New owners make cold-blooded investment in ice fishing on Lake of the Woods
A pair of private investors is betting a cool $20 million after buying four distinct resorts on Wheelers Point
November 28, 2022
They just invested $20 million in the future of fishing on Lake of the Woods, so there's nothing "chill" about this four-month ice season for business partners Joe Swanson and Pipasu Soni.
In a major behind-the-scenes deal finalized this year, the two Minnesotans bought out four owner-operated resorts in the Wheelers Point area. Sportsman's Lodge, Border View Lodge, Wheelers Point Resort and Rainy River Resort now provide fishing vacations under the same corporate umbrella while trying to maintain their distinct charms.
After flood waters this spring and summer submerged docks and ruined bookings, the new owners are expecting 70% of overall business in their maiden year to come from the four-month ice fishing season that normally starts - on average - Dec. 10.