GWR OPERATING PARTNERSHIP, L.L.L.P.
and
GREAT WOLF FINANCE CORP.
 $230,000,000
10.875% FIRST MORTGAGE NOTES DUE 2017
 PURCHASE AGREEMENT
  Schedule I
  GWR OP Great Wolf Finance Issuers GWR General Partner Parent Guarantors Schedule II Initial Subsidiary Guarantors Schedule III Additional Subsidiary
Guarantors Subsidiary
Guarantors Guarantors Schedule I Initial Purchasers
 The Securities Notes Indenture Great Wolf Parties Trustee




---



##### 



Guarantees Securities
 Schedule IV Grantors Collateral Security Documents Collateral Agent Purchase Agreement Agreements
 Act
 Preliminary Memorandum Pricing Disclosure Package Annex A Time of Execution Final
Memorandum Annex A
 Registration Rights
Agreement Registration Statement Commission
 Representations and Warranties
 -2-




---



##### 



provided, however Issuer Written Communication Recorded Road Show
 Schedule V Subsidiary Subsidiaries
 -3-




---



##### 



Immaterial Subsidiary
 Form 10-K Exchange Act
 Great Wolf Group
Members Schedule VI Material Adverse Effect
  -4-




---



##### 



Enforceability Exceptions
 TIA
   Joinder Agreement
 -5-




---



##### 



Applicable Regulation Contracts
   -6-




---



##### 



Contemplated Transactions
  -7-




---



##### 



Independent
Accountants
 Sarbanes-Oxley Act
  Permits
  -8-




---



##### 



-9-




---



##### 



CERCLA
 Environmental Laws
    -10-




---



##### 



ERISA
       -11-




---



##### 



Regulation S
 Money Laundering Laws
 OFAC
  -12-




---



##### 



FCPA
    Purchase, Sale and Delivery of the Securities Schedule I Schedule I Closing Date
 -13-




---



##### 



Offering by the Initial Purchasers
 Covenants of the Issuers
  provided however
  -14-




---



##### 



provided
   -15-




---



##### 



Expenses
 -16-




---



##### 



Conditions of the Initial Purchasers Obligations
 Exhibit A
 Exhibit B Exhibit C
 Exhibit D
 -17-




---



##### 



Exhibit E
     -18-




---



##### 



-19-




---



##### 



Offering of Notes; Restrictions on Transfer provided however
  -20-




---



##### 



Relevant Member State Prospectus Directive Relevant Implementation Date
 FSMA
  -21-




---



##### 



Wet toezicht effectenverkeer
  Indemnification and Contribution
   provided however
 -22-




---



##### 



provided however
 -23-




---



##### 



-24-




---



##### 



Survival Clause
 Termination
  -25-




---



##### 



Information Supplied by the Initial Purchasers Annex A
 Notices
 -26-




---



##### 



Successors
 APPLICABLE LAW
 No Advisory or Fiduciary Responsibility
 -27-




---



##### 



Counterparts
 -28-




---



##### 



Very truly yours,GWR OPERATING PARTNERSHIP, L.L.L.P.By:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title:GREAT WOLF FINANCE CORP.By:Name:Title: -29-




---



##### 



PARENT GUARANTORS:
GREAT WOLF RESORTS, INC.By:Name:Title:GWR OP GENERAL PARTNER, LLCBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title: -30-




---



##### 



SUBSIDIARY GUARANTORS:
BHMH, LLCBy:
    GWR Operating Partnership, L.L.L.P.its Sole MemberBy:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title:GREAT LAKES SERVICES, LLCBy:
    GWR Operating Partnership, L.L.L.P.its Sole MemberBy:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title: -31-




---



##### 



GREAT WOLF LODGE OF KANSAS CITY, LLCBy:
    GWR Operating Partnership, L.L.L.P.its Sole MemberBy:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title:GREAT WOLF LODGE OF PKI, LLCBy:
    GWR Operating Partnership, L.L.L.P.its Sole MemberBy:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title: -32-




