of flexible meeting space is complemented by a highly trained convention staff who handle a multitude of decisions and details to assure a successful meeting. Securities and Exchange Commission, Cedar Fair said annual lease costs varied "based on revenues and have historically approximated $6-$7 million a year." The California park opened in 1976.Sawmill Creek Resort and Conference Center facility is Ohio’s premier Lake Erie destination for productive meetings, conferences, conventions, trade shows, teambuilding, executive retreats and family reunions. The deal was announced in March.Ĭedar Fair had been leasing the land from the city of Santa Clara, Calif. On Friday, June 28, Cedar Fair said it had completed the $150 million purchase of the land, totaling 112 acres, upon which its California's Great America amusement park is located. Combined, the 15 parks and resorts will entertain more than 27 million guests annually, Cedar Fair said.
With completion of the transaction, Cedar Fair's portfolio now consists of 11 amusement parks, four outdoor water parks, an indoor water park and its resort accommodations. The company expects the two Texas locations "to achieve adjusted EBITDA margins in line with comparable Cedar Fair park-level results as management implements a number of growth and operational initiatives over the next two years," according to the release. They are Cedar Fair's first properties in the Lone Star State.Ĭedar Fair said in a news release that the Schlitterbahn properties in 2018 drew 1.2 million guests and generated revenue of about $68 million. The leadup to the July 4 holiday has been a busy one for Cedar Fair, which on Monday, July 1, announced it had completed the acquisition of two properties in Texas - Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston - for $261 million from Schlitterbahn Waterparks & Resorts. Cedar Fair previously announced the development of new hotels adjacent to two of its other amusement parks: a SpringHill Suites by Marriott at Carowinds in Charlotte, N.C., and a Hyatt-branded hotel on the site of its Canada's Wonderland amusement park near Toronto in Vaughan, Ontario. With the addition of the 236 rooms at Sawmill Creek, Cedar Fair will operate a total of more than 2,300 hotel rooms, according to the release. Amenities include indoor and outdoor swimming pools three restaurants a conference center an 18-hole, Tom Fazio-designed golf course and club and The Shops at Sawmill Creek. Sawmill Creek, which opened in 1972, sits on 235 acres, including 28 acres of Lake Erie waterfront with a marina, a half-mile beach and 50 acres of undeveloped land. Improvements are expected to be completed over the next two years.
#SAWMILL CREEK RESORT UPGRADE#
He said Cedar Fair "plans to make the necessary investment in Sawmill Creek to upgrade and modernize its guest rooms, resort facilities and infrastructure," though he did not disclose the dollar amount of that planned investment. Sawmill Creek's 236-room resort lodge "strengthens both Cedar Point's and the Sandusky area's appeal as a unique and adventurous vacation destination," Zimmerman said.
Existing Cedar Fair resort properties in the area are Hotel Breakers, Cedar Point's Express Hotel, Castaway Bay Indoor Waterpark Resort and Lighthouse Point. The Sandusky Register reported that the Erie County auditor's office valued the resort and convention center portions "at more than $8 million when last assessed in 2015."Ĭedar Fair president and CEO Richard Zimmermann said in a statement that Sawmill Creek will join the company's "growing portfolio of resort properties serving Cedar Point, Cedar Point Shores Waterpark and the Cedar Point Sports Center," which is in the process of being expanded to include an indoor sports facility. Financial terms of the transaction were not disclosed. The Sandusky-based operator of amusement and water parks said in a news release on Wednesday morning, July 3, that is has acquired Sawmill Creek Resort in nearby Huron. (NYSE: FUN) is on a buying spree, and its latest acquisition is a property in its back yard.
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