Two local resorts sold as part of a six-part deal

East Bay Suites in Grand Marais was one of two Cook County lodging establishments recently sold by Odyssey Resorts as part of a package deal to Blackburn Investment and Madison Hospitality Group and some other minor investors. Caribou Highlands was the other Cook County business included in the sale. Staff photo/Brian Larsen

Caribou Highlands in Lutsen and East Bay Suites in Grand Marais were two of six North Shore resorts owned by Odyssey Resorts that were sold to Blackburn Investment Managements private equity firm in Minneapolis, which is the primary owner, and Madison Hospitality Group (MHG), a management company based in Brainerd with experience managing hotels and resorts, and other investors who are minority owners.

The sale of the properties was announced on Tuesday, May 28.

The other four properties are Beacon Pointe, Duluth; Breezy Point Cabins, Two Harbors; Grand Superior Lodge, Two Harbors; and Larsmont Cottages, Two Harbors.

Bob Ryan, founder and chief executive of Odyssey Resorts, has spent the last 40 years working alone and with his family developing properties in northern Minnesota.

Originally Bob and his older brother were looking at selling Caribou Highlands Lodge, which was listed for just under $6 million, but when the two sides met the Blackburn Group and MHG decided it wanted to purchase the whole Odyssey collection.

All six of the properties were part of Ryan’s Odyssey Hospitality, which develops, builds, and manages lodging and restaurants and also has a real estate side that handles sale and rentals of condominiums and vacation houses.

Blackburn Group LLC is a family owned holding company with a focus on residential and commercial land development.

Terms of the sale were not disclosed.

Bob Ryan founded Odyssey in 1997 and built the company’s operations to include over 300 employees. He has agreed to stay on for 18 months to help with the transition period.