Great Wolf Resorts Completes Financing

Two Properties in Joint Venture with CNL Income Properties

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. October 14, 2008

MADISON, WI, March 3, 2006. Great Wolf Resorts, Inc. , the nation's largest owner, operator and developer of drive-to family resorts featuring indoor waterparks and other family-oriented entertainment activities, today announced that it had closed on the previously announced $63 million mortgage financing of two properties owned in a joint venture with CNL Income Properties, Inc. The seven-year, fixed-rate term loan carries a coupon rate of approximately 6 percent and is secured by the 309- suite Great Wolf Lodge-Wisconsin Dells, Wis., and the 271-suite Great Wolf Lodge-Sandusky, Ohio. According to terms of the joint venture, Great Wolf Resorts received approximately 30 percent of the loan proceeds, or approximately $18.6 million in cash.

The joint venture acquired the two properties from Great Wolf Resorts in October 2005. Great Wolf Resorts owns 30 percent of the joint venture and retained 25-year licensing and management contracts on the properties. Citigroup was the sole underwriter for the new loan.

This press release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding Great Wolf Resorts' future financial position, business strategy, projected level of growth, projected costs and projected performance and financing needs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Great Wolf Resorts, Inc. and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward- looking statements. Many of these factors are beyond the company's ability to control or predict. Such factors include, but are not limited to, competition in the company's markets, changes in family vacation patterns and consumer spending habits, the company's ability to attract a significant number of guests from their target markets, the company's ability to develop new resorts or further develop existing resorts on a timely or cost-efficient basis, the company's ability to manage growth, potential accidents or injuries at its resorts, its ability to achieve or sustain profitability, downturns in its industry segment and extreme weather conditions, increases in operating costs and other expense items and costs, uninsured losses or losses in excess of the company's insurance coverage, resolution of recently filed securities class action litigation against us and other defendants, and the company's ability to protect its intellectual property and the value of its brands.

Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to Great Wolf Resorts or persons acting on its behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.