Investment firm to buy Great Wolf Lodge resorts

Posted at 1:52 PM, Mar 13, 2012
and last updated 2012-03-13 13:52:07-04

WILLIAMSBURG, Va. (WTVR) – If you’re planning a trip to Williamsburg, ownership at one resort is changing.

New York-based Apollo Global Management LLC said Tuesday it will buy Great Wolf Lodge Resorts for $703 million, which includes taking on the company’s outstanding debt.

Great Wolf Resorts, which operates 11 properties around the country, including one in Williamsburg, said the deal got the green light from an independent review committee.

Apollo is offering to buy all outstanding shares of Great Wolf common stock for $5 per share.

“After a thorough assessment, we concluded that the proposal put forth by Apollo is the best way to maximize value for shareholders, who will receive a substantial and immediate cash premium for their shares,” said Kim Schaefer, Chief Executive Officer for Great Wolf, in a statement. “We are excited about the prospect of working with Apollo as we further capitalize on opportunities to refine and grow our Great Wolf Lodge brand.”