Premier Parks LLC, which operates theme and water parks throughout the United States, will become the new operator of Wet’n’Wild Hawaii.

CNL Lifestyle Properties Inc., the Orlando, Fla.-based owner of the Kapolei water park, said Thursday that Premier Parks will take over the lease of the park next month from Australian-based Village Roadshow Ltd., which is divesting its water park interests in the United States to focus on other countries where the financial return might be greater.

CNL, a real estate investment trust, acquired the Oahu park for $25.8 million on May 6, 2009, and changed the name from Hawaiian Waters Adventure Park. CNLleased the park back to Village Roadshow, one of the largest theme park operators in Australia. Village Roadshow had bought the park for $27 million in 2008.

CNL is also acquiring the North American rights to the Wet’n’Wild name.

Premier Parks is led by Kieran Burke, former chairman and CEO of Six Flags Entertainment Corp., and operates other attractions owned by CNL Lifestyle Properties.

"CNL Lifestyle Properties has an outstanding reputation in the industry and has been a great partner, working with us to help create the best and most memorable experiences possible for the guests at its properties," Burke said. "We are delighted to have this opportunity to strengthen a solid working relationship with CNL Lifestyle Properties through the management of these two additional water parks."

Buren Shen, general manager of Wet’n’Wild Hawaii, didn’t return messages seeking comment on possible changes at the park.