CNL shells out $51.85 million for Rapids Water Park

CNL Lifestyle Properties has purchased assets tied to Rapids Water Park, South Florida’s largest water park, in West Palm Beach for $25.15 million, the South Florida Business Journal reported. The firm had already paid some $26.7 million for the park’s real estate, bring the total purchase of Rapids up to $51.85 million. CNL now controls the park’s 30-acres of real estate, the physical assets of the functioning business and “the intangible value of the park’s history and marketability,” CNL spokesperson Mark Tosczak told the Business Journal. The water park, which is located at 6566 North Military Trail, is leased and operated by Rapid Holdings —  headed by Kieran Burke, former chairman and CEO of Six Flags Entertainment. [SFBJ] — Christopher Cameron