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Thread: Frontier City

  1. #101

    Default Re: Local Investors buy Frontier City & White Water

    Frontier City, White Water Bay sold
    By Paul Monies
    The Oklahoman

    A Florida-based real estate investment trust will buy Oklahoma City amusement parks Frontier City and White Water Bay from Six Flags Inc. as part of a seven park, $312 million deal, the companies said Thursday.

    Six Flags shares rose more than 7 percent on the news in early trading on the New York Stock Exchange. The stock closed at $5.43 a share Wednesday.

    The company put several parks on the market last year in an effort to cut its $2.2 billion in debt. After a lengthy sale process, Six Flags said it will sell its Oklahoma City parks and five others to PARC 7F-Operations Corp. of Jacksonville, Fla. The $312 million deal consists of $275 million in cash and a $37 million receivable note.

    Speculation had centered on the sale of one of Six Flags' biggest parks, Magic Mountain in Valencia, Calif., but that park was not part of the transaction.

    "We're pleased with the sale price for this portfolio of parks, particularly since we were able to retain the Magic Mountain parks,” Mark Shapiro, Six Flags president and chief executive officer, said in a statement. "This transaction confirms the value inherent in our major market branded parks.”

    As well as Frontier City and White Water Bay, the parks sold are: Six Flags Darien Lake in Buffalo, N.Y.; Six Flags Elitch Gardens in Denver; SplashTown in Houston; Waterworld USA in Concord, Calif.; and Wild Waves and Enchanted Village in Seattle.

    Six Flags said the seven parks contributed $30 million to the company's operations in 2006, with total attendance of 3.6 million.

    As part of the deal, PARC will sell the parks to Florida real-estate investment trust CNL Income Properties Inc., which will turn around and lease the parks back to PARC.

    The transaction is expected to close in March.

  2. #102

    Default Re: Local Investors buy Frontier City & White Water

    Here's what I could find on CNL Income Properties:

    CNL Income Properties, Inc. is an unlisted real estate investment trust (REIT) that intends to acquire properties and lease them on a long-term, triple-net basis. CNL Income Properties intends to invest in properties that we believe have the potential to generate long-term revenue based upon certain demographic data, associated concentrations of wealth and other underwriting criteria and models that we have developed.

    The property sectors in which we initially are most likely to invest include the following (in no order of priority): dealerships, campgrounds and manufactured housing, mobile home or recreational vehicle parks, health clubs, parking lots, bowling alleys, golf courses, ski resorts, marinas, manufacturer's outlet centers, and vacation ownership resorts. CNL Income Properties is not restricted to the previous list and may acquire or invest in other property sectors. The portfolio is intended to provide investors with quarterly cash distributions and a hedge against inflation, while offering potential capital appreciation.*
    Not sure quite what, if anything, to think about it yet. Don't know if amusement parks fit in with long-term investment strategies...


    CNL Income Properties, Inc.

    -SoonerDave

  3. Default Re: Local Investors buy Frontier City & White Water

    I wasn't sure either what the long term plans might be... if they don't generate enough positive cash flow we might lose our parks still .. well, I guess we'll have to wait and see?
    " You've Been Thunder Struck ! "

  4. #104

    Default Re: Local Investors buy Frontier City & White Water

    At least they have lots of money behind them.

    Whether they spend it or not will have everything to do with attendance and revenues, and from the sounds of things both parks need some substantial improvements.

  5. Default Re: Local Investors buy Frontier City & White Water

    Doesn't sound like they know anything about operating amusement parks.

  6. Default Re: Local Investors buy Frontier City & White Water

    The tread title is now completely incorrect.

  7. #107

    Default Re: Local Investors buy Frontier City & White Water

    Just wanted to give you the Jacksonville insite. There are several luxury subdivsion and apartments around Jacksonville with the work Parc in the name. They were all built by a company called the PARC Group. The same PARC Group that bought the amusement parks. They are not a theme park operator, they are a real-estate developer. They also have built several large shopping centers around Jax.

    Many years ago an idea was floated to replace Frontier City with luxury homes. It looks like that might be run up the flag pole again in the near future. Don't count on Frontier City staying around for long.

  8. Default Re: Local Investors buy Frontier City & White Water

    Kerry, that was my gut reaction to this move as well. The parks will go away. Personally I feel the ideal situation is that this developer acquire property downtown for a new combined park and then re-develop the existing properties. There is no sense for them to be on opposite sides of town and would mean a lot to redevelopment along the river...possibly on the south side.

  9. #109

    Default Re: Local Investors buy Frontier City & White Water

    The PARC Group doesn't own any amusement parks and as far as I know, except for the ones just purchased, they have never operated them. There are not any amuesment parks in JAX and one very small water park. I would have to see where the other parks are located but I give both parks one final season and then you will see the rides being sold off.

