Blackstone agreed to acquire 65% of Great Wolf Resorts, a leading owner and operator of family-oriented entertainment resorts, from Centerbridge Partners. As part of the transaction, Blackstone and Centerbridge will form a new $2.9bn joint venture to own the company. “We are enthusiastic about partnering with Blackstone to continue accelerating the growth of the company. Blackstone is one of the most experienced and successful investors in the hospitality and leisure industries, and is highly supportive of Great Wolf’s growth potential and each lodge’s ability to provide unparalleled experiences for families.” William D. Rahm, a Senior Managing Director and Global Head of Real Estate at Centerbridge.