Great Wolf Resorts Announces License and Management Agreement for New Great Wolf Lodge in Pittsburgh, PA

Great Wolf Resorts, Inc.^® (NASDAQ: WOLF), North America’s largest family of indoor waterpark resorts, announced that it has signed a letter of intent related to the proposed development of a Great Wolf Lodge^® resort adjacent to The Galleria at Pittsburgh Mills in Tarentum, Pennsylvania, outside of Pittsburgh. The resort will be developed by Zamias Services, Inc.

Great Wolf Resorts will receive license fees for use of the Great Wolf Lodge brand name and other intellectual property at the resort, and will receive management fees to operate the resort on behalf of the owner. It will also advise on certain development-related matters. The resort will be owned by a joint-venture, with the company receiving a small minority equity interest for its development-related services. The Pittsburgh resort will be the company’s fourth that it manages and in which it does not have a majority ownership interest.

"As part of the company’s long-term strategy to pursue license-and-management transactions, we are very excited about the development of a new Great Wolf Lodge resort which will be connected to The Galleria at Pittsburgh Mills. The resort will provide the area’s many residents a distinctive and memorable year-round vacation experience,” said Kim Schaefer, chief executive officer. "This deal is representative of the types of opportunities that the company intends to pursue, requiring minimal capital commitment on our behalf while expanding our brand footprint and growing our cash flow. Great Wolf Lodge is a leading family entertainment brand, and we believe there are numerous opportunities such as this to leverage our brand, business model and expertise.”

Once complete, Great Wolf Lodge at Pittsburgh will be a first-class, full-service, family destination resort serving the greater Pittsburgh area and the surrounding region.

About Great Wolf Resorts, Inc.

Great Wolf Resorts, Inc.^® (NASDAQ: WOLF), Madison, Wis., is North America’s largest family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns, licenses and/or operates its family resorts under the Great Wolf Lodge^® and Blue Harbor Resort^™ brands. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis. Through Great Wolf Resorts’ environmental sustainability program, Project Green Wolf^™, the Company is the first and only national hotel chain to have all US properties Green Seal^™ Certified – Silver.

The company’s resorts are family-oriented destination facilities that generally feature 300 – 600 rooms and a large indoor entertainment area measuring 40,000 – 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities and other amenities. Additional information may be found on the company’s Web site at www.greatwolf.com.