SHEBOYGAN, WISCONSIN Great Wolf Resorts Inc. has agreed to sell its 182-key Blue Harbor Resort and Conference Center in Sheboygan.
Company officials have confirmed the impending sale, which could be finalized this month. The buyers are New Frontiers Capital and Claremont Cos. The sale price has not been disclosed.
The sale would require the approval of the city of Sheboygan, which has a significant stake in Blue Harbor, including a US$4 million loan to Great Wolf to help build the hotel complex and investments of nearly US$8 million in the city-owned conference center, according to Sheboygan Press.
Blue Harbor opened in 2004 as the main attraction in the city’s South Pier District area, but the resort has struggled because the area has taken longer than expected to develop into a tourist destination.
Great Wolf took a US$24 million write-down of the property in 2009 and places the resort’s fair market value at about US$6 million. The resort has been on the market since the middle of last year.