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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                  SCHEDULE 13D
                         UNDER THE EXCHANGE ACT OF 1934


                             Great Wolf Resorts, Inc.
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                                (Name of Issuer)

                          Common Stock, $.01 Par Value
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                         (Title of Class of Securities)

                                    391523107
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                                 (CUSIP Number)

                         Richard J. Perry, Jr., Esquire
                            1826 Jefferson Place, N.W.
                             Washington, D.C.  20036
                                 (202) 822-8117
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 (Name, Address and Telephone Number of Person Authorized to Receive Notices and
                                 Communications)

                                  September 25, 2007
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             (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.[ ]

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See 240.13d-7(b) for other
parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


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CUSIP NUMBER 391523107
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     1.        NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
               PERSONS (ENTITIES ONLY).

               Eric D. Hovde

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     2.        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
               (a)
               (b) X
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     3.        SEC Use Only

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     4.        SOURCE OF FUNDS (See Instructions)

               AF/WC/PF
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     5.        CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
               ITEMS 2(d) AND 2(e) [  ]

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     6.        CITIZENSHIP OR PLACE OF ORGANIZATION

               Citizenship: United States of America
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NUMBER OF      7.   SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY            59,671 shares
EACH           ----------------------------------------------------------------
REPORTING      8.   SHARED VOTING POWER
PERSON WITH(1)
                    1,518,696 shares
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               9.   SOLE DISPOSITIVE POWER

                    59,671 shares
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               10.  SHARED DISPOSITIVE POWER

                    1,518,696 shares
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     11.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    1,578,367 shares
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     12.       CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
               SHARES. [  ]
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     13.       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    5.1%
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     14.       TYPE OF REPORTING PERSON
                    IN
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(1) Eric D. Hovde may beneficially owns 1,578,367 shares of the common stock of
Great Wolf Resorts, Inc. (the "Shares") as follows:
(i) Eric D. Hovde is a Trustee of The Eric D. and Steven D. Hovde Foundation
("FND"), which is the direct owner of 22,000 Shares; (ii) Eric D. Hovde is a
Trustee of The Hovde Financial, Inc. Profit Sharing Plan and Trust ("PSP"),
which is the direct owner of 13,000 Shares; (iii) Eric D. Hovde is the Managing
Member, President and Chief Executive Officer of Hovde Capital Advisors LLC,
the registered investment adviser to (a) Financial Institution Partners, L.P.
("LP"), which is the direct owner of 557,388 Shares, (b) Financial Institution
Partners,Ltd. ("LTD"), which is the direct owner of 154,728 Shares, (c)
Financial Institution Partners III, L.P. ("III"), which is the direct owner of
317,909 Shares, (d) Financial Institution Partners IV, L.P. ("IV"), which is
the direct owner of 74,187 Shares, and (e) a seperately managed account ("SMA"),
which is the direct owner of 379,484 Shares; and (iv) Eric D. Hovde owns
directly 89,671 Shares.  For purposes hereof, FND, PSP, LP, LTD, III, IV and
SMA shall collectively be referred to herein as the "Direct Owners."


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Item 1.  Security and Issuer

This statement relates to the common stock, $.01 par value per share, of
Great Wolf Resorts, Inc. (the "Shares").  The address  of the  principal
executive offices of Great Wolf Resorts, Inc. (the "Issuer") is 122 West
Washington Avenue, Madison, WI 53703.

Item 2.  Identity and Background

(a), (b) Eric D. Hovde (the "Reporting Person") is the individual filing
this Schedule 13D.  The Reporting Person's business address is 1826 Jefferson
Place, N.W., Washington, D.C. 20036

(c) The Reporting Person's principal occupation is President and Chief
Executive Officer of Hovde Capital Advisors LLC, an investment adviser
registered under the Investment Advisers Act of 1940, as amended.
The pricipal executive office of Hovde Capital Advisors LLC is 1826 Jefferson
Place, N.W., Washington, D.C. 20036.

(d) During the last five years, the Reporting Person was not convicted in
any criminal proceedings (excluding traffic violations or similar
misdemeanors).

(e) During the last five years, the Reporting Person was not party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.

(f) The Reporting Person is a citizen of the United States of America.

Item 3.  Source and Amount of Funds or Other Consideration

The Reporting Person is the beneficial owner of 1,578,367 Shares, 59,671 of
the Shares are directly owned and 1,518,696 of the Shares are indirectly
owned.  The 1,518,696 Shares that are indirectly owned by the Reporting
Person are directly owned by the Direct Owners (FND, PSP, LP, LTD, III,
IV and SMA). The nature of the ownership of the 1,578,367 Shares
beneficially owned by the Reporting Person is more fully set out in
Item 5 below.  The Direct Owners purchased the Shares using working
capital; therefore, the Reporting Person, which is an indirect beneficial
owner of certain of the Shares by virtue of his position as a Trustee, or
Managing Member of the investment adviser, to each of the Direct Owners,
acquired his indirect beneficial interest in the Shares with the funds
of his affiliates.  The amount of such working capital used by each of
the Direct Owners and/or the Reporting Person to purchase that portion of
the Shares it owns directly is as follows:

(i) Eric D. Hovde - $1,014,407;

(ii) The Eric D. and Steven D. Hovde Foundation - $230,780;

(iii) The Hovde Financial, Inc. Profit Sharing Plan and Trust -
$136,370;

(iv) Financial Institution Partners, L.P. - $76,476,848.5;

(v) Financial Institution Partners, Ltd. - $1,762,351.9;

(vi) Financial Institution Partners III, L.P. -  $3,595,550.7;

(vii) Financial Institution Partners IV, L.P. - $832,378.14; and

(viii) Seperately Managed Account - $5,104,059.8.

None of Eric D.Hovde or the Direct Owners borrowed funds to purchase
the Shares reported herein.

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Item 4.  Purpose of Transaction

The Shares reported herein by the Reporting Person were acquired for the
purpose of investment.  The Reporting Person and the Direct Owners expect
to evaluate on an ongoing basis their investment in the Shares and may,
from time to time, dispose of or acquire additional Shares or formulate
other purposes, plans or proposals regarding the Issuer or the Shares.
Any such acquisitions or dispositions may be made, subject  to applicable
law, in open  market or privately negotiated transactions.  Except as
described above, the Reporting Person and the Direct Owners do not have
any plans or proposals that relate to, or could result in, any of the
matters referred to in paragraphs (b) through (j), inclusive, of Item 4
of Schedule 13D.

Item 5.  Interest in Securities of the Issuer

(a) The Reporting Person may be deemed to be the beneficial owner of
certain Shares of the Issuer based on his interests in or positions with the
following entities: (i) Eric D. Hovde is a Trustee of The Eric D. and Steven
D. Hovde Foundation, which is the direct owner of 22,000 Shares; (ii) Eric D.
Hovde is a Trustee of The Hovde Financial, Inc. Profit Sharing Plan and
Trust, which is the direct owner of 13,000 Shares; and (iii) Eric D. Hovde is
the Managing Member, President and Chief Executive Officer of Hovde Capital
Advisors LLC, the registered investment adviser to (a) Financial Institution
Partners, L.P., which is the direct owner of 557,388 Shares, (b) Financial
Institution Partners, Ltd., which is the direct owner of 154,728 Shares, (c)
Financial Institution Partners III, L.P., which is the direct owner of 317,909
Shares, (d) Financial Institution Partners IV, L.P., which is the direct
owner of 74,187 Shares, and (e) a seperately managed account, which is the
direct owner of 379,484 Shares.   Eric D. Hovde also owns 59,671 Shares
directly. Based on the Issuer's Form 10-Q for the period ended June 30, 2007,
as of August 7, 2007, the number of outstanding shares of the common stock of
the Issuer was 30,700,387. Therefore, based on the foregoing, the Reporting
Person may be deemed to be the beneficial owner of 5.1% of the issued and
outstanding shares of common stock of the Issuer.

(b) The Reporting Person, as a Trustee, or Managing Member of the
investment adviser, to each of the Direct Owners, has shared power to vote,
to direct the vote, to dispose of, and to direct the disposition of the
1,518,696 Shares reported herein with each of the Direct Owners in such
amounts as described above in Item 5(a).

(c) Since July 27, 2007, the following transactions in the Shares were
effected indirectly by the Reporting Person:

(1) On August 1, 2007, the Direct Owners purchased in the open market 6,182
Shares at a price of $13.005 per share (890, LTD; 5,292, LP);

(2) On August 3, 2007, the Direct Owners purchased in the open market 3,137
Shares at a price of $13.007 per share (940, SMA; 430, LTD; 1,767, LP);

(3) On August 8, 2007, the Direct Owners sold in the open market 34,000
Shares at a price of $14.993 per share (SMA, 6,850; LTD, 3,430; LP 11,240;
III, 9,840; IV, 2,640);

(4) On August 9, 2007, the Direct Owners sold in the open market 3,500
Shares at a price of $14.995 per share (LTD, 820; LP, 940; III, 1,740);

(5) On September 11, 2007, the Direct Owners purchased in the open market
2,500 Shares at a price of $13.15 per share (SMA, 1,860; LP, 640);

(6) On September 12, 2007, the Direct Owners purchased in the open market
25,403 Shares at a price of $13.234 per share (SMA, 7,200; LTD, 2,580;
LP, 10,443; III, 5,180);

(7) On September 13, 2007, the Direct Owners purchased in the open market
16,374 Shares at a price of $13.254 per share (SMA, 4,224; LTD, 1,820;
LP, 6,380; III, 3,850, IV, 100);

(8) On September 14, 2007, the Direct Owners purchased in the open market
19,000 Shares at a price of $13.074 per share (SMA, 4,760; LTD, 2,030;
LP, 7,090; III, 4,060; IV, 1,060);

(9) On September 17, 2007, the Direct Owners purchased in the open market
24,000 Shares at a price of $12.969 per share (SMA, 6,050; LTD, 2,420;
LP, 9,160; III, 5,050; IV, 1,320);

(10) On September 18, 2007, the Direct Owners purchased in the open market
5,400 Shares at a price of $12.898 per share (SMA, 1,480; LTD, 630;
LP, 1,880; III, 1,290; IV, 120);

(11) On September 25, 2007, the Direct Owners purchased in the open market
41,500 Shares at a price of $12.821 per share (SMA, 10,700; LTD, 4,320;
LP, 15,570; III, 8,800; IV, 2,110); and

(12) On September 26, 2007, the Direct Owners purchased in the open market
5,000 Shares at a price of $12.927 per share (SMA, 1,290; LTD, 540;
LP, 1,900; III, 1,080; IV, 190).

(d) With respect to the 1,578,367 Shares benefically owned by the Reporting
Person and reported herein, the following persons have the right to receieve,
or the power to direct the receipt of, dividends from, or the proceeds from
the sale of, that number of Shares set opposite its name:

(i) Eric D. Hovde (directly) - 59,671 Shares;

(i)  The Eric D. and Steven D. Hovde Foundation - 22,000 Shares;

(ii) The Hovde Financial, Inc. Profit Sharing Plan and Trust - 13,000 Shares;

(iii) Financial Institution Partners, L.P. - 557,388 Shares;

(iv) Financial Institution Partners, Ltd. - 154,728 Shares;

(v) Financial Institution Partners III, L.P. - 317,909 Shares;

(vi) Financial Institution Partners IV, L.P. - 74,187 Shares; and

(viii) Seperately Managed Account - 379,484 Shares.

(e) Not Applicable.

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Item  6.   Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.

None.

Item 7.  Materials to be filed as Exhibits

None

                                   Signatures


     After reasonable inquiry and to the best of his knowledge and belief,
the undersigned Reporting Person certifies that the information set
forth in this statement with respect to him is true, complete and correct.


                          /s/ Eric D. Hovde
                         -------------------------------------------------
                         Eric D. Hovde

                        Dated: October 9, 2007

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