CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), has rebranded its water park in Palm Springs, Calif., as Wet ‘n’ Wild Palm Springs. This marks the beginning of CNL Lifestyle Properties’ execution strategy to grow the Wet ‘n’ Wild brand since acquiring the North American rights to it at the end of November.
The rebranding of the Palm Springs property also includes the addition of a wave riding attraction and the introduction of new entertainment options and offerings for season pass holders.
“CNL Lifestyle Properties is one of the nation’s largest owners of water parks and gated attractions and the addition of the well-recognized Wet ‘n’ Wild brand name only increases the value of this portfolio,”said Stephen H. Mauldin, president and CEO of CNL Lifestyle Properties. “The water park in Palm Springs has a terrific reputation for providing a fun experience for families, and we see rebranding it Wet ‘n’ Wild as a logical step as we identify the best opportunities to strengthen and grow our brand and its reputation.”
CNL Lifestyle Properties owns 12 water parks throughout the United States. This name change brings the total number of Wet ‘n’ Wild branded properties owned by the company to three; the other two are located in Arizona and Hawaii.
“The property in Palm Springs, which we acquired this August, has been a great addition to our existing water park portfolio,” said Curt Caffey, senior vice president and managing director at CNL Lifestyle Properties. “By rebranding it as Wet ‘n’ Wild, we hope to both maximize our value for our shareholders and raise awareness of the park in Southern California.”
Premier Parks, LLC operates the Palm Springs water park, previously named Knott’s Soak City. Premier also operates several other attractions for CNL Lifestyle Properties, including the two other water parks bearing the Wet ‘n’ Wild brand.