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ALTOONA, Iowa — The Iowa family that has owned Adventureland Resort in Altoona for nearly 50 years is selling its business to a U.S. subsidiary of an international amusement park company.

Palace Entertainment, an amusement park company in the United States, announced Tuesday it is acquiring Adventureland Resort, which includes Adventureland Park, Adventure Bay Waterpark, Adventureland Inn, Adventureland Campground, Spectators Sports Bar & Grill and more.

Adventureland Resort was founded by Iowan Jack Krantz in 1974 and has been run by Krantz’s sons and daughter since his death 15 years ago.

“For almost fifty years, our family has worked hard to bring good times to people of all ages who come to the park to create life-long memories,” outgoing Adventureland Resort CEO Michael Krantz said in a statement. “Palace wants to carry these traditions forward so future generations can do the same. That would make our father incredibly happy.”

Palace Entertainment is a subsidiary of Parques Reunidos, an international amusement park company based in Spain that owns more than 60 attractions across Europe, North America, the Middle East and Australia. Palace Entertainment operates 24 attractions in ten different U.S. states.

“We are excited about adding Adventureland into our portfolio,” Palace Entertainment CEO John Reilly said in a statement. “We specialize in parks and venues that create experiences to be enjoyed over a lifetime, from childhood to young adulthood to parenting and grandparenting.”

Reilly said Palace Entertainment plans to add eight new family rides at Adventureland Park in 2022, plus two new attractions in 2023. Adventureland Park currently offers more than 100 rides and attractions.