Schaefer has been with the company for 11 years, said RandyChurchey, interim CEO, in a statement. There was not previously apresident of the company. Former CEO John Emery resigned in May.The company has consistently recorded losses, including a net lossof $2.3 million in the first quarter and $4.1 million in the secondquarter.

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The spokesman tells GlobeSt.com that the firm hopes to stemlosses by either forming joint ventures or taking on license dealson all future projects. "This is a shift in our developmentstrategy, most of our properties are company-owned," he says. "Withthe current capital and credit markets, this is a more viable thingto do, as opposed to building new facilities from the ground up.Kim will lead this effort."

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The firm has 12 properties open, including 11 Great Wolf Resortsand one Blue Harbor Resort. The properties are broken down into twostyles: Generation One resorts, 300 rooms or less, are mostly inthe Midwest, and have been struggling due to regional economicdifficulties and competition; while Generation Two resorts, about400 rooms or more and newer, are mostly on the East Coast, and havebeen seeing more than 70% occupancy.

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A new Great Wolf is about two-thirds done in the newest city toget one of the water parks, in Concord, NC. The spokesman tellsGlobeSt.com that the firm has letters of intent signed for threemore properties: a joint venture with the Mashantucket PequotTribal nation for a resort at Foxwoods Resort Casino inConnecticut, a resort at the Mall of America in Bloomington, MN anda resort on the shores of Lake Lanier near Atlanta. However,company officials have said the economy has affected the projecteddevelopment start for these properties. "We do not intend…to enterinto any new significant capital commitments under our developmentprogram until the capital markets stabilize," said Churchey duringthe company's second quarter result reporting on Aug. 5.

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The spokesman says his firm does expect business will improve asmore families cut short large vacation plans. "People are stillunlikely to sacrifice their family vacations, but they're morelikely to take them closer to home. We're perfect for that," hesays.

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Expansion plans continue for the company, however, the spokesmantells GlobeSt.com. "Our development team is exploring 20 to 30sites at any given time," he says. The new plans include a biggerpush for international locations, he says. The firm has oneproperty somewhat outside the US, in Niagara Falls, Ontario, at theNew York border. This property is licensed by Ripley Entertainment."We feel that our core brand concept translates well into theglobal marketplace," he says.

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