Cedar Fair Entertainment Company, the Ohio-based amusement parks, waterparks and active entertainment group, has sold Knott's Soak City – Palm Springs, a standalone waterpark in Southern California, to CNL Lifestyle Properties.

CNL will retain the rights to the Knott's Soak City – Palm Springs name through the end of 2013, and no impact to customers is expected during this transition.

The park will continue its regular operating schedule and all season passes sold will be recognised through the park's 2013 operating season currently scheduled to close on Sunday, October 6, 2013.

Cedar Fair said the net proceeds from this sale will be reinvested in the group's core assets, including the multi-year refreshment of hotel properties in Sandusky, Ohio, which was announced last year.

Financial terms of the transaction were not disclosed.