CARIBOU HIGHLANDS LODGE

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CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN 55612 Frank Jermusek, JD President / Managing Director 952.820.1615 frank.jermusek@svn.com Cameron Peterson Senior Advisor 952.820.1688 cameron.

1 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN Frank Jermusek, JD President / Managing Director frank.jermusek@svn.com Cameron Peterson Senior Advisor cameron.peterson@svn.com Edward Rupp Advisor edward.rupp@svn.com SVN NORTHCO REAL ESTATE SERVICES 5353 WAYZATA BLVD., SUITE 400, MINNEAPOLIS, MN OFFERING MEMORANDUM

PROPERTY INFORMATION 3 Property Summary Property Highlights Unit Mix Summary Area Developments WINTER ACTIVITIES 10 Skiing & Snowboarding Other Winter Activities SUMMER ACTIVITIES 14 Superior

2 PROPERTY INFORMATION 3 Property Summary Property Highlights Unit Mix Summary Area Developments WINTER ACTIVITIES 10 Skiing & Snowboarding Other Winter Activities SUMMER ACTIVITIES 14 Superior National Golf Course Other Summer Activities LODGING DETAIL 17 Lodge Rooms Condos Townhomes Poplar Ridge Homes LOCATION INFORMATION 22 Location Summary Lutsen Area Businesses Regional Businesses Location Maps Demographics Map ADVISOR BIOS 29 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD, LUTSEN, MN OFFERING MEMORANDUM

1 PROPERTY INFORMATION 371 Ski Hill Road Lutsen, MN 55612 CARIBOU HIGHLANDS

3 1 PROPERTY INFORMATION 371 Ski Hill Road Lutsen, MN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 3

4 Property Summary OFFERING SUMMARY Sale Price: $5,995,000 Cap Rate: 15.71% Accommodations Sleeps 800 PROPERTY OVERVIEW Caribou Highlands Lodge is an all-season resort nestled in the heart of the Sawtooth Mountains in legendary Lutsen, MN. The resort is a highly profitable operation year-over-year with a 36+ history of providing best-in-class accommodations on the North Shore of Lake Superior. The mountain views from the lodge rooms, condos, townhomes and spacious four-bedroom Poplar Ridge log homes are unique in providing ski-in ski-out access to Lutsen Mountains, close proximity to the newly renovated Superior National Golf Course, and central access to all that the North Shore has to offer. Total Lot Size: YEAR BUILT Acres PROPERTY HIGHLIGHTS 15.71% Cap Rate Year Round Operation Total of 170 Keys - Resort Sleeps 800 People Condos / Townhomes Main Lodge 1988 (renovated 2009) Poplar Ridge Homes 1997, 2002 Located on Lutsen Mountains with Ski In / Ski Out Units Established and Growing Vacation Area with Lutsen Mountains Planning a $40MM Expansions and Superior National Golf Course Just Completing it's $4MM Renovation Indoor Pool, Outdoor Pool (Seasonal), 1 Spas, 1 Saunas, Fitness Center, and Numerous Onsite Amenities Resort Management Available from Odyssey Resorts CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 4

Property Highlights RESORT AMENITIES Moguls Restaurant and Banquet Center: the Bar accommodates 30 people,

accommodates 125 people Indoor Pool Outdoor Pool (Seasonal) 1 Spas 1 Saunas Fitness Center Common

movie nights, guided hiking, guided canoeing, snowshoes, bikes, bonfires, movies, shuttles, board games,

5 Property Highlights RESORT AMENITIES Moguls Restaurant and Banquet Center: the Bar accommodates 30 people, Dining Room accommodates 55 people, small conference room accommodates 25 people and large banquet room accommodates 125 people Indoor Pool Outdoor Pool (Seasonal) 1 Spas 1 Saunas Fitness Center Common Courtyard Playground Guest Services Activity Programs: Mountain Kids Camp, naturalist programs, music and movie nights, guided hiking, guided canoeing, snowshoes, bikes, bonfires, movies, shuttles, board games, lawn games, and more CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 5

