Blackstone affiliate acquires Great Wolf Resorts for $2.9B

Great Wolf Resorts has a new majority owner in Blackstone Real Estate Partners IX, an affiliate of the Blackstone Group Inc., according to the Wall Street Journal.

Blackstone says its affiliate will acquire a 65 percent controlling interest in the family resorts company, and that Blackstone and Centerbridge Partners LP, the current owner of Great Wolf, would form a $2.9 billion joint venture to own the company.

Great Wolf, which was founded in Wisconsin Dells and has its headquarters in Madison, operates 18 resorts around the U.S. with plans for a 19th location in northern California.