown or payment of partnership distributions, or that the Company's growth strategies will achieve the target results. Important factors, including the impacts of the COVID-19 pandemic, general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company’s capital investment plans and projects and other factors discussed from time to time by the Company in its reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at the Company’s parks, the timing of any debt paydown or payment of partnership distributions, the Company's growth strategies, and cause actual results to differ materially from the Company's expectations or otherwise to fluctuate or decrease. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether a result of new information, future events, information, circumstances or otherwise that arise after the publication of this document.
Jeff and Nicholas made their way to Canada's Wonderland today for season pass preview day. They got to join in on the media lunch and try some tasty beers.
In this update we have some fresh pics of the new signage around the park and the construction progress of the new restaurant. Enjoy!
Written by Nicholas Kuyzk
Welcome back to the Knott's Peanuts Celebration! The first event at Knott's Berry Farm for a 2022 season that is filled with events pretty much every month.
This years event has been extended and will run through March 6th. Click Here for all of the info.
Written by Gregg Condon
It was a beautiful day to be back at Knott's Berry Farm. Be sure to check out or video update below as well!
Lots of great merchandise for this event, as with every Knott's event.
Always love these signs in Camp Snoopy
Had to take one last spin on Montezooma's Revenge. The ride re-opened after closing for it's long refurbishment. No date for it's closure has been announced yet, but we've been assured by the park they will let everybody know.
Our first treat of the event was the Wah Wah Wah Buffalo Popcorn Chicken Loaded Fries (say that 5 times fast). They were quite tasty but other than the sauce, something you could make very easily at home.
Love these character outlines that are all throughout the park.
The Music Goes Round and Round has moved from the main Calico Stage to Camp Snoopy. The show definitely works better here.
Our next two meals were the PB&J Burger and Chicken Parm Grilled Cheese. Both were ok. The burger used store-bought Smuckers Strawberry jelly instead of Knott's Boysenberry for some reason. The bread on the Grilled Cheese was great, but the insides were not very warm. Definitely needed more melty cheese and more heated chicken parm.
We didn't get a chance to see the Marcie character, so this will have to do. =)
Xcelerator is back open after it's repaint, and it looks great!
Be sure to stop by K-NOT radio in the Boardwalk. Always a fun treat!
Lots of characters out in the park to greet guests.
The only major construction project going on at the park right now are new restrooms and a new restaurant. Rumor is the restrooms will be moving over on this side near the bumper cars.
Love the themed signs.
A look at the new restaurant artwork.
The former bathrooms will be a part of the new restaurant.
The Snickerdoodle Ice Cream Sandwich. It was very tasty but we thought it was going to be with ice cream other than vanilla. Maybe next time we'll try it with Boysenberry soft serve.
Overall we had a fun time at the Peanut's Celebration, but to be honest, it's my least favorite of the Knott's "events". It's definitely geared towards young children, and that's great, but that's not us. The food we tried was just "ok" especially compared to the amazing food they have available at the Boysenberry Festival and Merry Farm.
We will most likely be back before the celebration ends and we'll try some more food of course.
All 2014 Attractions 2015 Attractions 2016 Attractions 2017 Attractions 2018 Attractions 2019 Attractions 2020 Attractions 2021 Attractions Bear Y Tales Bear-y Tales Berry Bloom Boysenberry Festival Calico Mine Ride Calico River Rapids California's Great America Camp Snoopy Canada's Wonderland Carowinds Cedar Fair Cedar Point Coasting For Kids Dorney Park Fear VR Fury 325 Ghostrider Ghost Town Ghost Town Alive Gilroy Gardens Give Kids The World Halloween Haunt HangTime Kings Dominion Kings Island Knott's 100 Knott's Berry Farm Knott's Merry Farm Knott's Peanuts Celebration Knott's Scary Farm Knott's Soak City Knott's Spooky Farm Komen OC Mass Effect New Earth Merry Farm Michigan's Adventure Military Days Mystic Timbers New Years Eve Patriot RailBlazer South Bay Shores Steel Vengeance Valleyfair White And Brews Winterfest Worlds Of Fun