January 14, 2010
Pamadison, WI -- Great Wolf Resorts announced it signed a letter of intent to operate a Great Wolf Lodge resort adjacent to The Galleria at Pittsburgh Mills in Tarentum and near Pittsburgh. The deal calls for Great Wolf Resorts to receive license fees for the use of the Great Wolf Lodge brand name and intellectual property and management fees to operate the resort on behalf of the owner.
The resort is being developed by Zamias Services, Inc. and will be a joint-venture, with Great Wolf Resorts receiving a small minority equity interest for its development-related services.
The Pittsburgh resort will be the company's fourth that it manages and in which it does not have a majority ownership interest.
"As part of the company's long-term strategy to pursue license-and-management transactions, we are very excited about the development of a new Great Wolf Lodge resort which will be connected to The Galleria at Pittsburgh Mills, " said Kim Schaefer, chief executive officer of Great Wolf Resorts. "This deal is representative of the types of opportunities that the company intends to pursue, requiring minimal capital commitment on our behalf while expanding our brand footprint and growing our cash flow."
Great Wolf Lodge at Pittsburgh will be a first-class, full-service, family destination resort serving the greater Pittsburgh area and the surrounding region.
"The resort will provide the area's many residents a distinctive and memorable year-round vacation experience," added Schaefer.
The company says it target's guests within a three-hour drive of the resort.
Great Wolf Resorts is North America's largest family of indoor waterpark resorts. The company operates twelve resorts including one in Pennsylvania's Pocono Mountains and another Sandusky, Ohio.
Additional information may be found on the company's Web site at www.greatwolf.com
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