Okoboji, Iowa — An almost legendary property in the Iowa Great Lakes area has been sold. But unfortunately, there is a lack of available information at this point.
The Inn At Okoboji got its start over 120 years ago in 1896. After damage from a fire in 1934 was quickly repaired; in 1955 the Inn was razed and the New Inn Resort Complex was built. The landmark was restored in 1999.
The resort was under foreclosure for nearly two years, when it was purchased by Scott Nylen of Sioux City and Dennis Hoth of Omaha in 2013 for $5.5 million.
There was some debate earlier this year as to who the owners were. Central Bank asked the court to decide. The bank said they owned the deed after Iowa Great Lakes Holding allegedly defaulted on loans received from Liberty Bank. Central Bank acquired Liberty Bank’s assets, including the deed to The Inn. The court ruled that 40.52 percent of the Inn belongs to five northwest Iowa banks because they provided that percentage of the loan.
Jon Hjelm with the ACRE Company, who handled the auction tells us that the property has been sold. He tells us about the process.
However, Hjelm says he cannot disclose the name of the winning bidder or bidders, the price, or what they plan to do with the property.
Hjelm says that’s the date that the closing documents will be signed.
The Inn has 155 rooms and 13 different room styles, and the facility also has a 9-hole, Par-3 golf course. At this time the resort is booking rooms for the 2018 season.