    Amusement parks need new rides to keep crowds coming back and you know this group will not be introducing new rides to their parks. Attendance will only get worse and then they will close.

    I would love to see a large amusement park near downtown. In Wisconsin and Minnesota there are several very large in-door water parks. I would love for something like that to come to OKC. Could you imagine going down a water slide tomorrow in OKC?

  10. #110
    Patrick Guest

    Default Re: Local Investors buy Frontier City & White Water

    The company plans to operate the existing parks as-is.

  11. #111

    Default Re: Local Investors buy Frontier City & White Water

    Family focus pledged for city parks
    Owners will offer renewed emphasis

    By Paul Monies
    Business Writer

    The new owners and operators of Frontier City and White Water Bay plan to bring back a regional focus and family-friendly rides when they take over later this year.

    Six Flags Inc. said Thursday it will sell its two Oklahoma City parks and five others in a deal valued at $312 million to PARC 7F-Operations Corp. of Jacksonville, Fla. The transaction consists of $275 million in cash and a debt note of $37 million.

    The parks will remain operational for the 2007 season as planned, said Richard Jett, vice president for PARC Management. It's too early to say what new rides or upgrades might be planned for the future, he said.

    "We're very excited about the transaction,” Jett said. "We're looking forward to operating the parks, focusing on family values and meeting the needs of the local community.”

    As part of the deal, PARC will sell the seven parks to Florida real estate investment trust CNL Income Properties Inc., which will turn around and lease the parks back to PARC for operation under an initial 20-year lease.

    CNL Income Properties owns a portfolio of "lifestyle” properties such as golf courses, ski resorts, amusement parks and retail centers across the country. Spokeswoman Carolyn Gosselin said the trust has confidence in the management team that PARC has assembled.

    "They're going to be terrific managers of those parks,” Gosselin said. "They have about 40 years of experience in the regional park management business. We believe we are going to take those parks and return them to their former glory, which is focused on the regional economy and serving the people of that region.”

    PARC's executive team includes former managers of the Wet 'n Wild and Raging Waters chains of water parks. The company's chairman is Michael Jenkins, one of the original Six Flags executives at Six Flags Over Texas.

    Uncertainty over the future of the Oklahoma City parks contributed to lower attendance in 2006. As Six Flags grew in the late 1990s to a global chain of more than 30 parks, some locals felt the company ignored the smaller parks in its portfolio.

    "We want to make sure the product mix appeals to the local economy, and that's probably something that has been neglected over the last few years in those parks,” said Curt Caffey, director of investment for CNL Income Properties.

    Six Flags put nine parks on the market last year in an effort to cut its $2.2 billion debt load. Speculation centered on the real estate value of the parks for development in housing or retail, but executives quashed that in December by saying the parks would be sold as ongoing operations. The company's Magic Mountain theme park and Hurricane Harbor water park in suburban Los Angeles are not part of the $312 million deal.

    "We're pleased with the sale price for this portfolio of parks, particularly since we were able to retain the Magic Mountain parks,” Mark Shapiro, Six Flags president and chief executive officer, said in a statement. "This transaction confirms the value inherent in our major-market branded parks.”

    As well as Frontier City and White Water Bay, the parks sold are Six Flags Darien Lake in Buffalo, N.Y.; Six Flags Elitch Gardens in Denver; SplashTown in Houston; Waterworld USA in Concord, Calif.; and Wild Waves and Enchanted Village in Seattle.

    Six Flags shares rose more than 8 percent in heavy trading on the New York Stock Exchange. They closed at $5.90, up 47 cents.

  12. #112

    Default Re: Local Investors buy Frontier City & White Water

    Frontier City, White Water sold: Florida company buys seven properties from Six Flags
    by Jerry Shottenkirk
    The Journal Record

    1/12/2007 OKLAHOMA CITY – Six Flags Inc. on Thursday said it will sell Frontier City and White Water Bay as part of a seven-park package worth $312 million.

    PARC 7F Operations Corp., of Jacksonville, Fla., agreed to buy the properties. Officials there said the parks will in turn be sold to CNL Income Properties, which will lease them back to PARC.

    Six Flags also is selling Six Flags Darien Lake in Buffalo, N.Y.; Six Flags Elitch Gardens in Denver; SplashTown in Houston; Waterworld USA in Concord, Calif.; and the combined Wild Waves and Enchanted Village in Seattle. Individual price tags were not revealed.

    “We’re pleased with the sale price for this portfolio of parks, particularly since we were able to retain the Magic Mountain parks (in California),” said Mark Shapiro, Six Flags president and chief executive officer. “This transaction confirms the value inherent in our major market branded parks.”