6 Unit Mix Summary UNIT TYPE UNITS KEYS DESCRIPTION Main Lodge (owned) 30 Units 30 Keys 30 Units Condos (managed) 44 Units 44 Keys 44 condos (No Lockoffs) - 12 studios, 8 one bedroom, 16 open loft condos, 8 one bedroom loft condos. Townhomes (managed) Poplar Ridge Homes (managed) 42 Units 42 Keys 42 homes (No Lockoffs) - 19 two bedroom homes, 17 three bedroom homes and 6 four bedroom executive home. 18 Units 54 Keys 18 total units with each having 3 separate rental units. Totals/Averages 134 Units 170 Keys Resort Accommodates 800 People As of May 31, 2018 of the 134 units at Caribou Highlands, Caribou manages and rents 84% and does not rent 16%. The 16% is broken out as follows: 1% did not meet unit quality standards for the resort, often these units will go through improvements and will return to the rental pool, 1% are bank owned are likely to return to the rental pool upon resale, 5% are exclusively owner or guest of owner use and 7% are rented via other means. CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 6

7 Area Developments CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 7

8 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 8

9 Aerial Map CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 9

2 WINTER ACTIVITIES 371 Ski Hill Road Lutsen, MN 55612 CARIBOU HIGHLANDS

10 2 WINTER ACTIVITIES 371 Ski Hill Road Lutsen, MN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 10

LUTSEN MOUNTAINS EXPANSION Lutsen Mountains planned $40 million expansion of Lutsen Mountains for the expansion of both Eagle and Moose Mountain.

11 Skiing & Snowboarding LUTSEN MOUNTAINS The best skiing in the Midwest. Lutsen Mountains opens first, closes last and has the most snow. The resort features runs on 4 different mountains and has the only gondola in Mid-America. LUTSEN MOUNTAINS EXPANSION Lutsen Mountains planned $40 million expansion of Lutsen Mountains for the expansion of both Eagle and Moose Mountain. Lutsen Mountains, a popular destination for Midwestern skiers for 70 years, is planning an expansion that would roughly double both its size and the number of skiers who use it every year from 100,000 a year to 200, Star Tribune LUTSEN MOUNTAINS DETAILS Planned Expansion: $40MM planned expansion - details above Ski Season: Opens the weekend before Thanksgiving, closes the middle of April. Offers: Alpine Skiing, snowboarding, snowshoeing & nordic skiing Ski Area: 1000 acres Number of Runs: 95 (planned expansion will double this number) Types of Trails: 18% easiest, 47% more difficult, 25% most difficult, 10% expert Longest Run: 2 miles CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 11

Other Winter Activities CROSS COUNTRY SKIIING The North Shore Ski Trail is the 196-kilometer trail system stretching from Tofte to north of Cascade River

http://www.northshoreskitrail.com SNOWSHOEING Complimentary Snowshoes are available.

Major and minor side trails and spur trails are available to explore the entire North Shore.

12 Other Winter Activities CROSS COUNTRY SKIIING The North Shore Ski Trail is the 196-kilometer trail system stretching from Tofte to north of Cascade River State Park. Beginners to experts, classic skiers and skaters, short loops to day-long picnic loops, it's all within a few miles of Caribou Highlands Lodge. SNOWSHOEING Complimentary Snowshoes are available. SNOWMOBILING The North Shore State Trail is a 153-mile trail from Duluth to Grand Marais. Major and minor side trails and spur trails are available to explore the entire North Shore. The spur trail leading to the State Trail is located right across the road from Caribou Highlands Lodge. ADDITIONAL LODGE ACTIVITIES Pools (Indoor and Outdoor [seasonal]) Woodlands Spa Moguls Grille & Tap Room Games, Movies Fireside Lobby Fitness Center CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 12

13 Property Map With Ski Trails CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 13

3 SUMMER ACTIVITIES 371 Ski Hill Road Lutsen, MN 55612 CARIBOU HIGHLANDS

14 3 SUMMER ACTIVITIES 371 Ski Hill Road Lutsen, MN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 14

Superior National Golf Course GOLF COURSE OVERVIEW Caribou Highlands Lodge sits just north of one of Minnesota s best golf courses the 27-hole Superior National at Lutsen.

