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The “permanent closure” of Tsawwassen’s Splashdown Waterpark wasn’t that permanent after all.

Executive Hotels & Resorts, a Vancouver-based company with 16 hotels in Canada and the U.S., has bought the popular waterslide park and will renovate and reopen it as The Big Splash Waterpark this summer.

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In addition to reopening the waterpark, Executive also plans to build a boutique hotel on land adjacent to the waterpark and across from the new 1.2-million square foot Tsawwassen Mills mall.

In September, after 33 seasons of wet and wild fun, Splashdown’s doors were locked and its faucets shut off. The park’s lease was up and its former owners chose to close the park rather than renew.

Joe Ennis, director of services at Executive, said the hotel chain has arranged a 99-year lease with the 20-acre property’s owner, a member of the Tsawwassen First Nation.