Knott’s Owners Complete Purchase

The owner of Knott’s Berry Farm said Friday it has completed its purchase of the Buena Park Hotel & Convention Center for $17.5 million in cash. In buying the 320-room hotel, at Crescent and Grand avenues, Knott’s positions itself to compete more effectively with Disneyland. The Anaheim theme park, the county’s largest tourist draw, is planning to open a second theme park and a third Disney hotel in 2001. Knott’s is trying to develop a similar resort-styled park, but on a smaller scale. In March, the board of Knott’s parent company, Cedar Fair LLC in Ohio, is expected to approve a water-themed park at California’s oldest theme park. “Knott’s will be able to offer its guests all of the elements of a full vacation destination,” said Richard Kinzel, Cedar Fair’s chief executive. The hotel’s renovation, launched under its previous owners, will be continued, a company spokesman said. Kinzel noted previously that the pool will be expanded and a couple of spas will be added. The facility also includes conference and banquet room space. Cedar Fair’s stock closed at $24.75, up 19 cents, on the New York Stock Exchange.