15 Superior National Golf Course GOLF COURSE OVERVIEW Caribou Highlands Lodge sits just north of one of Minnesota s best golf courses the 27-hole Superior National at Lutsen. This course just underwent a significant renovation which provides class A quality and some of the most picturesque holes in the entire state. LOCATION OVERVIEW This 27-hole, 6,300 yard course rolls through the Poplar River Valley with the Sawtooth Mountains rising up to the north and Lake Superior opening to the south. The course is located less than one mile from Caribou Highlands and the resort benefits from the synergy of a Class A course at its door step. COURSE DETAILS $4MM renovation of all 27 holes completed in 2017 OPEN: mid-may to mid-october HOLES: 27 YARDS: 6,300 PAR: 72 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 15

Other Summer Activities CANOEING In addition to the variety of activities available on the world's largest freshwater lake, Lake Superior, Minnesota s North Shore has hundreds of inland lakes and

LUTSEN MOUNTAIN ALPINE SLIDES Lutsen Mountains provides alpine slides during the summer months which is a draw for all of the resorts in the area.

It is amusement park like fun which provides another amenity for the guests at Caribou Highlands.

16 Other Summer Activities CANOEING In addition to the variety of activities available on the world's largest freshwater lake, Lake Superior, Minnesota s North Shore has hundreds of inland lakes and rivers. Caribou Highlands Lodge offers a great canoe adventure trip right in its own backyard. LUTSEN MOUNTAIN ALPINE SLIDES Lutsen Mountains provides alpine slides during the summer months which is a draw for all of the resorts in the area. The activity starts with a chairlift ride to the summit followed by a trip in a sled down the alpine slide. It is amusement park like fun which provides another amenity for the guests at Caribou Highlands. BIKING Miles of both rugged and paved trails, on-site bike repair and washing stations and Cooler by the Lake temperatures make Caribou Highlands the best base-camp for North Shore biking. The variety of area trails means that there s something for bikers of all skill levels. The closest trail is at the bottom of Ski Hill Road and is the newly paved Gitchi-Gami Trail; Just leave directly from the resort property. ADDITIONAL SUMMER ACTIVITIES Hiking State Parks Kayaking Fall Colors Lutsen Mountain Slide Kids Camp Climbing Birding CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 16

17 4 LODGING DETAIL 371 Ski Hill Road Lutsen, MN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 17

Lodge Rooms MOUNTAIN VIEW KING Sleeps 2 1 Bedroom 1 Bath These hotel style rooms come complete with 1 king bed, private bath, TV, DVD player, microwave, mini-refrigerator, and a sitting area.

Summer: $102- $195 Winter: $133 $236 MOUNTAIN VIEW DOUBLE Sleeps 4 1 Bedroom 1 Bath These hotel style rooms come complete with 2 full beds, private bath, TV, DVD player, microwave, mini-refrigerator,

Summer: $102 $153 Winter: $102 $236 NORTHWOODS KING Sleeps 2 1 Bedroom 1 Bath These hotel style rooms come complete with 2 full beds, private bath, TV, DVD player, microwave, mini-refrigerator, and a

18 Lodge Rooms MOUNTAIN VIEW KING Sleeps 2 1 Bedroom 1 Bath These hotel style rooms come complete with 1 king bed, private bath, TV, DVD player, microwave, mini-refrigerator, and a sitting area. Located in the main lodge, these rooms have direct access to the restaurant, lounge, and the main lobby with massive stone fireplace. These rooms face Moose Mountain. Summer: $102- $195 Winter: $133 $236 MOUNTAIN VIEW DOUBLE Sleeps 4 1 Bedroom 1 Bath These hotel style rooms come complete with 2 full beds, private bath, TV, DVD player, microwave, mini-refrigerator, and a sitting area. Located in the main lodge, these rooms have direct access to the restaurant, lounge, the main lobby with massive stone fireplace. These rooms face Moose Mountain. Summer: $102 $153 Winter: $102 $236 NORTHWOODS KING Sleeps 2 1 Bedroom 1 Bath These hotel style rooms come complete with 2 full beds, private bath, TV, DVD player, microwave, mini-refrigerator, and a sitting area. Located in the main lodge, these rooms have direct access to the restaurant, lounge, and the main lobby with massive stone fireplace. These rooms face the Lodge entrance. Summer: $92 $153 Winter: $102 $236 NORTHWOODS DOUBLE Sleeps 4 1 Bedroom 1 Bath These hotel style rooms come complete with 2 full beds, private bath, TV, DVD player, microwave, mini-refrigerator, and a sitting area. Located in the main lodge, these rooms have direct access to the restaurant, lounge, and the main lobby with massive stone fireplace. These rooms face the Lodge entrance. Summer: $92 $153 Winter: $102 $236 MOUTAIN VIEW SPA MOUNTAIN-VIEW SPA Sleeps 2 1 Bedroom 1 Bath Hotel style rooms complete with a 2-person whirlpool tub, 1 King bed, private bath, TV, DVD player, microwave, mini-refrigerator, spectacular Mountain View and sitting area. Summer: $102 $195 Winter: $133 $236 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 18

