{"id":515319,"date":"2021-07-20T16:18:18","date_gmt":"2021-07-20T20:18:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vici-properties-inc-announces-strategic-arrangement-with-great-wolf-resorts-inc-and-blackstone\/"},"modified":"2021-07-20T16:18:18","modified_gmt":"2021-07-20T20:18:18","slug":"vici-properties-inc-announces-strategic-arrangement-with-great-wolf-resorts-inc-and-blackstone","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vici-properties-inc-announces-strategic-arrangement-with-great-wolf-resorts-inc-and-blackstone\/","title":{"rendered":"VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><strong>VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone<\/strong><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nVICI Properties Inc. (NYSE: VICI) (\u201cVICI Properties\u201d or the \u201cCompany\u201d) announced today that the Company has entered into a strategic arrangement with Great Wolf Resorts, Inc. (\u201cGreat Wolf\u201d) (a Blackstone Real Estate (\u201cBlackstone\u201d) portfolio company), whereby VICI Properties may provide certain financing for the construction and development of Great Wolf Lodge resorts throughout the United States.\n<\/p>\n<p>\nAs part of this arrangement, VICI Properties has agreed to provide a $79.5 million mezzanine loan investment related to the development of the more than $250 million Great Wolf Lodge Mid-Atlantic project in Perryville, MD, which was announced today and is expected to be completed by the summer of 2023. The mezzanine loan has an interest rate of 8% and an initial term of 3 years with two successive 12-month extension options subject to certain conditions. The investment is expected to be funded in accordance with a construction draw schedule.\n<\/p>\n<p>\nIn addition, pursuant to a non-binding letter agreement, VICI Properties will have the opportunity for a period of up to five years to provide up to a total of $300 million of mezzanine financing for the development and construction of Great Wolf\u2019s extensive domestic and international indoor water park resort pipeline.\n<\/p>\n<p>\nDavid Kieske, Executive Vice President and Chief Financial Officer of VICI Properties, said, \u201cThis strategic arrangement with Great Wolf, the leading indoor water park resort operator in the U.S., and Blackstone, a global leader in real estate investing, represents the continuation of partnering with the best leisure and hospitality operators in diversifying VICI\u2019s investments and expanding our overall platform. We have studied the indoor water park resort sector extensively and this investment reflects our high conviction in the experiential and operational complexity, resiliency and barriers to entry that make this a very attractive sector for our capital. VICI has a proven track record of working collaboratively with operating partners to creatively structure transactions that work for all parties and we are excited to support the Great Wolf team as they continue to expand the company.\u201d\n<\/p>\n<p>\nGreat Wolf Lodge Maryland will be a year-round family destination filled with attractions and amenities for all ages. The resort will sit on 48-acres and feature:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAn expansive 126,000-square-foot indoor waterpark, heated to a comfortable 84 degrees and featuring a variety of body slides, tube slides, raft rides, activity pools and splash areas for every member of the family \u2013 from toddlers and teens, to parents and grandparents\n<\/li>\n<li>\nA 57,000-square-foot family entertainment center known as the Great Wolf Adventure Park will offer a variety of family-friendly attractions, including MagiQuest \u2013 Great Wolf Lodge\u2019s exclusive live-action adventure game where players use interactive magic wands to battle goblins and dragons\n<\/li>\n<li>\nA collection of complimentary family events and activities including Yoga Tails, a morning exercise program that combines tales from animal friends found in the Northwoods with yoga poses, and Great Wolf Lodge\u2019s signature Story Time event, where children gather around the fireplace for a bedtime tale\n<\/li>\n<li>\nSeveral dining options that will appeal to a variety of culinary styles ranging from pizza and burgers, to upscale dining at Barnwood and premium ice cream treats at Wood\u2019s End Creamery\n<\/li>\n<li>\nFamily friendly suites in a variety of categories and styles including Great Wolf themed suites with separate sleeping quarters for kids designed as either a log cabin or wolf den and outfitted with bunk beds and Great Wolf character theming. The resort will also feature approximately 700 rooms, including suites with multiple bedrooms for large families or multi-generational groups\n<\/li>\n<li>\nApproximately 12,000 square-feet of flexible conference space with breakout rooms, built-in A\/V technology, customizable catering options and a team of dedicated industry professionals to tend to every meeting need.\n<\/li>\n<\/ul>\n<p><b>About VICI Properties <\/b><\/p>\n<p>\nVICI Properties Inc. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties\u2019 national, geographically diverse portfolio consists of 28 gaming facilities comprising over 47 million square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., Hard Rock International Inc., JACK Entertainment LLC and Penn National Gaming, Inc. