CNL Income, Great Wolf form venture
5th Oct 2005, 13:10 GMT
CNL Income Properties Inc., an Orlando-based real estate investment trust focused on leisure properties, announced Tuesday that it is forming a joint venture with Great Wolf Resorts Inc. to acquire the Great Wolf Lodge in Wisconsin Dells, Wis., and the Great Wolf Lodge in Sandusky, Ohio. The $114.5 million transaction is expected to close by the end of thus year. The agreement calls for CNL to own about 70 percent of the joint venture with Great Wolf Resorts owning the balance. Great Wolf will continue operating the properties and will license the Great Wolf Lodge brand to the joint venture for 25 years. The properties are debt-free, and Great Wolf Chief Executive Officer John Emery said the $98.6 million the company expects to net from the transaction will be used for future development. Great Wolf, based in Madison, Wis., specializes in drive-to family resorts with indoor water parks.
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