Ruttger’s Bay Lake Lodge
SVN | Northco was hired as the seller’s representative for the sale of the historic Ruttger’s Bay Lake Lodge 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.