GLENDALE, AZ-CNL Lifestyle Properties Inc. has signed an agreement with Village Roadshow to acquire the Wet 'n' Wild waterpark. In addition to buying the real property for $33 million, CNL Lifestyle also acquires the North American rights to the Wet 'n' Wild brand name.

The theme park at 4243 W. Pinnacle Peak Rd. is situated on 35 acres and features 30 water slides and attractions. Thanks to the region's warm, dry and consistent weather, the park (which opened in 2009) has an extended operating season.

Once the transaction closes in late November, Premier Parks LLC will lease Wet 'n' Wild Phoenix and Wet 'n' Wild Hawaii, which is also owned by CNL Lifestyle Properties and currently operated by Village Roadshow. Premier, which is led by Kieran Burke, former chairman and CEO of Six Flags Entertainment Corporation, operates theme and water parks throughout the United States, including other attractions owned by CNL Lifestyle Properties. Wet 'n' Wild Phoenix will be the 12th water park in the CNL Lifestyles Properties portfolio, which currently includes a total of 24 attractions in the U.S.