Real Estate Central

BESSEMER, Ala., May 15 /PRNewswire/ — Adrenaline Family Entertainment,
Inc. announced today the acquisition of Alabama Adventure in Bessemer,
Alabama. Adrenaline Family Entertainment is a theme park operating company
made up of former seasoned senior Six Flags Inc. executives and majority
owned by Angelo, Gordon & Co., an alternative investment management firm
with more than $18 billion of assets under management. The acquisition is
expected to be completed on May 15, 2008.

Adrenaline Family Entertainment’s CEO, Hue Eichelberger, was previously
an Executive Vice President at Six Flags responsible for overseeing that
company’s operations in the eastern half of North America. Eichelberger
commented, “The acquisition of Alabama Adventure was based on the quality
of the Park, the impressive turnaround under the seller’s ownership, the
strength of the greater Birmingham market and the potential for significant
growth.” Alabama Adventure is the second Park purchased by Adrenaline in
the past year and fits its business model of acquiring and operating high
quality entertainment venues in strong regional markets.

The seller, Southland Entertainment, LLC, acquired the park in 2003 and
has since invested substantial capital, including new rides and
attractions. Southland will now turn its attention and resources to the
development of the adjacent 157 acre parcel for which preliminary
development plans include a hotel/indoor waterpark project, a possible RV
park project and other commercial and retail development. Southland
President, Kent Lemasters, stated, “Our decision to sell the Park was based
not only on our desire to develop the real estate around the park, but it
was also important for us to sell to someone who has the resources and
experience to expand the park.”

Adrenaline Family Entertainment’s resources, operating experience and
capital investment plan are expected to contribute to an improved park
experience. Eichelberger, the Company’s CEO, said, “We are committed to
delivering top quality family entertainment to our visitors and are excited
to show the people of the great state of Alabama what we can do.”

Alabama Adventure is currently open weekends and will begin fulltime
operation May 22nd.



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Source: Real Estate Newswire