SM PIER — Popular Santa Monica attraction Pacific Park is set to be sold for $34 million, with final approval of the sale expected to come during tonight’s City Council meeting, a staff report stated.
If the council approves the sale, City Manager Rod Gould would be authorized to complete the deal.
Santa Monica Amusements, the group that has owned and operated the park since its opening in 1996, is expected to sell the amusement park to CNL Lifestyle Properties, a group of investors that owns other business in the leisure and entertainment industry.
Once completed, City Hall will receive a transfer premium payment of $1.4 million.
While ownership of the property will change hands once the agreement is finalized, the current management group is expected to stay on to run the park.
“It’s a big sale, but not a huge change,” a source close to the talks said.
Pacific Park is a popular tourist destination located on the Santa Monica Pier, attracting thousands to the destination every day.