Tuesday, September 21, 2021

CNL LIFESTYLE PROPERTIES ENTERS INTO SALE LEASEBACK FOR HAWAII’S PREMIER WATER PARK

CNL Lifestyle Properties, Inc., a real estate investment trust (REIT) focused on lifestyle properties, announced today that it has acquired the Hawaiian Waters Adventure Park in Kapolei, on the island of Oahu, from a subsidiary of Village Roadshow
Limited (VRL:AU), a publicly traded global entertainment and media company based in Melbourne, Australia, and leased the park back to that entity to operate under a long-term lease. Park operations will not be impacted by the transaction.

Nestled amid the sunny slopes, cliffs and natural beauty of West Oahu, Hawaiian Waters is
Hawaii’s only water park. The park opened in 1999 and was acquired by Village Roadshow in
2008. Covering 29 acres in West Oahu, it can accommodate 6,000 guests, making it a significant
water park by world standards. Attractions include Shaka, “the world’s wildest half-pipe;”
Volcano Express, a 5 ½ story slide where four riders race to the finish line; and the Tornado, a
130-foot tunnel with a 50-foot drop, installed by Village Roadshow last summer as part of a
multi-million dollar expansion.

Effective this summer, Village Roadshow will rebrand the park as Wet ‘n’ Wild Hawaii, and will
also open a second Wet ‘n’ Wild water park in Phoenix, Ariz.

“This transaction is a homerun for both sides,” said Byron Carlock, president and CEO of CNL
Lifestyle Properties. “Village Roadshow is a major force in the entertainment industry. We were
looking for a vibrant operating partner with which to grow our portfolio of properties. Hawaiian
Waters is exactly the kind of quality attraction we look for, where families can make lasting
memories, and we look forward to working with Village Roadshow in the future.”

Graham Burke, managing director of Village Roadshow Limited said, “CNL Lifestyle Properties is the perfect partner for us as we grow our highly successful water park business in the United
States. This transaction provides us with financial flexibility, and a partner that shares our core
values and aspirations.”

Village Roadshow, founded in 1954, is a leading international entertainment and media company with its core businesses of Theme Parks, Film Distribution, Cinema, Radio, Film Production and Music. It is best known in the United States for its Los Angeles-based movie production business, which produced films such as the Matrix trilogy, the Oceans trilogy, Charlie and the Chocolate Factory, Happy Feet, I Am Legend and Get Smart. The company is Australia’s largest theme park owner, with extensive holdings including: Sea World, in Queensland; Warner Bros. Movie World; Wet ‘n’ Wild Water World; the Australian Outback Spectacular; and the Sydney Aquarium, among others.

Including Hawaiian Waters, CNL Lifestyle Properties owns 25 attractions properties, making it
one of the largest regional theme park owners in the United States.

Martin Palicki
Martin Palicki owns and publishes InPark Magazine. Started in 2004, InPark Magazine provides owners and operators the perspective from "in"side the "park." Martin has also written for publications like Sound & Communications, Lighting & Sound America, Attractions Management and others. Martin has been featured in Time Magazine, CNN.com and Folio. Martin lives in Milwaukee, Wisconsin, USA.

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