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties\u2019 strategy is to create the nation\u2019s highest quality and most productive experiential real estate portfolio. For additional information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.viciproperties.com&amp;esheet=52462879&amp;newsitemid=20210720005917&amp;lan=en-US&amp;anchor=www.viciproperties.com&amp;index=1&amp;md5=4de8bc937b9f6e58919853dc82f6fd7d\">www.viciproperties.com<\/a>.\n<\/p>\n<p><b>About Great Wolf Resorts, Inc.<\/b><\/p>\n<p>\nGreat Wolf Resorts, Inc. is North America\u2019s largest family of indoor waterpark resorts, and through its subsidiaries and affiliates, owns, operates and develops family resorts under the Great Wolf Lodge brand. Great Wolf lodges provide an immersive entertainment experience suitable for the entire family in all seasons and all weather with interactive water experiences and vibrant family entertainment. All lodges are strategically located within a four-hour drive of major metropolitan markets with attractive demographic profiles.\n<\/p>\n<p>\nGreat Wolf Resorts opened its first location in 1997 in Wisconsin Dells, Wisconsin and is a fully integrated resort company with locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; Pocono Mountains, Pa.; Niagara Falls, Ontario, Canada; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash., Fitchburg, Mass., Charlotte, N.C.; Garden Grove, Calif., Colorado Springs, Colo., Bloomington, Minn., LaGrange, Ga., Gurnee, Ill.; Scottsdale, Ariz.; and Manteca, Calif.\n<\/p>\n<p><b>About Blackstone Real Estate<\/b><\/p>\n<p>\nBlackstone is a global leader in real estate investing. Blackstone\u2019s real estate business was founded in 1991 and has $196 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone\u2019s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (BXMT).\n<\/p>\n<p><b>Forward-Looking Statements <\/b><\/p>\n<p>\nThis press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words \u201cassumes,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cguidance,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cwill,\u201d and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company\u2019s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect the Company\u2019s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof and the ability of the parties to negotiate and reach agreement upon definitive documentation with respect to any potential future transactions described herein) are detailed from time to time in the Company\u2019s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210720005917r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210720005917\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210720005917\/en\/<\/a><\/span><\/p>\n<p><b>Investors:<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:Investors@viciproperties.com\">Investors@viciproperties.com<br \/>\n<\/a><br \/>(646) 949-4631\n<\/p>\n<p>\nOr\n<\/p>\n<p>\nDavid Kieske<br \/>\n<br \/>EVP, Chief Financial Officer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:DKieske@viciproperties.com\">DKieske@viciproperties.com<\/a><\/p>\n<p>\nDanny Valoy<br \/>\n<br \/>Vice President, Finance<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:DValoy@viciproperties.com\">DValoy@viciproperties.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York Maryland<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Commercial Building &amp; Real Estate Construction &amp; Property Lodging Finance Travel Banking Professional Services REIT<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone NEW YORK&#8211;(BUSINESS WIRE)&#8211; VICI Properties Inc. (NYSE: VICI) (\u201cVICI Properties\u201d or the \u201cCompany\u201d) announced today that the Company has entered into a strategic arrangement with Great Wolf Resorts, Inc. (\u201cGreat Wolf\u201d) (a Blackstone Real Estate (\u201cBlackstone\u201d) portfolio company), whereby VICI Properties may provide certain financing for the construction and development of Great Wolf Lodge resorts throughout the United States. As part of this arrangement, VICI Properties has agreed to provide a $79.5 million mezzanine loan investment related to the development of the more than $250 million Great Wolf Lodge Mid-Atlantic project in Perryville, MD, which was announced today and is expected to be completed by the summer &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vici-properties-inc-announces-strategic-arrangement-with-great-wolf-resorts-inc-and-blackstone\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-515319","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vici-properties-inc-announces-strategic-arrangement-with-great-wolf-resorts-inc-and-blackstone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VICI Properties Inc. Announces Strategic Arrangement With Great Wolf Resorts, Inc. and Blackstone NEW YORK&#8211;(BUSINESS WIRE)&#8211; VICI Properties Inc. (NYSE: VICI) (\u201cVICI Properties\u201d or the \u201cCompany\u201d) announced today that the Company has entered into a strategic arrangement with Great Wolf Resorts, Inc. (\u201cGreat Wolf\u201d) (a Blackstone Real Estate (\u201cBlackstone\u201d) portfolio company), whereby VICI Properties may provide certain financing for the construction and development of Great Wolf Lodge resorts throughout the United States. As part of this arrangement, VICI Properties has agreed to provide a $79.5 million mezzanine loan investment related to the development of the more than $250 million Great Wolf Lodge Mid-Atlantic project in Perryville, MD, which was announced today and is expected to be completed by the summer &hellip; Continue reading &quot;VICI Properties Inc. 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