---



##### 



GREAT WOLF LODGE OF TRAVERSE CITY, LLCBy:
    GWR Operating Partnership, L.L.L.P.its Sole MemberBy:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title:GREAT WOLF LODGE OF 
WILLIAMSBURG, LLCBy:
    GWR Operating Partnership, L.L.L.P.its Sole MemberBy:
    GWR OP General Partner, LLCits General PartnerBy:
    Great Wolf Resorts, Inc.its Sole MemberBy:Name:Title: -33-




---



##### 



The foregoing Agreement is hereby confirmed
and accepted as of the date first above written.DEUTSCHE BANK SECURITIES INC.By:Name:Title:By:Name:Title:BANC OF AMERICA SECURITIES LLCBy:Name:Title:WELLS FARGO SECURITIES, LLCBy:Name:Title:CREDIT AGRICOLE SECURITIES (USA) INC.By:Name:Title: -34-




---



##### 



SCHEDULE I




---



##### 



SCHEDULE II
 Initial Subsidiary Guarantors
 Name
    
    Jurisdiction of IncorporationBHMH, LLC
    
    DelawareGreat Lakes Services, LLC
    
    DelawareGreat Wolf Lodge of Kansas City, LLC
    
    DelawareGreat Wolf Lodge of PKI, LLC
    
    DelawareGreat Wolf Lodge of Traverse City, LLC
    
    DelawareGreat Wolf Lodge of Williamsburg, LLC
    
    Delaware




---



##### 



SCHEDULE III
 Additional Subsidiary Guarantors
 Name
    
    Jurisdiction of IncorporationGrapevine Beverage, Inc.
    
    TexasGreat Wolf Lodge of Grapevine, LLC
    
    DelawareGreat Wolf Williamsburg SPE, LLC
    
    DelawareMason Family Resorts, LLC
    
    Delaware




---



##### 



SCHEDULE IV
 Grantors
 Name
    
    Jurisdiction of IncorporationMason Family Resorts, LLC
    
    DelawareGreat Wolf Lodge of Grapevine, LLC
    
    DelawareGreat Wolf Williamsburg SPE, LLC
    
    Delaware




---



##### 



SCHEDULE V
 Subsidiaries
 Name
    
    Jurisdiction of IncorporationBHMH, LLC
    
    DelawareBlue Harbor Resort Sheboygan, LLC
    
    DelawareGLGB Manager III, LLC
    
    DelawareGrapevine Beverage, Inc.
    
    TexasGreat Bear Lodge of Wisconsin Dells, LLC
    
    DelawareGreat Wolf Finance Corp.
    
    DelawareGreat Lakes Services, LLC
    
    DelawareGreat Wolf Connecticut, LLC
    
    DelawareGreat Wolf Kansas SPE, LLC
    
    DelawareGreat Wolf Lodge of Chehalis, LLC
    
    DelawareGreat Wolf Lodge of Georgia, LLC
    
    DelawareGreat Wolf Lodge of Grapevine, LLC
    
    DelawareGreat Wolf Lodge of Kansas City, LLC
    
    DelawareGreat Wolf Lodge of PKI, LLC
    
    DelawareGreat Wolf Lodge of the Carolinas, LLC
    
    DelawareGreat Wolf Lodge of the Poconos, LLC
    
    DelawareGreat Wolf Lodge of Traverse City, LLC
    
    DelawareGreat Wolf Lodge of Williamsburg, LLC
    
    DelawareGreat Wolf TC Development, LLC
    
    DelawareGreat Wolf Traverse SPE, LLC
    
    DelawareGreat Wolf Williamsburg SPE, LLC
    
    DelawareGWF Connecticut, LLC
    
    DelawareGWL KC Beverage, Inc.
    
