Ruttger's Bay Lake Resort

The Minnesota Resort Tradition Since 1898
Deerwood, MN
Historic Resort • Fourth Generation Family-Owned
Sold
Invested
Visit Website

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 two good offers. We felt good about Navigator and signed an agreement. As we approached closing this spring, we had no idea the twists and turns that COVID-19 would create. 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.”

Chris Ruttger
Previous Owner and Great Grandson of the Founder, Seller
Projects Worked On

See More Projects

Timber Creek Golf Course

Timber Creek Golf Course

Watertown, MN

18 Holes • 143 AC • Twin Cities Metro

Sold
Superior Shores Resort & Conference Center

Superior Shores Resort & Conference Center

Two Harbors, MN

30 AC • 2,400 Feet of Shoreline

Sold
Odyssey Resort Portfolio

Odyssey Resort Portfolio

North Shore of Lake Superior

6 Resorts • North Shore Lake Superior

Sold
Invested
Thumper Pond Resort

Thumper Pond Resort

Ottertail, MN

206.49 AC • Hotel Resort with RV, Golf, and Waterpark

Sold
Four Seasons Island Resort

Four Seasons Island Resort

Pembine, WI

55 Suites • 9 Holes • 193 AC

Sold
University of St. Thomas - Gainey Conference Center

University of St. Thomas - Gainey Conference Center

Owatonna, MN

178.77 AC • 35 Guest Rooms

Sold