Blackstone Real Estate Partners IX (NYSE: BX) is acquiring a 65% controlling interest in Great Wolf Resorts and as part of the transaction, Blackstone and Centerbridge will form a new $2.9 billion joint venture to own the company.
Great Wolf is an operator of family-oriented entertainment resorts, with 18 resorts around the country.
“We have been very impressed by the evolution and growth of the company under Centerbridge’s ownership,” said Tyler Henritze, head of U.S. acquisitions for Blackstone real estate. “With the leadership of its talented management team, Great Wolf has enriched the guest experience and opened seven new lodges since 2015. We look forward to investing in these properties to further deliver for guests and grow the company.”
Blackstone shares were trading down 1.1% at $46.66 in Wednesdays pre-market session. The stock has a 52-week range between $55.17 and $26.88.
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