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December 9, 2024

Private equity backing fuels Great Wolf Lodge’s aggressive expansion into CT, elsewhere

HBJ PHOTO | GREG BORDONARO Great Wolf Lodge Connecticut General Manager Henry Tessman (left) and Jason Lasecki, Great Wolf’s vice president of corporate communications.
By Hanna Snyder Gambini
RELATED STORY: Water park, other recent upgrades reflect Foxwoods' efforts to become luxury resort destination
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Great Wolf Lodge, the family-oriented resort chain known for its indoor water parks, is set to make a splash in Connecticut with a new location adjacent to Foxwoods Resort Casino.

The $300 million property, slated to open next spring, represents a strategic expansion for the company and highlights the growing influence of private equity in the hospitality sector.

The Mashantucket facility will feature a 92,000-square-foot indoor water park with 13 slides, a wave pool, lazy river, water play areas and more, in addition to a 549-room hotel and dining options.

The grand opening has been set for May 23.

The new site will be the 23rd overall for Chicago-based Great Wolf Lodge, which has expanded its footprint aggressively from just 12 locations about a decade ago.

In recent months, Great Wolf debuted new facilities in Houston, Texas and Naples, Florida. Future expansion could include international sites in Canada and the U.K.; there is currently only one Great Wolf location outside the U.S., in Niagara Falls, Ontario, Canada.

Spurring the growth is the company’s private equity ownership.

In 2019, New York-based private equity giant Blackstone acquired a 65% controlling interest in Great Wolf Resorts Inc., and formed a $2.9 billion joint venture to own the company with Centerbridge Partners L.P.

Since then, Blackstone has invested over $1.5 billion in the company, according to Jason Lasecki, Great Wolf’s vice president of corporate communications.

Leading the new Connecticut location is General Manager Henry Tessman, who has been with the company for over a decade. He led Great Wolf Lodge’s 2014 opening in Fitchburg, Mass., which involved a renovation of an existing water park facility.

He recently moved to Preston to oversee the Connecticut location, which is a ground-up development.

Great Wolf Lodge’s value proposition, Lasecki said, is that it offers a quick getaway for its targeted customer base: young families.

“We like to say that we’re kind of close, convenient and carefree,” Lasecki said. “When this lodge opens up, we’ll be within a four-hour drive radius of about 90% of the U.S. population. So, it’s easy for a family to just get in the car, drive over, they don’t have to worry about the hassles and expense of airfare.”

In terms of local competition in Connecticut, Lake Compounce and Quassy amusement parks also offer water parks and target young families.

Symbiotic relationship

Another key strategy for Great Wolf is opening in popular urban areas or near an established attraction, like Foxwoods Resort Casino in Connecticut.

Foxwoods is not a direct business partner in the water park; Great Wolf is simply leasing the land from the Mashantucket Pequot Tribe.

But both companies hope to create a mutually beneficial relationship.

The resort expects to complement Foxwoods’ existing family-friendly attractions, such as go-karts, zip lines and a museum, to extend guest stays in the area.

Tessman said the new Connecticut location will have multiple dining options, a full-service Dunkin’ Donuts, and 5,000 square feet of meeting space, which will be available to large parties, corporate gatherings or other groups that might cross over with Foxwoods.

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