Great Wolf Resorts secures $63.9-million loan for new Concord resort
Published 12:00 am Wednesday, December 2, 2009
MADISON, Wis. ó Great Wolf Resorts, which bills itself as “North America’s leading family of indoor waterpark resorts,” announced this morning that it has closed on a $63.9-million construction loan to pay part of the costs of its new resort under construction in Concord.
The company broke ground on its Concord resort in October on Weddington Road near Speedway Boulevard.
The Concord resort is scheduled to open next spring.
The four-year loan is potentially expandable to $79.9 million. Marshall Financial Group is the lender and administrative agent for the new loan.
As of Wednesday, Marshall has obtained funding commitments from a group of lenders for approximately $63.9 million. Marshall and Great Wolf Resorts expect to continue to seek additional commitments to reach the $79.9 million maximum in the next 90 days.
“Our ability to complete a large construction loan in this challenging credit environment underscores the confidence the financial community has in Great Wolf Resorts and the merits of this project,” James A. Calder, Great Wolf Resorts chief financial officer, said in a press release. “With the combination of this loan, cash on hand and expected cash to be provided from operations, we believe we have the liquidity to complete construction of both our Concord resort and our major expansion at our existing Grapevine resort.”
“This is Marshall’s fourth loan with Great Wolf Resorts, a valued client of our company,” Scott Anderson, Marshall’s president and chief executive officer, said in the announcement. “We believe our ability to execute this loan in a difficult debt environment is a tribute to the strength of the Great Wolf Lodge brand.”
Madison-based Great Wolf Resorts operates its family resorts under the Great Wolf Lodge and Blue Harbor Resort brands. Great Wolf Resorts is a fully integrated resort company and owns and/or manages Great Wolf Lodges in Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; Pocono Mountains, Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; and Grand Mound, Wash.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis.
The company’s resorts generally feature 300 to 400 rooms and a large indoor entertainment area of 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness centers, themed restaurants, spas, supervised children’s activities and other amenities.