SVN | Northco was hired as the seller’s representative for the sale of the historic Lutsen Resort in Lutsen, MN (“Lutsen Resort”), which won “Best North Shore Resort” in the Star Tribune, along with a number of other accolades since its inception in 1885, making it Minnesota’s oldest resort.
The property consists of a mix of owned, non-owned units (which are in a rental pool), fine-dining restaurant and a number of resort amenities. The hospitality group that bought this asset had previously only invested in Canada; this was their first real estate purchase in the United States, and they have more acquisitions planned.
SVN | Northco was able to help advise on numerous matters including lease assumption, association management, business analysis, financing and in the end helped bridge the gap between the buyer and seller utilizing a small portion of seller financing. SVN | Northco has now worked on a number of different potential deals with the buyer since the sale, acting in the capacity of a trusted advisor.
"We look forward to working with SVN Northco in the future to find us our next acquisition."
We've been working with Frank & Cameron for a few years now. Frank put multiple properties in front of us to look at, took the time to do tours at various resorts within Wisconsin and Minnesota and eventually we found the right fit and are the proud new owners of Lutsen Resort. Frank and his team are knowledgeable and understand the industry they represent. We look forward to working with SVN Northco in the future to find us our next acquisition.
"We were very pleased with their depth of experience with Midwest resorts."
"In planning to sell our resort, after 30 years of ownership and operation, I spent significant time on due diligence to define which firm would best help us with that process. We subsequently engaged SVN | Northco. We were very pleased with their depth of experience with Midwest resorts, their professional skills and their marketing reach as they assisted us through a successful sale."
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