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Project Overview
2023 Update:
Ruttger's Bay Lake Resort has sold again in 2023, this time is Odyssey Resorts. SVN | Northco was hired as the seller's representative in this transaction, and remains an investor in the project. Numerous updates were made since the property was last sold, including a redesign of Alec's 9-hole golf course (opening in 2023), numerous restaurant remodels, the addition of pickleball courts, a new docking system, and more. You can read more in the press release here.
2020 Transaction:
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.
"Thanks to SVN for guiding Ruttger’s forward for future generations of guests.”
“Because our family owned this property for over 120 years, the idea of selling was hard to imagine. So when Frank Jermusek said interest in resorts was strong, and if there was ever a time, this was it, we didn't give it much thought at first. But we talked more and eventually decided to work through the process, thinking at least we would learn something from the exercise. In time, with SVN's guidance, we came to believe that the right buyer would be able to take our resort forward while honoring our tradition and culture.
The SVN team presented Ruttger's to several buyers privately and came up with good offers. As we approached closing, we had no idea the twists and turns that the transaction would take. At times it seemed unlikely we would be able to close at all, but Frank and team guided us through to a successful closing.
Emotions are bittersweet, but I am excited to see Ruttger's carry on with the improvements and additions that we weren't able to accomplish on our own. Thanks to SVN for guiding Ruttger's forward for future generations of guests.”
Related Articles
After 122 Years in the Family, Ruttger’s Resort in Deerwood Sold to Outside Group
Minneapolis/St. Paul Business Journal
After 122 Years in the Family, Ruttger’s Resort in Deerwood Sold to Outside Group
Minneapolis/St. Paul Business Journal
After 122 Years in the Family, Ruttger’s Resort in Deerwood Sold to Outside Group
Minneapolis/St. Paul Business Journal
Project Summary
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