Orlando, Fla., Jan. 21, 2014 (GLOBE NEWSWIRE) -- CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has rebranded its SplashTown water park in Houston as Wet 'n' Wild SplashTown.
This is the second water park that CNL Lifestyle Properties has rebranded since acquiring the North American rights to the Wet 'n' Wild brand at the end of November. In December, the company reintroduced Soak City in southern California as Wet 'n' Wild Palm Springs.
"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," said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. "The new Wet 'n' Wild SplashTown will deliver a significantly upgraded, family oriented, water-fun experience that consumers expect in a major market like Houston, so transforming this property was a natural, deliberate next step for us."
As part of the rebranding and a corresponding multimillion dollar investment, CNL Lifestyle Properties is expanding and redeveloping the property this off-season. The new rides being added include FlowRider, a simulated surfing experience; Big Kahuna, a thrilling raft ride; and Wet 'n' Wild Jr., a children's area with eight water slides. A new parking lot, landscaping, updated dining facilities and other amenities will also be included in the transformation.
"Wet 'n' Wild SplashTown is already the largest water park in the Houston area, and we expect that this rebranding, as well as our meaningful investment in new rides, will solidify its reputation as a premier recreation destination," said Curt Caffey, senior vice president and managing director at CNL Lifestyle Properties.
CNL Lifestyle Properties owns 16 water parks throughout the United States. The name change of the Houston and California properties brings the total number of Wet 'n' Wild branded attractions owned by the company to four; the other two are located in Arizona and Hawaii.
Premier Parks, LLC operates Wet 'n' Wild SplashTown. Premier also operates several other attractions for CNL Lifestyle Properties, including the three other water parks bearing the Wet 'n' Wild brand.
About CNL Lifestyle Properties
CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 144 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior housing and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
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CONTACT: For information contact: Lisa Schultz Chief Communications Officer CNL Financial Group (407) 650-1223
Source:CNL Lifestyle Properties