Great Wolf Completes Acquisition of Minority Interest
Great Wolf Lodge in Mason
JUNE 20, 2007. Great Wolf Resorts, Inc. (NASDAQ:WOLF), North America's leading family of indoor waterpark resorts, today announced the closing of its purchase of a 15.9% minority equity interest in the joint venture that owns the Great Wolf Lodge(R) resort in Mason, Ohio. The minority equity interest was purchased from an affiliate of CBS Corporation, which had initially contributed the land needed for the resort. Following the purchase, Great Wolf Resorts' ownership interest in the joint venture has increased from 84.1% to 100%. The purchase of the minority equity interest does not affect the joint venture's Marketing Agreement with the owner of the adjacent Kings Island theme park.
"Our purchase of this minority equity interest allows us to increase our ownership interest in the joint venture at an attractive price," said John Emery, chief executive officer. "We believe that bringing this asset completely under our ownership control increases our flexibility and options in operating the resort going forward. The purchase price of $6.9 million approximated the original contribution value of CBS's joint venture equity interest. We have enjoyed the opportunity to work with CBS as a joint venture partner in the development and opening of this resort."
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