The new partnership, called Oahu Entertainment Parks, L.P., acquired the controlling interest in Attractions Hawaii, the parks' owner, which announced in early August that it was bringing in new local investors. No sales price was disclosed.
The parks were running well but the business was in default on a $12 million Bank of Hawaii loan and the new investors were needed to clear that up, Jeff Pietsch, Attractions Hawaii operations officer, said at the time.
A brief announcement from Oahu Entertainment Parks today said that the new partnership took over management of the two tourist facilities on Tuesday.
Jeff Pietsch remains as chief operating officer and general manager of Attractions Hawaii. Tom Shaw will continue to serve as general manager of Waimea Falls Park. The group headed by Wolffer, a New Yorker who has invested in Kona property in the past, will be represented in Hawaii by Rodney L. Sato.
The first priority is to reinvigorate and revitalize the parks, the investors said. "Short range plans call for new directions and incentives for all employees, financial repositioning of the parks and improved maintenance of the park grounds and facilities," the announcement said. Plans include expansion into ecotourism.