Adventureland Resort sold to Madrid operator

Adventureland Resort amusement park, which boasts more than 100 rides and other attractions, is set to be bought by Pittsburgh-based Palace Entertainment, a subsidiary of Parques Reunidos, a global company headquartered in Madrid, Spain.

The Altoona park was founded in 1974 by Jack Krantz and has been run his children since Krantz died 15 years ago.

Financial terms of the acquisition were not disclosed.

Palace Entertainment operates 24 entertainment venues in the United States, the company said in a news release. Parques Reunidos said it has more than 60 different theme parks, zoos, marine and water parks, lodging properties and other attractions in Europe, North America, the Middle East and Australia.

Beginning next year, Adventureland Platinum season pass holders will be able to visit all Palace Entertainment sister parks free of charge, according to the release.

In July, Adventureland’s Raging River ride capsized while a Marion family was aboard. Michael Jaramillo, 11, died and his brother, David Jaramillo, 16, spent four weeks in a Des Moines hospital. David was on life support for part of that time.