The Miami Seaquarium is one of the top attractions in the state of Florida, however, things are going to be changing for this tourist destination in the near future. The business was recently purchased by California-based Palace Entertainment.
There is a lot that goes into a business acquisition, especially when so much money is changing hands. According to the Seaquarium's president and general manager, negotiations with the buyer have been taking place for the past two years.
The 38-acre park has been popular among locals and tourists for many years, due in large part to the fact that the Flipper television show was filmed there in the 1960s. Although Palace Entertainment will be the new owner of the park, nobody knows for sure just yet what this will mean to the future of the Miami Seaquarium.
What is known is that Palace Entertainment is one of the biggest names in the theme park industry. At this time, the company owns seven theme parks, along with 20 family entertainment centers as well as 10 water parks. This is not the company's first foray into Florida, as it has two entertainment centers in the state.
At this time, the terms of the deal have yet to be disclosed. There have been past reports of a $30 million sales price, but the Seaquarium's president and general manager said this was not accurate.
A business acquisition of this size often takes a long time, and this can be seen by the two years it took these companies to work out the finer details of the transaction.
Source: Miami Herald, "California theme park company to buy Miami Seaquarium" Hannah Sampson, Mar. 28, 2014