Cedar Fair LP Selling California's Great America Amusement Park To JMA Ventures LLC

Great America Sold To SF-Based Real Estate Group That Includes The 49ers

SANDUSKY, Ohio (AP) -- Cedar Fair LP is selling its California's Great America amusement park to real estate investment firm JMA Ventures LLC for $70 million in cash.

The company, which runs amusement parks, water parks and hotels, said Monday that it plans to use the sale's proceeds to lower its senior secured debt.

Cedar Fair bought California's Great America, located in Santa Clara, Calif., in 2006. The amusement park has more than 50 rides and attractions.

"As part of our regular comprehensive review of our portfolio of parks, we determined that divesting a smaller park like California's Great America at an attractive market value created a compelling business opportunity that we couldn't pass up," CEO Dick Kinzel said in a statement.

The deal, which needs approval from the City of Santa Clara, is expected to close in the fourth quarter.

Cedar Fair, based in Sandusky, Ohio, owns and runs 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Earlier this month the company said that its attendance and guest spending are higher this year so far than in 2010.UPDATE: The San Francisco Examiner reports that San Francisco 49ers owners the York family will contribute to the purchase for a yet-to-be disclosed amount. "We are excited about this new opportunity and partnership with JMA," the 49ers said in a statement. "We believe this venture will enhance both Great America Park and the Santa Clara Stadium project."

Popular in the Community

Close

What's Hot