Condos NORDIC CONDO Sleeps 4 1 Bedroom 1 Bath One room slope side-studio unit featuring double bed or queen, sleeper sofa, compact kitchen, deck, full bath, TV, DVD, fireplace, and a great Mountain

Summer: $123 $256 Winter: $153 $336 NORDIC WHIRLPOOL Sleeps 1 1 Bedroom 1 Bath One room slope side-studio unit features queen bed, sitting area, two-person whirlpool, compact kitchen, deck, full

Summer: $123 $256 Winter: $153 $336 VILLAGER Sleeps 4 1 Bedroom 1 Bath One bedroom slope side unit.

19 Condos NORDIC CONDO Sleeps 4 1 Bedroom 1 Bath One room slope side-studio unit featuring double bed or queen, sleeper sofa, compact kitchen, deck, full bath, TV, DVD, fireplace, and a great Mountain View, Indoor access to the indoor pool and spa. Unit decor and layout may differ. Summer: $123 $256 Winter: $153 $336 NORDIC WHIRLPOOL Sleeps 1 1 Bedroom 1 Bath One room slope side-studio unit features queen bed, sitting area, two-person whirlpool, compact kitchen, deck, full bath, TV, DVD, fireplace, and great Mountain View; indoor access to the indoor pool area and spa. Unit decor and layout may differ. Summer: $123 $256 Winter: $153 $336 VILLAGER Sleeps 4 1 Bedroom 1 Bath One bedroom slope side unit. Features a private bedroom with queen bed, sleeper sofa, full kitchen, deck, full bath, TV, DVD, fireplace and a great Mountain View! Indoor access to the indoor pool and spa. Unit decor and layout may differ. Summer: $143 $287 Winter: $164 $349 ALPINE Sleeps 6 1 Bedroom 2 Baths Slope side unit. Features an open area loft containing queen bed and a set of bunks, sleeper sofa, full kitchen, deck, two full baths, TV, DVD, fireplace and a great Mountain View! Indoor access to pool and spa. Unit decor and layout may differ. Summer: $153 $308 Winter: $164 $359 ALPINE ELITE Sleeps 6 1 Bedroom 2 Baths Slope-side with loft. Features one private bedroom with a queen bed, open loft with twin beds, sofa sleeper, full kitchen, deck, two full baths, TV, DVD, fireplace, and a great Mountain View. Indoor access to pool and spa. Unit decor and layout may differ. Summer: $164 $329 Winter: $174 $390 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 19

Townhomes TIMBER 2 BEDROOM Sleeps 6-8 2 Bedrooms 2 Baths Three-story unit with a loft bedroom.

baths, TV, DVD and a great Mountain View! Unit decor and layout may differ. Summer: $174 $401 Winter: $184 $473 TIMBER 3 BEDROOM Sleeps 8 3 Bedrooms 2 Baths Three story unit with a loft bedroom.

