CNL Lifestyle Properties has acquired Hawaiian Waters Adventure Park in Kapolei, on the island of Oahu, US, from a subsidiary of the Village Roadshow.

Although now owned by the US real estate investment trust, operation of the 29-acre waterpark has been leased back to the Australian global entertainment company.

As part of the deal, Village Roadshow will continue to operate the site and will rebrand the park as Wet 'n' Wild Hawaii.

"This transaction is a homerun for both sides," said Byron Carlock, CEO of CNL.

"We were looking for a vibrant operating partner with which to grow our portfolio of properties. Hawaiian Waters is exactly the kind of quality attraction we look for, where families can make lasting memories."

Graham Burke, managing director of Village Roadshow, added: "CNL is the perfect partner for us as we grow our highly successful water park business in the United States.

"This transaction provides us with financial flexibility, and a partner that shares our core values and aspirations."

Village Roadshow now plans to open a second Wet 'n' Wild waterpark in Phoenix, Arizona, US.