This story has been updated to specify that John Reilly is the chief operating officer of Palace Entertainment.
After decades of family ownership, Adventureland amusement park is being sold. 
On Tuesday, Pittsburgh-based Palace Entertainment announced it was purchasing the Altoona theme park. Nick Paradise, a spokesman for Palace, said the deal would be concluded Tuesday.
Des Moines businessman Jack Krantz opened Adventureland in 1974. For the first nine years, it was a publicly-traded company. Then in 1983, Jack Krantz bought out other investors to prevent the park from being sold to a group from Chicago.
After he died in 2006, his four children took over operating the park.
Michael Krantz, son of the Adventureland founder and CEO of the family enterprise, said he thinks his father would approve of the sale to Palace.
“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,” he 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 did not disclose a purchase price. The Altoona park, hotel, campground and waterpark are valued at $21 million for tax purposes, according to Polk County property records.
Palace Entertainment is based in Pittsburgh and is a subsidiary of global theme park operator Parques Reunidos in Madrid, Spain.
Palace owns parks that include Pennsylvania’s Kennywood, Noah’s Ark Waterpark in the Wisconsin Dells, Castle Park in Riverside, California, and Sea Life Park Hawaii in Oahu. It also owns Raging Waters – Sydney in Australia.
Existing holders of Adventureland’s Platinum Season Pass, available online for $399, will gain free entry to Palace’s other parks. 
Palace theme parks:
Palace water parks:
Palace family entertainment centers:
Palace’s parent company operates more than 60 amusement parks and similar attractions around the world, primarily in Europe.
The new owners plan to immediately invest in the park, announcing they intend to open eight new attractions there in 2022 and two more in 2023. Adventureland officials announced in September they were planning to open nine new rides and a “renaissance faire.”
“We are excited about adding Adventureland into our portfolio,” John Reilly, Palace’s chief operating officer, said in a prepared statement. “We specialize in parks and venues that create experiences to be enjoyed over a lifetime, from childhood to young adulthood to parenting and grand-parenting.”

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