Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of David Loeb - Baird & Co.
David Loeb - Baird & Co.
I just have a couple, first off, well done on the financing, it sounds like you bought yourself a lot of breathing room.
Kimberley K. Schaefer
Thanks David.
David Loeb - Baird & Co.
You are welcome. But given what you said about your capital constraints and your desire to wait on further development or reliance on indenture partners, are you looking at management contracts or other ways to expand your operating platform and do you think there will be opportunities to buy distressed assets when you find yourself more comfortable with making additional investments?
James A. Calder
I will take a stab at that one. It is a great question. As we spoke, our growth model has changed substantially over the past year from a self development model to looking very much at management contracts, management licensing opportunities, joint venture opportunities. Those are really our growth avenues going forward as we see it today some combination of those.
So, I guess, in short response, if a management only opportunity arose I think it is certainly something that we would certainly evaluate and be interested in looking at. In terms of distressed assets, we have now looked at that specifically as a strategy right now. We are very much focused on the Great Wolf brand itself and making sure we maintain those strict brand standards and the level of quality and experience that our guests have come to expect at one of our resorts.
That is not to say we might not ever look at that sort of thing but primarily now we are focused on the strategy I spoke of and primarily on just the Great Wolf Lodge brand within that.
David Loeb - Baird & Co.
To follow up on that Jim, does that mean that the box that your competitors may be operating, that may be experiencing financial distress that it would be very hard to convert that into a box that would operate as efficiently or meet your brand standards as a Great Wolf?
James A. Calder
I do not think it would be necessarily tremendously difficult. It is something we have not done in the past. I think it is something we are capable of doing but our strong preferences to make sure the box and the entire experience is from day one crafted to be with our vision of what is Great Wolf experience should be. I do not think a conversion is by any means out of the question. I think it is certainly within our capabilities of doing that but it is our primary focus right now.
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