USA: Blackstone to Acquire 65% Controlling Interest in Great Wolf Resorts
Blackstone Real Estate Partners IX, an affiliate of the New York City-based real estate investment group Blackstone, announced this week to acquire a majority ownership of 65 percent in Great Wolf Resorts, which belongs to Centerbridge Partners. Great Wolf Resorts, headquartered in Chicago/Illinois, is specialized in family-oriented entertainment resorts and currently owns and operates 18 resorts across the US. As part of the transaction, Blackstone and Centerbridge will form a new 2.9 billion USD (approx. 2.6 billion EUR) joint venture to own the company.
Tyler Henritze, Head of US Acquisitions for Blackstone Real Estate, comments, “We have been very impressed by the evolution and growth of the company under Centerbridge’s ownership. With the leadership of its talented management team, Great Wolf has enriched the guest experience and opened seven new lodges since 2015. We look forward to investing in these properties to further deliver for guests and grow the company.”
“We are pleased to welcome Blackstone as a new member of the Great Wolf pack and are excited to begin the next chapter for our rapidly expanding company. Great Wolf stands to benefit greatly from Blackstone’s world-class insights and expertise in hospitality […],” adds Murray Hennessy, CEO of Great Wolf Resorts. (eap)