Leisure Hotels & Resorts, a Baxter, Minnesota-based hospitality management company, has acquired Madison-based IDM Hospitality Management.
The LH&R portfolio now includes Edgewater Resort in Ephraim and Newport Resort in Egg Harbor.
The transaction closed Nov. 11.
Founded in 1999 by Craig Neddersen, IDM Hospitality Management has distinctive hospitality properties, including boutique hotels, waterfront resorts and destination accommodations. The acquisition comes as Neddersen prepares to retire.
“After more than two decades of building relationships with property owners, employees and communities, it was important to find a partner who shares our commitment to hospitality and understands what makes each of these properties special,” said Neddersen, president of IDM Hospitality Management. “Jamie and his Leisure Hotels & Resorts team bring the experience, resources and personal approach necessary to carry that legacy forward. I’m confident that our properties, our people and our partners will be in excellent hands as I begin this next chapter of my life.”
For Leisure Hotels & Resorts, the acquisition represents an opportunity to build upon an established portfolio while expanding its management footprint across several important Midwest markets.
The transaction was brokered by Frank Jermusek of SVN | Northco.
