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2021 resort sales focus on cabins, camping and family fun

Jan 04, 2022 09:16AM ● By Editor

Odyssey Resorts announced in October it had acquired the Lutsen Sea Villas, a collection of over 50 one and two-story townhomes, located along Lake Superior. Financial details haven’t been made public. Photo: File image: Odyssey Resorts

By Anne Bretts from Finance and Commerce - January 3, 2022 3:20 pm

After two straight years of record sales of historic resort properties, 2021 has ended with almost no big sales and the apparent leader sold without financial details being made public.

That’s about to change, according Frank Jermusek, the president, managing director, and owner of SVN | Northco in St. Louis Park is a national expert on golf and resort properties and tracks their sales.

“Large resort buyers paused in the first couple of quarters of 2021 due to COVID-19,” he said in an email discussion.

“All, and then some, came back in the third and fourth quarter of 2021, and we now have about a dozen deals in Minnesota, Wisconsin, and Michigan under contract. You will see a string of resort closings and new resort unit development over the next few months. Some of these transactions will be quite significant.”

One sale turned up in October. Odyssey Resorts announced it had acquired the Lutsen Sea Villas, a collection of over 50 one and two-story townhomes, located along Lake Superior. It became Odyssey’s seventh resort.

The villas, located 5 five miles west of Lutsen, were constructed in 1969, with additional units built in 1972 and 1973. George Nelson Jr., who helped Lutsen Mountains, the Lutsen 99er mountain bike race and other North Shore activities, first developed the property, the release noted.

The top 10 sales listed as resorts this year were small family businesses focused on fishing, boating and small cabins.

In 2020 we saw what is believed to be the largest in state history — the nearly $15 million deal that closed when Ontario-based North Shore Resort Co. bought Superior Shores in Two Harbors from longtime owner Joe Re. The 30-acre resort on Lake Superior, north of Duluth, includes an event center with a capacity of 300, as well as hotel rooms, restaurants and 184 condo units, 53 privately owned. The Campbells, who also own hotels in Ontario, bought Lutsen Resort in 2018.

By comparison, the biggest sale in 2019 was a $21 million portfolio of six resorts in northern Minnesota.

2021 Top Resort Sales

Resort sales throughout the state, based on information from the Minnesota Department of Revenue, individual agents and brokers.

1.  $3 million, 952 River Drive NW, Bena: After 46 years, the Thompson family sold The Four Seasons Resort on Lake Winnibigoshish to Ty Triebenbach of Fargo, North Dakota.

Closed: 7-20-21

2.  $2.48 million, 1696 Whipholt Beach Road NW, Walker: Jeff and Terra Anderson bought Huddle’s Resort, one of the oldest resorts on Leech Lake, from Kay Huddle after death of Roy Huddle, whose family started it in 1928.

The Andersons renamed it Anderson’s South Shore Resort and added it to their portfolio, which includes Northland Lodge, Spirit of the North, Horseshoe Bay, Grand Vu Lodge, Chippewa Lodge, Pine Point and Anderson’s Cove.

Closed: 2-5-21

3.  $2.25 million, 24777 Pass Road NE, Hines: Tomahawk Lodge Resort & RV Park sold in a deal between private parties

Closed: 1-6-21

4.  $2 million, 10436 Waltz Road, Kabetogama: After 16 years as manager, Casey Deziel bought Voyageur Park Lodge on Lake Kabetogama from its former owner.

Closed: 10-20-21

5.  $1.83 million, 23684 County Road 4, Nisswa: Brett and Suzette Jevning sold the Cozy Estates Family Resort on Lake Edward to Cozy Estates LLC.

Closed: 6-16-21

6.  $1.738 million, 664 North Shore Road, Two Harbors: Bill Guse sold Bob’ Cabins on Lake Superior, just north of Duluth to new owners identified as Bob’s Cabins LLC.

Closed: 3-3-21

7.  $1.565 million, 9326 Agate Lake Road SW, Lake Shore: Izzadore Properties LLC bought Agate Lake Resort from William and Theresa Garry

Closed: July 2021

8.  $1,440,150, 23306 North Lakeshore Drive, Glenwood: PNJA Investments LLC bought Hunt’s Resort and RV Park from R&K Enterprises of Glenwood

Closed: July 2021

9.  $1,410,000, 17463 County Hwy 29, Fergus Falls: Lagos Collective LLC bought Swan Lake Resort & Campground from John and Judith Scheid.

Closed: 5-20-21

10.  $1,390,000, 14333 Roosevelt Road SE, Bemidji: MSZ Enterprises, LLC bought

 Oak Haven Resort from Trachta Enterprises II, LLC

To see the original report and read related business stories, follow this link to the Finance and Commerce website.