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đź”´ PRIVATE EQUITY OWNED
Great Wolf Lodge
family resort · Chicago, IL
PE Firm
Blackstone / Centerbridge Partners
Acquirer
Blackstone Real Estate (65%) / Centerbridge Partners (35%)
Year Acquired
2019
“The water park where Blackstone makes a splash with your vacation budget.”
The PE Playbook
- •Blackstone acquired 65% controlling interest in 2019 in a $2.9 billion deal with Centerbridge
- •Blackstone has invested over $1.5 billion in the company since 2019
- •Aggressively expanding to 22+ resorts including new builds in Florida, Texas, and Connecticut
- •Family-focused pricing increasingly creeps upward as the PE growth machine demands returns
Since the Acquisition
- ▸Average nightly room rates rose from $241 to $274 by 2023 — a 14% increase under Blackstone ownership
- â–¸Mandatory resort fees of $29.99-$75 per night hidden throughout booking and only revealed at checkout
- ▸The resort fee covers 'amenities' like life jackets, towels, WiFi, and the coffee maker already in the room — items most hotels include free
- â–¸Multiple consumer complaints describe a 'bait and switch' where total cost is 20% more than advertised