Cragun’s Resort, family-owned for 85 years, sold to hospitality company

Cragun’s Resort on Gull Lake, Minnesota's third largest resort, is under contract to be sold to a local investment group after 85 years in the Cragun family.

Leisure Hotels and Resorts, which is led by Brainerd Lakes resident Jamie Tatge, announced the deal Tuesday, stating its believed to be the largest resort transaction in Minnesota history.

“We are incredibly honored and humbled to carry the legacy and excellence of this legendary property, which has produced nearly a century of memories for so many Minnesotans,” Tatge stated.

Dutch Cragun, now 93, ran the resort with his late wife, Irma, for the majority of its existence after the couple took over the property from Dutch's parents, who bought the land during the Great Depression and hired local families to build the cabins.

Over the years, the addition of hot water heaters in each cabin, a heated swimming pool and other upgrades helped Cragun's Resort stand out and year-round occupancy began in 1978.

Following a $25 million remodel in 2015, the resort now offers 206 lodge-style rooms, 55 cabins ranging from one to seven bedrooms, five dining options, three golf courses, seven private homes and 50,000-square-feet of event and meeting spaces.

Cragun’s also owns seven pontoons, four speedboats, jet skis, stand-up paddle boards, row boats, canoes, bicycles, snowmobiles and a 120-passenger yacht.

In a statement, Eric Peterson, the resort's general manager, said Dutch and Irma's vision shaped the lakeside destination and the transaction marks a new chapter in the resort's legacy.

"Our current resort team looks forward to working with the new ownership group to continue providing the amazing hospitality that has set Cragun’s Resort apart from our competitors," Peterson said.

The sale is expected to be finalized before the start of the summer season. The terms of the deal have not been disclosed.

Source: msn.com