SANDUSKY, Ohio--(BUSINESS WIRE)--
Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced it has acquired Sawmill Creek Resort located in Huron, Ohio. Financial terms of the transaction were not disclosed.
Commenting on the acquisition, Cedar Fair President and CEO Richard Zimmermann said, “We are excited about the opportunity to add Sawmill Creek to our growing portfolio of resort properties serving Cedar Point, Cedar Point Shores Waterpark and the Cedar Point Sports Center, which is currently being expanded to include an indoor sports facility. Along with Hotel Breakers, Cedar Point’s Express Hotel, Castaway Bay Indoor Waterpark Resort and Lighthouse Point, 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 added that Cedar Fair plans to make the necessary investment in Sawmill Creek to upgrade and modernize its guest rooms, resort facilities and infrastructure. Improvements are projected to be completed over the next two years.
Sawmill Creek spans a total of 235 acres, including 28 acres of premium Lake Erie waterfront with a marina, a half-mile beach and 50 acres of undeveloped land. Amenities at the resort 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. In addition to golf and swimming, guests can choose from a variety of on and off-premise activities ranging from watersport rentals and fishing charters, to a sunset cruise on the legendary Sawmill Explorer.
Cedar Fair had previously announced the development of new hotels adjacent to two of its other amusement parks including a SpringHill Suites by Marriott at Carowinds in Charlotte, North Carolina, 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 guestrooms at Sawmill Creek Resort, Cedar Fair will operate more than 2,300 hotel rooms companywide.
Squire Patton Boggs served as legal advisor to Cedar Fair on the transaction, while Sawmill Creek Resort was represented by MelCap Partners, LLC.
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to make people happy by providing fun, immersive and memorable experiences, the Company owns and operates 11 amusement parks, including its flagship park, Cedar Point, four outdoor water parks, one indoor water park and resort accommodations totaling more than 2,300 rooms and more than 600 luxury RV sites. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario. It also operates an additional theme park in California under a management contract.
Forward-Looking Statements
Some of the statements contained in this news release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in the Company’s capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the “SEC”) could affect attendance at the Company’s parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
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