Herschend Completes Acquisition of 24 US Attractions from Palace Entertainment
Herschend has successfully finalised its Herschend acquisition of Palace Entertainment’s 24 attractions across the US, which encompass theme parks, water parks, and family entertainment centres (FECs).
The agreement between Herschend and Palace Entertainment, a subsidiary of Parques Reunidos in the US, was made public in March this year.
Included in Palace Entertainment’s portfolio are notable theme parks such as Kennywood and Dutch Wonderland in Pennsylvania, as well as Lake Compounce in Connecticut.
Currently, Herschend operates a total of 49 properties. Prior to the Herschend acquisition, its portfolio featured 29 theme parks, tourist attractions, and resorts, including renowned sites like Dollywood and Silver Dollar City.
“This is a landmark moment – not just for Herschend, but for every host, guest, and community we serve,” remarked Andrew Wexler, CEO of Herschend.
“For us, this is far more than merely expanding our collection of family brands – growth is fundamentally about people.
“It’s about fostering a wonderful workplace where our hosts are passionate about their roles and can create memorable experiences for our guests for generations to come.”
Herschend Expands Its Portfolio
This deal marks a significant milestone for both companies, as Herschend continues its expansion in family entertainment and hospitality, while Parques Reunidos concentrates on its core European market.
“Our purpose has guided us through both prosperous and challenging times – and it will remain our compass as we embark on this new chapter,” stated Chris Herschend, board chair and third-generation owner.
“We are dedicated to making decisions that benefit the business, our hosts, and the communities we are privileged to serve.
“This process will require time, and we acknowledge that we won’t achieve perfection immediately, but we are committed to listening, communicating, and striving for continuous improvement.”
John Reilly, CEO of Palace Entertainment, previously expressed that Herschend is “the ideal organisation to lead Palace Entertainment’s unique properties.”
To facilitate the Herschend acquisition, Herschend initiated a $1.1 billion leveraged loan, as first reported by Bloomberg.
