SOURCE: Imperial Capital

Imperial Capital

January 24, 2011 04:30 ET

Imperial Capital, LLC Advises Santa Monica Amusements L.L.C. in Its Sale/Leaseback With CNL Lifestyle Properties, Inc.

LOS ANGELES, CA--(Marketwire - January 24, 2011) - Imperial Capital, LLC announced that it acted as exclusive financial advisor to Santa Monica Amusements L.L.C. d/b/a Pacific Park ("Pacific Park") with respect to the sale and leaseback of substantially all of its assets to CNL Lifestyle Properties, Inc., a real estate investment trust (REIT). Pacific Park, which opened in 1996, will continue to be operated by its previous investors and led by the existing management team. Located on the Santa Monica Pier, Pacific Park has become an iconic southern California attraction, which caters to not only local residents, but tourists as well. Pacific Park CEO and General Manager Mary Ann Powell states, "We are excited about the partnership with CNL Lifestyle Properties, which allows us to continue to develop the vision of the Park."

The transaction adds to CNL Lifestyle Properties' holdings of lifestyle properties, which include ski resorts, golf courses, marinas and gated attractions. CNL Lifestyle Properties President and CEO Byron Carlock states, "We are pleased to own such an iconic asset leased to such an accomplished tenant operator. With four million visitors to the Santa Monica Pier each year, this will be our most heavily visited attraction."

Imperial Capital, LLC served as the exclusive financial advisor to Pacific Park for the transaction. "We are excited to have helped Pacific Park's investors monetize their investment in such an important landmark in southern California. This transaction was truly a win-win-win for the investors, CNL Lifestyle Properties and the management team," according to Randy Bort, Managing Director at Imperial Capital. Jason Reese, Chairman and CEO of Imperial Capital, states, "This transaction demonstrates how Imperial Capital's bankers can creatively structure transactions for unique situations."

About Imperial Capital, LLC

Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Houston. The firm currently employs over 170 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at www.imperialcapital.com.

About Santa Monica Amusements L.L.C. d/b/a Pacific Park

Pacific Park, a Southern California icon, is the only oceanfront, admission-free amusement park on the West Coast. Pacific Park caters primarily to the approximately 10 million residents of Los Angeles County and the 55 million tourists traveling to Southern California each year. Occupying approximately 70,000 square feet and covering two acres on the Santa Monica Pier, the Company offers amusement rides, midway games and attractions, a food plaza and gift shop as well as a variety of attractions and entertainment. Pacific Park is best known for the Pacific Wheel, a state-of-the-art solar powered Ferris wheel with programmable LED lighting and the West Coaster, the only steel rollercoaster on a Pier over the ocean. More information about Pacific Park can be found at www.pacpark.com

About CNL Lifestyle Properties

CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 151 properties in the United States and Canada in the lifestyle and recreation sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com.

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