EPR Properties, a publicly traded specialty real estate investment trust based in Kansas City, Missouri, announced Thursday a deal to purchase Magic Springs Theme & Water Park in Hot Springs and to retain Premier Parks LLC as its operator.
The agreement also awards a 40-year operating lease on Magic Springs and 11 other theme and water parks.
"Magic Springs has an even brighter future under this new agreement with EPR Properties as it gives Premier Parks new resources to grow and improve our theme and water parks," Premier Parks CEO Kieran Burke said in a press release. "The new 40-year operating leases awarded in conjunction with this purchase gives our parks much greater stability and investment in the years to come."
Patrons should see no changes in the day-to-day operations of the park, which is open for the 2017 season on weekends this month and daily starting in late-May, Burke said.
EPR Properties stock is traded on the New York Stock Exchange under the symbol EPR. The terms of the purchase were not included in the press release, but an 8-K filing with the Securities & Exchange Commission said EPR and two other companies had completed on Thursday the purchase of substantially all of the assets of CNL Lifestyle Properties Inc. The aggregate price for a California ski resort, 15 water parks and amusement parks and five family entertainment centers was $455.5 million.
The operating lease agreement with Premier Parks covers Magic Springs as well as parks in nine other states.