Blackstone creates $2.9b JV with Centerbridge Partners

Blackstone Real Estate Partners IX, an affiliate of Blackstone, has acquired a 65 percent controlling interest in Great Wolf Resorts from affiliates of Centerbridge Partners.

Great Wolf owns and operates family-oriented entertainment resorts, with 18 resorts in the United States and Canada, and 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.

As part of the transaction, Blackstone and Centerbridge will form a new $2.9 billion joint venture to own the company.