SeaWorld Sold to Blackstone
As we reported on a previous post concerning rumors on the sale of Sea World, the Blackstone Group has announced an agreement in principle for the purchase of SeaWorld from Anheuser-Busch InBev for $2.7Billion.
According to the Orlando Sentinel, Busch Entertainment is currently the second largest developer and operator of theme parks in the United States.
Who is the Blackstone Group? The public company (NYSE Symbol: BX) defines itself as an asset management and financial services firm. In 2007, the company reported revenues of over $3 billion. The Blackstone Group is headquartered in New York City and has roughly 1,100 employees. Notable investments in other hospitality businesses include the Hilton Hotels Corporation, La Quinta, Travelport, and Luxury Resorts.
The Blackstone Group already has a 50% stake in Universal and other entertainment venues such as Madame Tussauds Wax Museum and Legoland. Blackstone is also a heavyweight investor in British entertainment as a co-owner of Merlin Entertainments Group. Merlin manages such large British attractions as SeaLife (second largest atttraction in Europe), Gardaland, Alton Towers, Thorpe Park, Heide Park, and Chessington World of Adventures.
Legoland
Interestingly, there were persistent rumors earlier this year that Legoland might develop a location in Orlando. This rumor did not become a reality at least as of this date. This purchase certainly indicates that despite the sluggish economy, Orlando attractions are still viable as blue chip equity investments. Expansion and growth in the local market will stimulate the economy and provide additional job opportunities. Having a liquid equity investor such as the Blackstone Group interested in capitalizing high quality entertainment in Orlando is a good thing for Central Florida.
With Disney’s purchase of Marvel, the upcoming opening of Harry Potter Land and this news, stay tuned for more exciting innovative entertainment concepts coming to Orlando in the future. These events should only continue to attract an ever growing global travel audience. This will certainly be to the benefit of resort villas in Orlando.
[…] recent noteworthy article by the Financial Times indicates that the Blackstone purchase of SeaWorld is a marked indicator that the world’s largest private equity firm has now turned optimistic […]