PITTSBURGH, Pa. – Kennywood amusement park and Sandcastle water park will be sold to Herschend under a sales agreement with the previous owner, Parques Reunidos of Spain.
More than 20 properties in 10 states owned by Parques Reunidos through its Pittsburgh-based Palace Entertainment are included in the sale, including Idlewild Park and Soak Zone in Ligonier, Pa., and Dutch Wonderland in Lancaster, Pa.
Herdchend already owns many amusement and water parks, including Dollywood in Missouri. The purchase of the Palace properties, announced Tuesday, supports Herschend’s expansion in family entertainment and hospitality while allowing Parques Reunidos to reinforce its strategic focus on its core European market.
“This year, we’re celebrating 75 years of bringing families closer together – and looking ahead to the next 75,” Andrew Wexler, CEO of Herschend, said in a news release.
With this acquisition, Herschend will strengthen its position as the world’s largest family-held themed entertainment company, with a broad portfolio of brands spanning theme parks, aquariums, resorts and attractions that collectively entertain more than 20 million annual guests.
“Herschend is the ideal organization to lead Palace Entertainment’s unique properties,” said John Reilly, Palace Entertainment chief executive officer. “Herschend is best in class in providing a high-quality guest experience within its parks.”
Herschend said it is committed to ensuring a smooth transition for employees, guests and communities. No immediate changes are planned for daily operations, according to the news release.
The transaction is subject to customary closing conditions and is expected to close thereafter.
Kennywood, in West Mifflin, Pa., had been a family business from its start in 1906 until its sale to Parques Reunidos in 2007. Parques had announced a year ago that it was interested in selling Kennywood and its other parks.
Kennywood will open for the season April 17, and Sandcastle will open May 24.