20 Townhomes TIMBER 2 BEDROOM Sleeps Bedrooms 2 Baths Three-story unit with a loft bedroom. Accommodations include a living and dining area with a fireplace, one queen bed (loft), sleeper sofa (main level), with either a full bed, bunk-beds or both, full kitchen, deck with grill, two full baths, TV, DVD and a great Mountain View! Unit decor and layout may differ. Summer: $174 $401 Winter: $184 $473 TIMBER 3 BEDROOM Sleeps 8 3 Bedrooms 2 Baths Three story unit with a loft bedroom. Accommodations include living and dining area with fireplace, two queen beds, sleeper sofa, a set of bunks, full kitchen, deck with grill, two full baths, TV, DVD and a great Mountain View! Unit decor and layout may differ. Summer: $184 $421 Winter: $195 $423 SUPERIOR 3 BEDROOM Sleeps 8 3 Bedrooms 2 Baths Three story unit with a loft bedroom. Accommodations include a living and dining area with fireplace, 2 queen beds, sleeper sofa, a set of bunks or two twins, full kitchen, deck, two full baths, TV, DVD and a great Mountain View! Unit decor and layout may differ. Summer: $205 $473 Winter: $226 $555 EXECUTIVE 4 BEDROOM Sleeps 10 4 Bedrooms 3.5 Baths Four bedrooms (three each with one queen bed, and a fourth with two sets of bunks), a sleeper sofa in the living room and 3.5 baths. Complete with a towering stone fireplace, full kitchen, deck with grill, TV, DVD and a great Mountain View. Unit decor and layout may differ. Summer: $390 $761 Winter: $514 $823 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 20

Poplar Ridge Homes POPLAR RIDGE 4 BEDROOM Sleeps 12 4 Bedrooms 4 Baths Four bedroom unit on three levels.

queen bed, sofa sleeper, full kitchen, a great room with a two story wood burning fireplace, two decks, one deck with grill, family room with gas fireplace, microwave and mini-refrigerator, three

Includes two bedrooms with a queen bed, one bedroom with a set of twin beds and a queen bed, sofa sleeper, full kitchen, great room with a two-story wood burning fireplace, a deck with a grill,

21 Poplar Ridge Homes POPLAR RIDGE 4 BEDROOM Sleeps 12 4 Bedrooms 4 Baths Four bedroom unit on three levels. Includes one master suite with a queen bed, two person whirlpool tub, gas fireplace, microwave, mini-refrigerator and bath, two bedrooms with queen beds, one bedroom with a set of twin beds and a queen bed, sofa sleeper, full kitchen, a great room with a two story wood burning fireplace, two decks, one deck with grill, family room with gas fireplace, microwave and mini-refrigerator, three full baths, and three TV s and DVD player. Summer: $411 $782 Winter: $535 $885 POPLAR RIDGE 3 BEDROOM Sleeps 10 3 Bedrooms 3 Baths Three bedroom unit on two levels. Includes two bedrooms with a queen bed, one bedroom with a set of twin beds and a queen bed, sofa sleeper, full kitchen, great room with a two-story wood burning fireplace, a deck with a grill, family room with a gas fireplace, microwave, mini-refrigerator, two TV s and DVDs and a spectacular view of Moose Mountain. Unit decor and layout may differ. Summer: $349 $617 Winter: $370 $689 POPLAR RIDGE 2 BEDROOM Sleeps 6 2 Bedrooms 2 Baths Two bedroom unit on two levels. Includes one bedroom with a queen bed and one bedroom with a set of twin beds and a queen bed, full kitchen, great room with a two-story wood burning fireplace, deck with a grill, two full baths, TV, DVD, and spectacular view of Moose Mountain. Unit decor and layout may differ. Summer: $195 $421 Winter: $195 $493 POPLAR RIDGE 1 BEDROOM Sleeps 4 1 Bedroom 1 Bath One bedroom on the ridge (lower) level. Includes a queen bed, sofa sleeper, gas fireplace, bathroom, TV, DVD, patio, microwave, mini-refrigerator and great mountain views! Unit decor and layout may differ. Summer: $153 $267 Winter: $164 $298 POPLAR RIDGE STUDIO Sleeps 2 1 Bedroom 1 Bath One room studio on main-level. Features queen bed, two-person whirlpool tub, gas fireplace, bathroom, TV, DVD, deck, microwave and mini-refrigerator. Unit decor and layout may differ. Summer: $153 $215 Winter: $153 $226 CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 21

5 LOCATION INFORMATION 371 Ski Hill Road Lutsen, MN 55612 CARIBOU HIGHLANDS

22 5 LOCATION INFORMATION 371 Ski Hill Road Lutsen, MN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 22

