Wednesday, July 3, 2019 9:26 AM
Cedar Fair Press Release
SANDUSKY, Ohio--(BUSINESS WIRE)-- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced it has acquired Sawmill Creek Resort located in Huron, Ohio. Financial terms of the transaction were not disclosed.
Commenting on the acquisition, Cedar Fair President and CEO Richard Zimmermann said, “We are excited about the opportunity to add Sawmill Creek to our growing portfolio of resort properties serving Cedar Point, Cedar Point Shores Waterpark and the Cedar Point Sports Center, which is currently being expanded to include an indoor sports facility. Along with Hotel Breakers, Cedar Point’s Express Hotel, Castaway Bay Indoor Waterpark Resort and Lighthouse Point, Sawmill Creek’s 236-room resort lodge strengthens both Cedar Point’s and the Sandusky area’s appeal as a unique and adventurous vacation destination.”
Zimmerman added that Cedar Fair plans to make the necessary investment in Sawmill Creek to upgrade and modernize its guest rooms, resort facilities and infrastructure. Improvements are projected to be completed over the next two years.
Sawmill Creek spans a total of 235 acres, including 28 acres of premium Lake Erie waterfront with a marina, a half-mile beach and 50 acres of undeveloped land. Amenities at the resort include indoor and outdoor swimming pools, three restaurants, a conference center, an 18-hole, Tom Fazio-designed golf course and club, and The Shops at Sawmill Creek. In addition to golf and swimming, guests can choose from a variety of on and off-premise activities ranging from watersport rentals and fishing charters, to a sunset cruise on the legendary Sawmill Explorer.
Cedar Fair had previously announced the development of new hotels adjacent to two of its other amusement parks including a SpringHill Suites by Marriott at Carowinds in Charlotte, North Carolina, and a Hyatt-branded hotel on the site of its Canada's Wonderland amusement park near Toronto in Vaughan, Ontario. With the addition of the 236 guestrooms at Sawmill Creek Resort, Cedar Fair will operate more than 2,300 hotel rooms companywide.
Squire Patton Boggs served as legal advisor to Cedar Fair on the transaction, while Sawmill Creek Resort was represented by MelCap Partners, LLC.
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