Business & Tech

Pacific Park Sale Was 'a Win-Win-Win,' Banking Firm Says

Imperial Capital, LLC, which announced Monday that it acted as a financial adviser in the deal, said Pacific Park's investors, management and new owners will all benefit from the sale.

The of , approved by the last month, was a mutual success for the park's investors, management and new owners, Imperial Capital, LLC said on Monday. The investment banking firm announced that it acted as the exclusive financial adviser to Santa Monica Amusements L.L.C. in its negotiations with the new owner, real estate investment trust CNL Lifestyle Properties, Inc.

"We are excited to have helped Pacific Park's investors monetize their investment in such an important landmark in southern California," Imperial Capital Managing Director Randy Bort said. "This transaction was truly a win-win-win for the investors, CNL Lifestyle Properties and the management team."

The park will continue to be run by its current management team and investors. Pacific Park CEO Mary Ann Powell, and Director of Marketing and Sales Jeff Klocke, are highly engaged in the community of Santa Monica.

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"We are excited about the partnership with CNL Lifestyle Properties, which allows us to continue to develop the vision of the park," Powell said.

The new owners appear to be equally enthused about the deal. "We are pleased to own such an iconic asset leased to such an accomplished tenant operator," CNL Lifestyle Properties President and CEO Byron Carlock said. "With 4 million visitors to the each year, this will be our most heavily visited attraction."

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CNL Lifestyle Properties is located in Orlando, FL, and also owns Arrowhead Golf Club, Mountain High Ski Resort, WaterWorld and other lifestyle-oriented properties.

According to a city council staff report, the assignment of the lease will result in the City of Santa Monica receiving a one-time transfer premium payment of approximately $1.4 million from the asset purchase agreement. Under the terms of the lease, the city is the landlord. In September 2002, the city and Santa Monica Amusements entered into the lease agreement, which was recommended by the Santa Monica Pier Restoration Corporation (SMPRC).


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