Lucky Strike Entertainment, known for its bowling and amusement venues, is taking control of the real estate underpinning more than 50 of its locations across the U.S.
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Lucky Strike has acquired the real estate beneath 58 of its existing venues across 16 states for $306M, it announced Friday. The move is aimed at reducing annual rent obligations and gaining control over its key assets.
“By acquiring the real estate underlying these 58 existing locations, we maximize our flexibility to optimize our capital structure and location footprint,” Lucky Strike Chief Financial Officer Bobby Lavan said in a statement. “As we continue to make progress in our business, this transaction provides incremental opportunities to drive deleveraging in the short and medium term.”
The deal, financed with cash and a $230M bridge loan through Lucky Strike’s credit line, includes locations in California, Illinois, Georgia, Arizona and Colorado.
Lucky Strike didn't immediately respond to a request for comment on which locations were included in the deal.
The company was previously leasing the portfolio, paying $21M in annual rent with 15% increases every five years.
“The purchase price highlights the long-term attractiveness of the stable and growing cash flows of our individual locations,” Lavan said in the statement. “The transaction is immediately accretive to earnings and cash flow and positions us to continue reinvesting in our most profitable venues and initiatives.”
The deal marks its most significant acquisition of properties in 2025 so far. In March, the company acquired the 7-acre Visalia Adventure Park, which features an arcade, bumper boats, go-karts, a miniature golf course and a waterpark in Visalia, California, according to its website.
Bowling alley owner Bowlero purchased Lucky Strike in an all-cash $90M deal in 2023 when it had just 14 locations. The company, which also owns the Professional Bowlers Association, now has more than 360 locations across the U.S. with bowling alleys, amusement and water parks, and entertainment centers.
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