Herschend Acquires Palace Entertainment’s 24 US Attractions
In an exciting development within the theme park and entertainment industry, Herschend Enterprises has successfully completed its acquisition of Palace Entertainment, adding 24 US attractions to its extensive portfolio. This diverse collection includes celebrated theme parks, water parks, and family entertainment centers (FECs), marking a significant moment for both companies involved.
A Swift Journey to Expansion
The acquisition was first announced back in March 2023, with Herschend revealing its intention to expand its influence in the realm of family entertainment. Palace Entertainment, a subsidiary of Parques Reunidos, has a noteworthy portfolio featuring iconic attractions like Kennywood and Dutch Wonderland in Pennsylvania, as well as Lake Compounce in Connecticut. These parks not only have rich histories but also boast loyal followings that Herschend aims to cultivate further.
Strengthening the Herschend Portfolio
Before this acquisition, Herschend already operated 49 properties, including popular destinations like Dollywood and Silver Dollar City. With the addition of these new attractions, the company positions itself as a leader in family-focused entertainment. The acquisition not only signifies growth in numbers but also enhances Herschend’s commitment to creating memorable experiences for guests across various demographics.
Reflecting on Growth and Community Values
Andrew Wexler, CEO of Herschend, expressed the significance of this acquisition, stating, “This is a landmark moment—not just for Herschend, but for every host, guest, and community we serve.” His philosophy emphasizes that growth involves people and relationships. Wexler is committed to fostering a great workplace environment, enabling employees—referred to as "hosts"—to deliver unforgettable experiences for guests, ensuring lasting memories for generations.
A New Chapter for Both Herschend and Palace Entertainment
This acquisition is not merely a strategic business move; it represents a transformative phase for both Herschend and Palace Entertainment. As Palace Entertainment shifts its focus back to its core market in Europe, Herschend is eager to leverage this expansion to further its agenda in family entertainment and hospitality.
Chris Herschend, the board chair and third-generation owner, noted, “Our purpose has carried us through both bright seasons and challenging ones—and it will continue to guide us as we move into this next chapter.” His comments reflect a deep commitment to making principled business decisions while prioritizing community and host welfare.
Acknowledging the Challenges Ahead
While both Herschend and Palace Entertainment leaders acknowledge the exciting opportunities presented by this acquisition, they also recognize the challenges that lie ahead. John Reilly, CEO of Palace Entertainment, previously mentioned that Herschend is “the ideal organization to lead Palace Entertainment’s unique properties.” With this level of confidence, Herschend anticipates a journey that will involve ongoing communication and continuous improvement strategies.
Financial Backing for Future Endeavors
To facilitate this expansive growth, Herschend has initiated a $1.1 billion leveraged loan, as reported by Bloomberg. This financial maneuver reflects the company’s serious commitment to investing in its future and ensuring the successful integration of the new attractions into its existing operations. This step is vital as Herschend looks to enhance and rejuvenate the attractions that are now part of its portfolio.
As this acquisition unfolds, it will be intriguing to watch how Herschend balances the preservation of each attraction’s unique identity while synergizing them under the broader vision of family-oriented entertainment excellence.
