A Florida-based real estate investment firm has bought Hawaiian Waters Adventure Park in Kapolei from its Australian owner in a deal that will allow the seller to continue operating the 10-year-old attraction.

The buyer, CNL Lifestyle Properties Inc., said the acquisition won't affect park operations, which include previously planned ride additions and a name change to Wet 'n' Wild Hawaii this summer.

CNL bought the park for about $29 million, and will lease the 29-acre property back to the seller, a subsidiary of Melbourne, Australia-based Village Roadshow Ltd.

Village Roadshow bought the park last May for $27 million.

This summer, Village Roadshow plans to introduce a whitewater family raft ride and a teen-oriented multilane race slide called the Octopus. Another planned addition for the end of June is showing "dive-in" movies at the wave pool.

Since Village Roadshow's purchase, the company introduced the Tornado water slide and the Tipping Bucket. Two rides, Volcano Express and the Cliffhanger, are being renovated.

Village Roadshow in a statement said the sale-leaseback with CNL gives it financial flexibility to grow its water park business.

For CNL, the acquisition is part of an aggressive growth strategy executed over the past few years.

"We were looking for a vibrant operating partner with which to grow our portfolio of properties," Byron Carlock, CNL president and CEO, said in a statement. "Village Roadshow is a major force in the entertainment industry."

Village Roadshow is Australia's largest theme park operator, and also is involved in the production and distribution of movies, radio and music. The publicly traded company reported a net profit of about $25 million in the six months ended Dec. 31, and $194 million for its fiscal year ended June 30, 2008.

CNL is a privately held real estate investment trust with a portfolio of 115 properties in the United States and Canada. The company specializes in attractions including golf courses, ski mountains, water parks and marinas.

Established in 2003 as CNL Income Properties, the company has acquired $1.8 billion in property, mostly since 2006. Many of the acquisitions have been deals leasing back the properties to the sellers for operation.

CNL reported net income last year of $37 million on revenues of $210 million.

Hawaiian Waters is CNL's only holding in Hawai'i, though a prior affiliate of the company once owned the Grand Wailea Resort Hotel & Spa on Maui.