Schlitterbahn Corpus Christi Sale Sheet Now Available
Now’s the time to move on a once-in-a-lifetime opportunity to own your own business! Schlitterbahn Riverpark and Resort in Corpus Christi is for sale — without an asking price. Stalking horse offers will be allowed, however, so the bank holding the lien on the bankrupt property does not get lowballed on the sale.
Here’s the story. Schlitterbahn Corpus Christi, which has been fraught with problems since it first went through a year of delayed openings, defaulted on a $16 million loan from the International Bank of Commerce. On May 1, 2017, Upper Padre Partners, LP, the property developer, filed for Chapter 11 bankruptcy.
A judge declared the company had until Jan. 31 to come up with the money owed or face a Feb. 5 auction on the Nueces County Courthouse steps. The auction was cancelled after negotiations between all parties. Instead, Keen Summit Capital Partners was designated as the broker to handle the sale.
According to the sales sheet, the property represents a $77 million investment in a nine-hole, 61-acre golf course; a 92-room hotel with bars, a restaurant and meeting rooms; a waterpark with concert venue and multiple rides; and 170 acres of land ripe for development. Top selling points include the fact that 13 million people “reside within a 300-mile radius.” The projected stabilized revenue is set at $17,990,000.
Located at 14353 Commodores Drive on North Padre Island, the resort is minutes from Corpus Christi’s beaches.
The incentive sheet for potential buyers also lists as an asset the approval of the Corpus Christi City Council, which has valued the project at $552 million and provided millions in incentives to the original investors.
Perhaps most important, the new owner will take title of the property “free and clear of all liens, claims and encumbrances.”
Don’t want the whole thing? Keen Summit will consider selling it off in parts.
For more information, visit keen-summit.com and get ready to make an offer.
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