23 Location Summary LUTSEN, MINNESOTA However you get there, Lutsen is one of the premier vacation destinations in the Midwest. Situated along one of the most scenic stretches of Lake Superior, it is a rare retreat that provides much needed rest and relaxation year-round, offering plenty of attractions and activities no matter the season. You can enjoy Lake Superior (the world s largest freshwater lake), visit Minnesota s tallest mountain peaks and highest waterfall, ski the largest ski resort in the Midwest and enjoy its longest and most scenic biking trails. (Source: GRAND MARAIS MINNESOTA Grand Marais welcomes creatives, families and adventure-seekers alike. The accolades almost speak for themselves. Grand Marais has been named America s Coolest Small Town (Budget Travel Magazine), Top 10 Beach Getaways (Outside Magazine), and Next Great Adventure Town (National Geographic Adventure Magazine). In Grand Marais you ll meet some of the most friendly, creative and talented people both visitors and locals alike.nestled between the Sawtooth Mountains and Lake Superior, it is easy to see why so many find inspiration in Grand Marais. There s something new to discover around every corner. Musicians, artists, photographers and artisans journey to Grand Marais seeking inspiration, and they always find it. (Source: CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 23

24 Lutsen Area Businesses CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 24

25 Regional Businesses CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 25

26 Location Maps CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 26

27 Location Map CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 27

Demographics Map POPULATION 100 MILES 200 MILES 300 MILES Total population 88,437 1,299,829 9,826,886 Median age 44.4 42.9 36.7 Median age (male) 43.4 41.8 36.2 Median age (Female) 45.2 44.0 37.

28 Demographics Map POPULATION 100 MILES 200 MILES 300 MILES Total population 88,437 1,299,829 9,826,886 Median age Median age (male) Median age (Female) HOUSEHOLDS & INCOME 100 MILES 200 MILES 300 MILES Total households 40, ,976 3,832,728 # of persons per HH Average HH income $53,857 $55,370 $71,511 Average house value $146,464 $171,745 $233,395 * Demographic data derived from 2010 US Census CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 28

29 6 ADVISOR BIOS 371 Ski Hill Road Lutsen, MN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 29

FRANK JERMUSEK, JD President / Managing Director PROFESSIONAL BACKGROUND Frank is a Principal at SVN Northco headquartered in Minneapolis, Minnesota.

30 FRANK JERMUSEK, JD President / Managing Director PROFESSIONAL BACKGROUND Frank is a Principal at SVN Northco headquartered in Minneapolis, Minnesota. SVN has become one of the most recognized commercial real estate brands in the world with over 225 offices globally. Frank has served as President and Managing Director of SVN Northco since acquiring the company in In this role he is in charge of company operations including leading a sophisticated team of professional advisors specializing in brokerage services, investment, finance, management, consulting and golf & resort. SVN Northco is a full service commercial real estate firm that has been a leader in the Twin Cities market since SVN Northco has numerous affiliated entities most including SVN Northco Real Estate Services and SVN Northco Golf & Hospitality. SVN Northco Golf & Hospitality specializes in a wide range of services related to the golf & resort industry and Frank serves as head of the SVN national product council for golf courses and resort properties. Frank is also the founder of The Jermusek Law Firm, LLC, a Minnesota based law firm focusing on providing sophisticated, creative and practical solutions for clients dealing with real estate, business, lending and golf/hospitality matters. During his career, Frank has worked on thousands of real estate, corporate and golf & resort transactions ranging from small local real estate transactions to a $150+ million corporate transaction, all totaling well over $2 billion in transaction volume Wayzata Blvd. Suite 400 Minneapolis, MN T C frank.jermusek@svn.com Experience 2006 Present: President, Northco Real Estate Services, Northco Golf & Resort, Northco Investments, and all affiliated companies 2006 Present: The Jermusek Law Firm, LLC : Attorney, Leonard Street and Deinard : General Manager/Controller, Baker Investments Education William Mitchell College of Law Juris Doctor University of St. Thomas Bachelor of Arts Business Minnesota School of Business Accounting Professional Recognitions / Affiliations Licensed Real Estate Broker MN, WI, SD, ND, IA Licensed Attorney - Minnesota Minnesota and Hennepin County Bar Associations National Golf Course Owners Association (NGCOA) United States Golf Association (USGA) Recent Achievements 2015 Partner s Circle Top 4 Advisor in SVN SVN s 2015 Firm of the Year SVN Northco Top 8 Firm in SVN CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 30

