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Schlitterbahn sells New Braunfels, Galveston water parks

Schlitterbahn Waterparks and Resorts – which have dealt with cruel death, indictment and financial problems in recent years – are selling some of their holdings.

Ohio-Based Cedar Fair Entertainment Co. has an agreement with the owners of Schlitterbahn to buy the company's New Braunfels park and resort, as well as their Galveston Park for $ 261 million, subject to certain adjustments.

"It is important to know that Cedar Fair values ​​Schlitterbahn's sign and mark promise," Henry family – Schlitterbahn owners – said in a statement. "They are committed not only to keeping Schlitterbahn fantastic, but to help us grow!"

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Richard Zimmerman, Cedar Fair's president and CEO, said the company is "very excited about the opportunity Take these two award-winning Texas water parks into the Cedar Fair family. "

"These features represent new markets to us with attractive demographics in the growing Central Texas region, and they match our strategy of identifying compelling opportunities to accelerate our growth and profitability," he said in a statement.

The sales agreement comes as a Schlitterbahn unit was required to pay a note of $ 186.4 million by June 1 to Kansas City real estate investment trust EPR Properties. The maturity date of the loan was extended one month.

The Henry family decided to sell the properties last year and have worked to identify a buyer to take over, according to the statement.

The company will continue to operate its South Padre water park and resort, which will be rebranded.

Tickets and season ticket prices as well as reservations will not change, the company says. Events will continue as planned.

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In February, criminal charges were dismissed against co-worker Jeff Henry and other officials of the Kansas City Park over the design and construction by Verrückt water slide.

They had been imposed in connection with the death of Caleb Schwab, a 10-year-old boy who was cut off while riding in 2016

The charges alleged that Henry and others designed a dangerous drive without proper skill, Tribune News reported Service. Prosecution offenses led a judge to dismiss the charges in February.

Cedar Fair said it was entitled to buy Kansas City property for $ 6 million.

The partnership that owned the Schlitterbahn water park on North Padre Island ran into financial problems as a result of a feud between the partners – which included the brothers Gary and Jeff Henry. The partnership was to build a massive development of residential properties, a marina and a waterfront experience modeled after the San Antonio River Walk.

Bickering triggered litigation and an arbitration procedure and forced the filing of an involuntary chapter 11 bankruptcy proceedings against the partnership of two Schlitterbahn-related companies two years ago.

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In May 2018, IBC Bank took over ownership of Schlitterbahn Riverpark & ​​Resort at a foreclosure auction after a bankruptcy manager failed to Find another buyer. The bank offers $ 20 million of the approximately $ 32 million owned by the partnership.

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