    KansasGWR Development Connecticut, LLC
    
    DelawareGWR Michigan, LLC
    
    Delaware




---



##### 



Name
    
    Jurisdiction of IncorporationMason Family Resorts, LLC
    
    DelawareNiagara Glen-View Tent & Trailer Park Limited
    
    Nova Scotia, CanadaPine Brook Properties, LLC
    
    DelawarePoco Topo Gigio, LLC
    
    PennsylvaniaWilliamsburg Landlord Parcel C, LLC
    
    DelawareWilliamsburg Landlord Parcel D, LLC
    
    DelawareWilliamsburg Meadows, LLC
    
    Delaware
 V-2




---



##### 



SCHEDULE VI
 Subsidiary Qualifications
 Name
    
    Jurisdiction(s) of QualificationBHMH, LLC
    
    Delaware, WisconsinBlue Harbor Resort Sheboygan, LLC
    
    WisconsinGLGB Manager III, LLC
    
    DelawareGrapevine Beverage, Inc.
    
    TexasGreat Bear Lodge of Wisconsin Dells, LLC
    
    Delaware, WisconsinGreat Wolf Finance Corp.
    
    DelawareGreat Lakes Services, LLC
    
    Delaware, Kansas, Michigan,
Ohio, New York, North
Carolina, Pennsylvania,
Virginia, Texas, Washington,
WisconsinGreat Wolf Connecticut, LLC
    
    DelawareGreat Wolf Kansas SPE, LLC
    
    Delaware, KansasGreat Wolf Lodge of Chehalis, LLC
    
    DelawareGreat Wolf Lodge of Georgia, LLC
    
    Delaware, GeorgiaGreat Wolf Lodge of Grapevine, LLC
    
    Delaware, TexasGreat Wolf Lodge of Kansas City, LLC
    
    Delaware, KansasGreat Wolf Lodge of PKI, LLC
    
    DelawareGreat Wolf Lodge of the Carolinas, LLC
    
    Delaware, North CarolinaGreat Wolf Lodge of the Poconos, LLC
    
    Delaware, PennsylvaniaGreat Wolf Lodge of Traverse City, LLC
    
    Delaware, MichiganGreat Wolf Lodge of Williamsburg, LLC
    
    Delaware, VirginiaGreat Wolf TC Development, LLC
    
    Delaware, MichiganGreat Wolf Traverse SPE, LLC
    
    Delaware, MichiganGreat Wolf Williamsburg SPE, LLC
    
    Delaware, VirginiaGWF Connecticut, LLC
    
    Delaware




---



##### 



Name
    
    Jurisdiction(s) of QualificationGWL KC Beverage, Inc.
    
    KansasGWR Development Connecticut, LLC
    
    DelawareGWR Michigan, LLC
    
    DelawareMason Family Resorts, LLC
    
    Delaware, OhioNiagara Glen-View Tent & Trailer Park Limited
    
    Nova Scotia, CanadaPine Brook Properties, LLC
    
    DelawarePoco Topo Gigio, LLC
    
    PennsylvaniaWilliamsburg Landlord Parcel C, LLC
    
    Delaware, VirginiaWilliamsburg Landlord Parcel D, LLC
    
    Delaware, VirginiaWilliamsburg Meadows, LLC
    
    Delaware, Virginia
 VI-2




---



##### 



ANNEX A
 
 High Yield Capital Markets
 GWR Operating Partnership, L.L.L.P.
Great Wolf Finance Corp.  SUMMARY OF TERMS
 Issuers:
    
    GWR Operating Partnership, L.L.L.P. andGreat Wolf Finance Corp.Issue:
    
    First Mortgage NotesDistribution:
    
    144a with reg rightsRatings:
    
    BB-/B3Principal Amount:
    
    $230,000,000Net Proceeds:
    
    $219,298,100Coupon:
    
    10.875%Offer Price:
    
    95.347Yield to Maturity:
    
    11.875%Spread to Maturity:
    
    856bps vs 3.25% UST due 3/31/17 (3.32%)Maturity:
    
    4/1/2017Interest Payment Dates:
    
    April 1 and October 1First interest payment date:
    
    October 1, 2010Trade Date:
    
    3/30/2010Settlement Date:
    
    4/7/2010 (T+5)Call Schedule:
    