    Six Flags will receive $275 million cash and a note for $37 million in the transaction, which is expected to close in March. The company announced last year its plan to cut debt and sell non-core assets.

    “We are not breaking out any of the prices in the portfolio,” said Carolyn Gosselin, spokeswoman for CNL Income Properties.

    Gosselin said CNL is excited to have Frontier City and White Water Bay as part of its lineup.

    “We are a real estate investment trust from Orlando (Fla.), and we have four primary areas of interest: attractions, marina, golf and recreation,” Gosselin said. “(Frontier City and White Water Bay) add a lot to our recreation segment. We own the real estate and have agreed to have PARC manage them. PARC has 40 years of management experience and we chose them because they have the experience and pedigree to return these parks to their original glory.”

    The New York Stock Exchange had a positive reaction to the Six Flags move as shares closed at $5.90, up 47 cents, or 8.66 percent, over the previous day.

    “It was very well received on the market and the volume reached 6.4 million shares, which is a lot of shares,” said Bob Rader of Capital West Securities.

    Six Flags had reported long-term debt of $2.1 billion. Attendance last year at the parks dropped 14 percent from 2005. The seven parks sold had a total attendance of 3.6 million last year and had $30 million in gross earnings. Six Flags will continue to own and operate 23 parks.

    Oklahoma City became the headquarters when Premier Parks bought Six Flags properties for $1.9 billion in 1997. Shapiro replaced CEO Kieran Burke in 2005 after a proxy fight led by Washington Redskins owner and investor Daniel Snyder, and the headquarters were moved to New York.

    Rader said it appears Six Flags is trying to turn a corner.

    “When a company is $2 billion-plus in debt, the debt service alone costs a lot,” Rader said. “Raising the cash they did will enable them to reduce some of that debt, and they did it by selling some of the parks that haven’t been as profitable as some of the others. So it’s probably a good thing for them.”

    Financial problems for theme parks are common, he said.

    “With a roller coaster, it costs as much with one person on it as it does when it’s full,” Rader said. “Theme parks have to find ways to get their attendance up. These are labor-intensive parks and are very expensive to operate. And it’s expensive to go to one. People have only so much disposable income, and these places are not a priority for a lot of people.”

  13. Default Re: Local Investors buy Frontier City & White Water

    Sounds like they will continue to operate as theme parks. Keep in mind that Tierco Properties was just a real estate investment firm when it bought Frontier City, and it went on to become Premier Parks and eventually Six Flags.

  14. #114

    Default Re: Local Investors buy Frontier City & White Water

    Yeah, I seriously doubt they will close or relocate the park. If anything I see them being renovated and possibly adding new rides, etc. Too much of a hassle and uproar if they were to close them and sell off all the rides for housing development, etc.

  15. Default Re: Local Investors buy Frontier City & White Water

    And I don't think they would just say this because they want to make money for one last season. Unlike the situation with the Hornets (or the Sonics for Seattle), knowing that an amusement park would close in a year, people would be more likely to go one last time, not stay away. So if they planned to close, I don't see any reason why they would hide that fact.

  16. #116

    Default Re: Local Investors buy Frontier City & White Water

    Quote Originally Posted by jbrown84 View Post
    Sounds like they will continue to operate as theme parks. Keep in mind that Tierco Properties was just a real estate investment firm when it bought Frontier City, and it went on to become Premier Parks and eventually Six Flags.
    And it worked out well for them. They went into debt - then more debt - and finally they all lost their jobs. Good plan. We will see if they add any new rides.

  17. Default Re: Local Investors buy Frontier City & White Water

    Quote Originally Posted by Kerry View Post
    And it worked out well for them. They went into debt - then more debt - and finally they all lost their jobs. Good plan. We will see if they add any new rides.
    Kerry, Actually when Tierco ran Frontier City it was a great little park. That was when it was renovated, new rides, landscaping, etc. The leadership changed just prior to the acquisition of Six Flags. In that sense, you are right, it became too big and it was a huge mistake. I think JBrown's point was that Tierco did a great job with Frontier City and they had no prior experience in theme parks and maybe, just maybe, we'll see the same thing again.

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  18. #118

    Default Re: Local Investors buy Frontier City & White Water

    Not saying PARC won't keep it - I just wouldn't count on it. I think once they have time to see all of the financial detail they will see that they can make a lot more money turning Frontier City into a shopping center or subdivision than they can keeping it as-is. Six Flags sold it because it was one of their lowest performing parks.

  19. #119

    Default Re: Local Investors buy Frontier City & White Water

    I am starting to wonder if the parks will remain in business. Frontier City has a fighting chance but, White Water on the other hand could be sold to commercial developers.

    The land White Water sets on could make a nice location for more furniture stores, a car or heavy truck dealership or a hotel. Then again this transaction may free up funding for upgrades, expansion and/or relocation of the parks.

