to Build $80 million Indoor Waterpark Resort Mid-way
between Portland and Seattle
|MADISON, Wis. & CHEHALIS RESERVATION, Wash. - June 29, 2005 --
Great Wolf Resorts, Inc. (NASDAQ: WOLF), the nation's largest owner, operator
and developer of drive-to family resorts featuring indoor waterparks and
other family-oriented entertainment activities, and The Confederated Tribes
of the Chehalis Reservation today announced the formation of a joint venture
to develop a 39-acre, $80-plus million Great Wolf Lodge resort and conference
center in Grand Mound, Washington, I-5 Exit 88. Great Wolf Resorts will
operate the resort under its Great Wolf Lodge brand, The Confederated Tribes
of the Chehalis Reservation will contribute the land needed for the resort,
and both parties will maintain equity positions in the joint venture.
"This joint venture between The Confederated Tribes of the Chehalis Reservation and Great Wolf Resorts is another clear example of our strategy to join with exceptional business partners to extend the reach of our brand geographically and enhance our national expansion plans," said John Emery, Great Wolf Resorts' CEO. "The location is mid-way between Portland and Seattle and has excellent visibility from Interstate 5. The site is ideal for the first-class, northwoods-themed indoor waterpark and conference facility we plan to build. This will be the first family vacation destination resort featuring an indoor waterpark in the Pacific Northwest."
Inspired by the spirit and adventure of a wilderness vacation, the four-story, 317-suite resort will provide a comprehensive package of first-class destination lodging amenities and activities. Planned amenities include a 65,000 square-foot indoor entertainment area, 30,000 square-foot conference center, family restaurants, an enormous arcade, gift shop, confectionery, Aveda(R) Spa, fitness center, outdoor recreation area and more. Following the Tribe's transfer of the land to trust, construction on the 380,000 square-foot building is scheduled to begin this fall with opening slated for late 2006.
"The new resort will be located within 180 miles of nearly 8 million people," said David Burnett, Chairman of the Business Committee for The Confederated Tribes of the Chehalis Reservation. "The Great Wolf Lodge with its conference center will be an outstanding addition to our community, welcoming both vacationers and business travelers. We are very excited to be a partner in this extraordinary project, as the Tribe continues to diversify our economic base, and provide many jobs for our neighbors."
About The Confederated Tribes of the Chehalis Reservation
About Great Wolf Resorts
This press release may contain forward-looking statements within the meaning of the federal securities laws.
Great Wolf Resorts
|Also See:||The Chehalis Tribe Building 70 room Hotel on the Grounds of the Lucky Eagle Casino, Rochester, Washington / August 2004|
|John Emery Named Chief Executive Officer of The Great Lakes Companies; Owner, Operator of Destination Resorts Under the Great Wolf Lodge Brand Name / December 2003|