    MWC at T+50 until 4/1/2014, then:4/1/2014                     105.4384/1/2015                     102.7194/1/2016                     100.000The issuers will not be able to redeem 10% of thenotes in 2011, 2012, 2013 and 2014 at 103%.Equity Clawback:
    
    35% until 4/1/2013 at 110.875%




---



##### 



144A CUSIP:
    
    361990 AA2144A ISIN:
    
    US361990AA22Reg S CUSIP:
    
    U0382 AA8Reg S ISIN:
    
    USU40382AA88Bookrunners:
    
    DB/BAML/Wells/Credit AgricoleUse of Proceeds/Capitalization:
    
    As a result of the increased principal amountfrom $225.0 million to $230.0 million, as ofDecember 31, 2009, as adjusted, cash and cashequivalents is reduced to $12.2 million, totalconsolidated indebtedness of the issuers is$484.7 million, total consolidated indebtednessof Great Wolf Resorts, Inc. is $565.2 million andtotal capitalization is $774.3 million.Certain United States Federal Income
    
    The notes will be issued with more than a deTax Considerations:
    
    minimisamount of original issue discount (OID)for U.S. federal income tax purposes.  As aresult, holders will be subject to special U.S.federal income tax rules with respect to thisOID.New Legislation:  On March 30, 2010 PresidentObama signed into law new legislation that willrequire certain U.S Holders who are individuals,estates or trusts to pay a 3.8% tax on, amongother things, interest on and capital gains fromthe sale or other disposition of the Notes fortaxable years beginning after December 31, 2012.In addition, this legislation modifies theinformation reporting rules and provides that,for payments made after December 31, 2011,information reporting will generally apply topayments of gross proceeds from certain sales orother dispositions of the Notes made tocorporations.  Prospective investors shouldconsult their tax advisors regarding the effect,if any, of this legislation on their ownershipand disposition of the Notes.Mandatory Redemption:
    
    Since the Notes would not otherwise constituteapplicable high yield discount obligations,mandatory principal redemptions will not bemade.Note Guarantees:
    
    The guarantors will enter into a customarycontribution agreement with respect to theirliabilities under the note




---



##### 



guarantees, which agreement may be contained in the indenture.Permitted Collateral Liens definition:
    
    Subparagraph (2) amended and restated in itsentirety to read as follows:  Liens on accountsholding Net Loss Proceeds or Net Proceeds from aCollateral Asset Sale to secure the performanceof bids, tenders, contracts or similarobligations in respect of construction,replacement, rebuilding or repair of assets thatwill become Collateral.Subparagraph (8) revised to not permit Liens tosecure any Additional Notes or Additional NoteGuarantees.Subparagraph (16) amended and restated in itsentirety to read as follows:  Customary rightsof setoff in respect of unpaid fees and expensesof deposit banks encumbering accounts holding NetLoss Proceeds or Net Proceeds from a CollateralAsset Sale.Subparagraphs (17), (18) and (19) deleted.Designation of Restricted and
    
    Principal Property Subsidiaries may not beUnrestricted Subsidiaries:
    
    designated as Unrestricted Subsidiaries, andPrincipal Properties must be held at a PrincipalProperty Subsidiary.Note to Available Information:
    
    This pricing supplement and the PreliminaryOffering Memorandum collectively speak only as ofthe date of this pricing supplement.  Nomaterials shall be deemed incorporated byreference into the Preliminary OfferingMemorandum after the date hereof other than thosematerials stating explicitly that they areincorporated by reference.




---



##### 



EXHIBIT A
 Form of Joinder Agreement




---



##### 



EXHIBIT B
 Form of Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP




---



##### 



EXHIBIT C
 Form of Negative Assurance Letter of Paul, Weiss, Rifkind, Wharton & Garrison LLP




---



##### 



EXHIBIT D
 Form of Opinion of Stark & Knoll Co., L.P.A., Ohio Counsel for the Issuers




---



##### 



EXHIBIT E
 Form of Opinion of Kaufman & Canoles, P.C., Virginia Counsel for the Issuers