    --------------------------------------------------------------------------------------------------


    Orlando-based CNL Income Properties buys 7 former 6 Flags parks
    The Associated Press
    Article Launched: 04/09/2007 12:13:49 PM PDT


    ORLANDO, Fla.- A Florida-based real estate investment trust said Monday it bought seven former Six Flags Inc. properties for $312 million.


    CNL Income Properties Inc. acquired the theme parks from PARC 7F Operations Corp. for $290 million in cash and a note receivable for $22 million. CNL will lease the properties to PARC, which will operate the parks under long-term, triple-net lease agreements, CNL said in a news release. PARC acquired the properties from Six Flags in a related $312 million stock purchase immediately prior to the sale of the properties to Orlando-based CNL, the release said.

    PARC managers said they want the parks to focus more on regional markets as well as guest safety and satisfaction.

    "As we complete the transaction, we are looking forward to the opportunity to refocus these parks on regional economies," said Randal H. Drew, president and CEO of PARC Management.
    The parks acquired in the transaction are: Darien Lake in Buffalo, N.Y.; Elitch Gardens in Denver; Frontier City & White Water Bay in Oklahoma City; Splashtown in Houston; Waterworld in Concord, Calif.; and Wild Waves & Enchanted Village in Seattle.

  20. Default Re: Local Investors buy Frontier City & White Water

    Wow. That's actually big news. The news release at least makes it sound like they will be around awhile.

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  21. #121

    Default Re: Local Investors buy Frontier City & White Water

    Quote Originally Posted by metro View Post
    ...Too much of a hassle and uproar if they were to close them and sell off all the rides for housing development, etc...
    Not to quibble, but for who? If making more by selling it off is an option over keeping the status quo, than why not? I'm not touting it, but if you could buy this place for a (relative) song and parse it out to developers (assuming they could do so at a large profit) they will do just that. Investors and stockholders do not necessarily care how you make a killing for them. They'll turn around and invest that profit into something else and forget the place ever existed. It's possible that keeping it as a park is more trouble than its worth. In the end, its an asset or liability to someone's portfolio.

  22. #122

    Default Re: Local Investors buy Frontier City & White Water

    Honestly I just don't see how White Water and Frontier City can stay in business at their current locations. I would much prefer to see the parks combine and become one large complex - maybe East of I-235 along Reno. There is nothing in this area except junk car lots, an old truck stop, and a hotel. There is more than enough room for both parks, parking, and maybe even some kind of resort hotel.

  23. Default Re: Local Investors buy Frontier City & White Water

    I don't know where you got that article. Thats 3 month-old news. See just a few posts before yours, Bacon.


    Quote Originally Posted by Kerry View Post
    Honestly I just don't see how White Water and Frontier City can stay in business at their current locations.
    There is just no basis for that argument. They have been in business in those locations for decades. Worlds of Fun in Kansas City is on the edge of town. Six Flags Fiesta Texas AND Sea World are both way on the edge of San Antonio.

    If you think these parks are on the edge of bankruptcy, how on earth do you think they can afford to buy up all that land in that area you're talking about, AND move all the rides there and reconstruct them, along with all new infrastructure?

  24. #124

    Default Re: Local Investors buy Frontier City & White Water

    Quote Originally Posted by Kerry View Post
    Honestly I just don't see how White Water and Frontier City can stay in business at their current locations. I would much prefer to see the parks combine and become one large complex - maybe East of I-235 along Reno. There is nothing in this area except junk car lots, an old truck stop, and a hotel. There is more than enough room for both parks, parking, and maybe even some kind of resort hotel.
    Sounds awesome!!! I would LOVE to see that....too bad it wont ever happen

  25. Default Re: Local Investors buy Frontier City & White Water

    I think it would be a great if there would be a way to reorganize the parks into a downtown/riverfront location. It will take a lot of money though, but the investment done right could yeild huge returns. What ever the new park would be named, it would be great to mix it up a bit.

    The Park, as we'll call it, would be split into seperate sections.
    1) Frontier City - much like what there is now, a few wooden rights, water rides, carnival games, and of course shows.
    2) Adventure Themed Park - Coasters, thrill rides, GameWorks type building, etc.
    3) Centennial Park - Work in the historical aspect of Oklahoma...past, present, and future concepts of Oklahoma.
    4) White Water Bay - mix of indoor water park/hotel developments, and the traditional water park along the river.

    The best idea would be to build the park on both sides of the river and connect it by water taxi, sky lift like ride, and/or a smaller version of the Disney/Vegas like monorail - like what was at the State Fair. The sky life/taxi would be the least likely with our winds here, but its about getting creative.

    If I get some time and boredom...I'll sketch up an idea behind this.

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