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.Great Wolf Resorts, Inc. Obtains Four Year Construction Loan of $63.9 million
to Partialy Fund the Construction of New Resort in Concord, North Carolina

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MADISON, Wis., April 30, 2008 — Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s leading family of indoor waterpark resorts, today announced that the company has closed on a construction loan of $63.9 million to fund a portion of the total costs of the company’s Great Wolf Lodge® resort under construction in Concord, N.C.  The four-year loan is potentially expandable to a maximum principal amount of up to $79.9 million.  The Concord resort is on schedule to open in Spring 2009.

Marshall Financial Group is the lender and administrative agent for the new loan.

As of April 30, 2008, Marshall has obtained firm funding commitments from a group of lenders for approximately $63.9 million for the loan.  Marshall and Great Wolf Resorts expect to continue to seek additional commitments to increase the balance of the loan toward the $79.9 million potential maximum amount over the next 90 days.

“Our ability to complete a large construction loan in this challenging credit environment underscores the confidence the financial community has in Great Wolf Resorts and the merits of this project,” commented James A. Calder, Great Wolf Resorts chief financial officer.  “With the combination of this loan, cash on hand and expected cash to be provided from operations, we believe we have the liquidity to complete construction of both our Concord resort and our major expansion at our existing Grapevine resort.  We will continue to explore opportunities to further increase our liquidity through borrowings on our unlevered or lower-levered assets, while maintaining a prudently leveraged balance sheet.”

“This is Marshall’s fourth loan with Great Wolf Resorts, a valued client of our company,” said Scott Anderson, Marshall’s president and chief executive officer.  “We believe our ability to execute this loan in a difficult debt environment is a tribute to the strength of the Great Wolf Lodge brand.”

Forward-Looking Statements
 
This press release may contain forward-looking statements within the meaning of the federal securities laws. 
 
About Great Wolf Resorts, Inc.
 
Great Wolf Resorts, Inc.® (NASDAQ: WOLF), Madison, Wis., is North America’s largest family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns and operates its family resorts under the Great Wolf Lodge® and Blue Harbor Resort™ brands.  Great Wolf Resorts is a fully integrated resort company and owns and/or manages 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; and Grand Mound, Wash.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis.  A Great Wolf Lodge currently is under construction in Concord, N.C. and a 203-suite expansion is under construction at the company’s Grapevine resort.

The company’s resorts are family-oriented destination facilities that generally feature 300 to 400 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet.  The all-suite properties offer a variety of room styles, arcade/game rooms, fitness centers, themed restaurants, spas, supervised children’s activities and other amenities.  Additional information may be found on the company’s Web site at www.greatwolf.com.

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Contact:

Alex Lombardo
(703) 573-9317
www.greatwolf.com
 

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Also See: Great Wolf Resorts Planned $100 million Water Park Resort Triggers a Battle of Incentives Between Potential Sites / June 2007
Concord, North Carolina Tourism Officials Discussing Ways to Find 600 Person Workforce for Five New Hotels Opening, Including 409 room Great Wolf Lodge / March 2008
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