SANDUSKY, Ohio, Dec. 18. 1998 - Cedar Fair, L.P. (NYSE:
FUN), a publicly traded partnership which owns and operates five amusement
parks, today announced that it has reached agreement in principle for the
acquisition of the Buena Park Hotel, which is adjacent to its Knott's Berry
Farm park in Buena Park, California. The transaction is subject to a number
of conditions and conclusion of a definitive agreement. Further details
were not disclosed.
"The Buena Park Hotel will be a first-class facility once an extensive
renovation is completed in a few months, and should be an excellent complement
to Knott's Berry Farm," said Richard L. Kinzel, president and chief executive
officer of Cedar Fair. "We have had great success with the hotel facilities
at our Cedar Point resort, and we believe the hotel business represents
a good opportunity for us at our California park as well."
The Buena Park Hotel offers 320 guest rooms, more than 20,000 square
feet of conference and banquet room space, and various dining and entertainment
facilities.
"With the acquisition and renovation of the Buena Park Hotel, we will
be able to offer the guests
of Knott's Berry Farm all the amenities of a full vacation destination,"
said Jack Falfas, vice president and general manager of Knott's Berry Farm.
Cedar Fair owns and operates Cedar Point, located on Lake Erie between
Cleveland and Toledo; Knott's Berry Farm in Buena Park, California; Valleyfair
near Minneapolis/St. Paul; Dorney Park Wildwater Kingdom, near Allentown,
Pennsylvania; and Worlds of Fun and Oceans of Fun, in Kansas City, Missouri. |