31 CAMERON PETERSON Senior Advisor PROFESSIONAL BACKGROUND Cameron is a Principal and Senior Advisor at SVN Northco. SVN is a full service brokerage, management and consulting company and has become one of the most recognized commercial real estate brands in the world with over 225 offices globally. Cameron has dual degrees in marketing and financing from Bethel University, and is currently pursing the CCIM designation, which is a recognized expert in the commercial and investment real estate industry. In addition to the formal training he has 12 years of experience in real estate, hospitality, business development, and consulting management. Cameron has served a wide array of clients ranging from banks, to private investors, and institutional investment firms. Having a breadth of experience in all disciplines and practice types (office, medical, retail, industrial, golf & hospitality), Cameron spends the bulk of his time assisting clients with asset disposition/acquisition, leasing, ownership restructuring, overall management, financial analysis, strategic planning, lender workouts, and exit/land development strategies. With his depth and quantity of experience on a team that has billions in transaction experience; Cameron is able to bring creativity and experience with his well-established team and company Wayzata Blvd. Suite 400 Minneapolis, MN T C cameron.peterson@svn.com Experience Principal / Senior Advisor, SVN Northco Present Annuity Sales, Renaissance Annuity Group 2006 Support Specialist, Bethel Information Technologies Maintenance Operations, Rose Lake Golf Course Education Bachelor s Degrees in Finance and Marketing, Bethel University, St. Paul, MN Certified Commercial Investment Member (CCIM) Recent Achievements SVN Firm of the Year SVN Top 100 Advisors SVN Elite Managing Director Professional Affiliations SVN Golf & Resort Group Licensed Minnesota & Wisconsin Real Estate Agent National Golf Course Owners Association (NGCOA) United States Golf Association (USGA) Minnesota Commercial Association of Realtors (MNCAR) CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 31

32 EDWARD RUPP Advisor PROFESSIONAL BACKGROUND Edward J. ( Ned ) Rupp is an Advisor at SVN Northco and is a member of the SVN Northco Golf & Hospitality team and the SVN Northco Commercial Real Estate team. The SVN Northco office is located in Minneapolis, Minnesota. Ned s career has spanned a number of areas over the years, including: commercial real estate, hospitality, marketing, sales, project management, and property management. Ned has managed teams at an award-winning boutique hotel in Saint Paul, a luxury island resort in Birchwood, Wisconsin, and a private membership club in Saint Paul. In addition, Ned served as a Project Manager for a commercial real estate development and management company located in Saint Paul. Having grown up in the Cathedral Hill neighborhood of Saint Paul and having spent his entire life in the Midwest, Ned is an expert in the Saint Paul hospitality and commercial real estate market, and since joining SVN Northco has broadened his commercial real estate practice to the entire Twin Cities market, and his hospitality practice nationally. SVN Northco is a full service commercial real estate firm that has been a leader in the Twin Cities market since Wayzata Blvd. Suite 400 Minneapolis, MN T C edward.rupp@svn.com Experience 2016 Present: SVN Northco : Commonwealth Properties, Inc : Stout s Island Lodge (seasonal) : University Club of St. Paul : Commonwealth - as project manager : Hotel 340 of Saint Paul Education University of Minnesota, Twin Cities Bachelor of Arts Psychology CAPA, Florence, Italy General Studies Recent Achievements SVN's Firm of the Year Professional Affiliations Licensed Real Estate Agent (Minnesota) Minnesota Commercial Association of Realtors (MNCAR) CARIBOU HIGHLANDS LODGE 371 SKI HILL ROAD LUTSEN, MN SVN Northco Real Estate Services Page 32

LUTSEN RESORT ON LAKE SUPERIOR

FOR SALE HOSPITALITY LUTSEN RESORT ON LAKE SUPERIOR 5700 W Highway 61 Lutsen, MN 55612 PRESENTED BY: Frank Jermusek, JD President / Managing Director 952.820.1615 frank.jermusek@svn.com Cameron Peterson