Blackstone to Acquire 65% Controlling Interest in Great Wolf Resorts & Form New $2.9 Billion Joint Venture With Centerbridge ...
October 02 2019 - 7:30AM
Business Wire
Blackstone Real Estate Partners IX, an affiliate of Blackstone
(NYSE: BX) (“Blackstone”), and affiliates of Centerbridge Partners,
L.P. (“Centerbridge”, the existing owner) announced today that
Blackstone is acquiring a 65% controlling interest in Great Wolf
Resorts, Inc. (“Great Wolf” or the “Company”). Great Wolf is a
leading owner and operator of family-oriented entertainment
resorts, with 18 resorts around the country. As part of the
transaction, Blackstone and Centerbridge will form a new $2.9
billion joint venture to own the Company.
Tyler Henritze, Head of US Acquisitions for Blackstone Real
Estate, commented, “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 enthusiastic about partnering with Blackstone to
continue accelerating the growth of the company,” stated William D.
Rahm, a Senior Managing Director and Global Head of Real Estate at
Centerbridge. “Blackstone is one of the most experienced and
successful investors in the hospitality and leisure industries, and
is highly supportive of Great Wolf’s growth potential and each
lodge’s ability to provide unparalleled experiences for
families.”
Murray Hennessy, the CEO of Great Wolf Resorts, stated, “We are
pleased to welcome Blackstone as a new member of the Great Wolf
pack and 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, and
values Centerbridge’s continued involvement as we look to further
expand the Great Wolf brand with the development of new resorts and
enhancements to our renowned immersive family experiences.”
Advisors
Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.
are serving as financial advisors to Great Wolf, and Simpson
Thacher & Bartlett LLP is serving as legal counsel to Great
Wolf.
Fried, Frank, Harris, Shriver & Jacobson LLC is serving as
legal counsel to Blackstone.
About Great Wolf Resorts, Inc.
Great Wolf provides safe and immersive entertainment experiences
for families in all seasons and all weather conditions across 18
resorts, or “lodges”, in the United States and Canada, with more in
the pipeline including a new lodge in Northern California scheduled
to open in 2020. Every Great Wolf lodge contains a full-service
hotel, expansive indoor waterpark, recreational activities
including game rooms, ropes courses, and family bowling alleys,
various food & beverage offerings, and themed experiences with
proprietary characters unique to Great Wolf. The company has
approximately 6,000 full-time employees nationwide.
About Centerbridge Partners, L.P. (“Centerbridge”)
Centerbridge Partners, L.P. is a private investment management
firm employing a flexible approach across investment
disciplines—from private equity to credit and related strategies,
and real estate—in an effort to find the most attractive
opportunities for our investors and business partners. The Firm was
founded in 2005 and as of June 30, 2019 has approximately $27
billion in capital under management with offices in New York and
London. Centerbridge is dedicated to partnering with world-class
management teams across targeted industry sectors and geographies
to help companies achieve their operating and financial objectives.
For more information, please visit www.Centerbridge.com.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has $154
billion of investor capital under management. Blackstone is one of
the largest property owners in the world, owning and operating
assets across every major geography and sector, including
logistics, multifamily and single family housing, office,
hospitality and retail. Our opportunistic funds seek to acquire
undermanaged, well-located assets across the world. Blackstone’s
Core+ strategy invests in substantially stabilized real estate
globally through regional open-ended funds focused on high-quality
assets, and Blackstone Real Estate Income Trust, Inc. (BREIT), a
non-listed REIT that invests in U.S. income-generating assets.
Blackstone Real Estate also operates one of the leading global real
estate debt businesses, providing comprehensive financing solutions
across the capital structure and risk spectrum, including
management of Blackstone Mortgage Trust (NYSE: BXMT).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191002005285/en/
FOR MORE INFORMATION Jason Lasecki Great Wolf Resorts,
Inc. Phone: 708.967.3325 Email: jlasecki@greatwolf.com
Blackstone Contact Jennifer Friedman
Jennifer.Friedman@blackstone.com Tel: (212) 583-5122
Centerbridge Contact Jeremy Fielding / Anntal Silver
Kekst CNC jeremy.fielding@kekstcnc.com / anntal.silver@kekstcnc.com
Tel: (212) 521-4800
Blackstone (NYSE:BX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blackstone (NYSE:BX)
Historical Stock Chart
From Sep 2023 to Sep 2024