The sale of Cragun’s Resort on Gull Lake, Minnesota’s third-largest resort, has been finalized, marking what is believed to be the largest resort transaction in the state’s history.
The property has been acquired by an investment group led by Jamie Tatge, a Brainerd Lakes resident and the head of Leisure Hotels and Resorts. The sale brings an end to more than 85 years of ownership by the Cragun family.
Leisure Hotels and Resorts, which already operates several hospitality properties in the region, adds Cragun’s to its growing portfolio, which includes Quarterdeck Resort on Gull Lake, Cove Point Lodge and North Shore Camping Co. in Beaver Bay, Pier B Resort Hotel in Duluth, and Wilderness Point Resort in Nisswa.
Tatge emphasized the company’s familiarity with the market and its commitment to maintaining and enhancing the resort’s legacy.
“We understand both the operational dynamics and guest expectations of resorts in this area and state,” Tatge said in a report by Bring Me The News.
“We know how important Cragun’s is to Minnesota families and are honored to continue the legacy, celebrate the past, and create the future by enhancing the facility and offerings for the next generations of resort guests.”
The transaction was conducted without brokers, with both parties describing the deal as being built on long-standing relationships. Merrill “Dutch” Cragun, Jr., the longtime owner of the resort, spoke highly of Tatge’s role in the transition.
“Jamie got us all going on the deal and we were excited about selling,” Cragun said. “I was so impressed with him.”
For hospitality operators, the acquisition highlights the growing interest in established, legacy-driven resorts, particularly those with deep regional significance.
The continued expansion of Leisure Hotels and Resorts underscores a trend of strategic consolidation within the industry, where regional operators leverage their market knowledge to invest in well-known properties.
Cragun’s, with its extensive lodging, dining, and recreational offerings—including golf courses, waterfront rentals, and event spaces—presents significant opportunities for further enhancements under new ownership.
Industry professionals may see this acquisition as an example of how independent, family-owned resorts can transition to larger management groups without losing their identity.
The shift also raises questions about long-term investment trends in the outdoor hospitality sector, particularly as demand for year-round resort experiences grows.
Cragun’s Resort, which underwent a $25 million renovation in 2015, features 206 lodge-style rooms, 55 cabins, multiple dining options, and significant event space.
It remains a well-established destination in Minnesota’s hospitality landscape, and its new ownership signals continued investment in the state’s resort industry.
