Schlitterbahn sells New Braunfels and Galveston properties

NEW BRAUNFELS, Texas (KXAN) —  The Texas-based company Schlitterbahn Waterparks and Resorts announced Thursday that they are selling two of their properties.

Schlitterbahn entered into an agreement with the Ohio-based company Cedar Fair Entertainment Co. to sell their New Braunfels park and resort property as well as their Galveston Park for $261 million.

“Cedar Fair is a dynamic, brand-oriented company.  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,” Schlitterbahn owners said in a statement. “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 purchased the right to acquire additional property in Kansas City for future development.

“We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family,” said Cedar Fair’s president and CEO Richard Zimmerman. “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.”

Cedar Fair already owns 13 amusement parks across the country. In 2018, approximately 25.9 million people visited their properties with an estimated 1.35 billion in annual net revenues. The two Schlitterbahn properties purchased by Cedar Fair had a combined 1.2 million guests visit in 2018.