Great Wolf Resorts Announces License and Management Agreement for New Great Wolf Lodge in Pittsburgh, PA

Great Wolf Resorts, Inc.®, North America’s largest family of indoor waterpark resorts, announced that it has signed a letter of intent related to the proposed development of a Great Wolf Lodge® resort adjacent to The Galleria at Pittsburgh Mills in Tarentum, Pennsylvania, outside of Pittsburgh. The resort will be developed by Zamias Services, Inc.

Great Wolf Resorts will receive license fees for use of the Great Wolf Lodge brand name and other intellectual property at the resort, and will receive management fees to operate the resort on behalf of the owner. It will also advise on certain development-related matters. The resort will be owned by a joint-venture, with the company 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. The resort will provide the area’s many residents a distinctive and memorable year-round vacation experience,” said Kim Schaefer, chief executive officer. “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 is a leading family entertainment brand, and we believe there are numerous opportunities such as this to leverage our brand, business model and expertise.”

Once complete, Great Wolf Lodge at Pittsburgh will be a first-class, full-service, family destination resort serving the greater Pittsburgh area and the surrounding region.