Blackstone has acquired a 65% stake in a $2.9bn US resorts business from existing owner Centerbridge Partners.
In a joint statement, the companies said Blackstone鈥檚 Real Estate Partners IX fund has bought the controlling interest in Great Wolf Resorts and has formed a joint venture with Centerbridge to own the asset.
Great Wolf owns and operates 18 family-oriented entertainment resorts and lodges in the US and Canada, with more in the pipeline including a new lodge in Northern California scheduled to open in 2020.
Tyler Henritze, head of US acquisitions for Blackstone Real Estate, said: 鈥淲e have been very impressed by the evolution and growth of the company under Centerbridge鈥檚 ownership.
鈥淲ith the leadership of its talented management team, Great Wolf has enriched the guest experience and opened seven new lodges since 2015.鈥�
William D Rahm, a senior managing director and global head of real estate at Centerbridge, said: 鈥淲e are enthusiastic about partnering with Blackstone to continue accelerating the growth of the company.
鈥淏lackstone is one of the most experienced and successful investors in the hospitality and leisure industries, and is highly supportive of Great Wolf鈥檚 growth potential and each lodge鈥檚 ability to provide unparalleled experiences for families.鈥�
Murray Hennessy, the CEO of Great Wolf Resorts, said: 鈥淕reat Wolf stands to benefit greatly from Blackstone鈥檚 world-class insights and expertise in hospitality, and values Centerbridge鈥檚 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.鈥�
