Ruttger’s Bay Lake Resort

SVN | Northco was hired as the seller’s representative for the sale of the historic Ruttger’s Bay Lake Resort in Deerwood, MN, which is less than a 2 hour drive from Minneapolis (“Ruttger’s”). Prior to the sale, Ruttger’s had been operated by the same family for 122 years and 4 generations.

Ruttger’s is situated on 450 acres and consists of the historic main lodge, numerous accommodations:

• Capacity to sleep over 500 guests
• Two golf courses (a championship 18 hole course, Jack’s 18, and a 9 hole resort-style course)
• Four restaurants and bars, and a wide variety of resort amenities.
• $50+ million of renovations and development are planned, including a mix of cabins, townhomes, and condos.

The hospitality group that purchased Ruttger’s has worked with SVN | Northco in the past, and they have more acquisitions planned. SVN | Northco was able to help advise on numerous matters including lease assumption, association management, business analysis, and in the end played an important role in transacting a deal in a very tough economic climate. SVN | Northco elected to invest in this property.