Great Wolf Resorts Announces License and Management Agreement for New Great Wolf Lodge in Garden Grove, CA
MADISON, Wis., Jun 28, 2010 (BUSINESS WIRE) --
Great Wolf Resorts, Inc.(R) (NASDAQ: WOLF), North America's largest family of indoor waterpark resorts, announced that it has signed License and Management Agreements related to the development of a new 600-suite Great Wolf Lodge(R) resort in Garden Grove, California's world famous International West Resort. The resort will be located less than two miles from Disneyland, near Anaheim and Los Angeles, and will be developed by McWhinney.
Great Wolf Resorts will receive license fees for use of the Great Wolf Lodge brand name and other intellectual property at the resort, and will receive management fees to operate the resort on behalf of the owner. It will also advise on certain development-related matters. The resort will be owned by a joint-venture, with Great Wolf Resorts receiving a minority equity interest for its development-related services. Additionally, the City of Garden Grove will contribute cash and bond proceeds to the resort, as well as establish a financing district to develop an adjacent parking structure.
Once complete, Great Wolf Lodge in Garden Grove's International West Resort, will be a full-service, family destination resort with 600 suites, 30,000 square feet of meeting space, 100,000 square feet indoor water park and additional indoor entertainment areas and amenities. Development is expected to begin in 2011. The Great Wolf Lodge project is contingent on obtaining construction financing, typical due diligence, and permit and license approvals.
"I am very excited about this license and management agreement. With a sizable population within a 3 hour drive along with the close proximity to Disneyland, we have an attractive location for Great Wolf's first California resort," said Kim Schaefer, Chief Executive Officer of Great Wolf Resorts. "The area is already established as a vacation destination with domestic and international travelers so it allows us to continue to monetize the value of the Great Wolf Lodge brand, business model and infrastructure. Utilizing joint ventures to grow our brand footprint with minimal capital requirements will help us to maximize the value of the company for shareholders."
Chad McWhinney, co-founder and chief executive officer of McWhinney commented, "We are pleased to be partnering with Great Wolf Resorts in developing a first-class destination. Our expertise as a comprehensive developer on the West Coast, combined with Great Wolf's leading brand in indoor water park resorts, is sure to result in a successful family destination."
"The Great Wolf Lodge will be the biggest attraction to be included in the International West Resort. This will be the most significant revenue generator in the City," said Matt Fertal, City Manager of the City of Garden Grove.
About Great Wolf Resorts, Inc.
Great Wolf Resorts, Inc.(R) (NASDAQ: WOLF), Madison, Wis., is North America's largest family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns, licenses and/or operates its family resorts under the Great Wolf Lodge(R) and Blue Harbor Resort(TM) brands. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis. Through Great Wolf Resorts' environmental sustainability program, Project Green Wolf(TM), the Company is the first and only national hotel chain to have all US properties Green Seal(TM) Certified - Silver.
The company's resorts are family-oriented destination facilities that generally feature 300 - 600 rooms and a large indoor entertainment area measuring 40,000 - 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children's activities and other amenities. Additional information may be found on the company's Web site at http://www.greatwolf.com.
McWhinney, Loveland, CO, is a diversified real estate company that is committed to creating great places for people and providing fabled experiences to its customers. As its primary industry, McWhinney develops authentic master-planned communities designed for every aspect of life. Since 1991, McWhinney has planned and developed more than 6,000 acres in several master-planned communities and over 4.0 million square feet of commercial and mixed-use properties throughout the Rocky Mountain region and the West Coast.
McWhinney is a team of talented people offering comprehensive development services from acquisition and planning to entitlement and execution of horizontal and vertical development. As a national real estate firm, McWhinney excels in developing large scale master-planned communities, commercial and mixed-use development, acquisition and investment in land, management and leasing of assets, and public/private partnerships with municipalities. Additional information may be found on the Company's web site at http://www.mcwhinney.com.