Leisure Hotels & Resorts buys IDM, expanding across the Midwest
What's the deal? Leisure Hotels & Resorts (LHR), based in Baxter, Minnesota, has acquired Madison, Wisconsin-based IDM Hospitality Management. The deal, which closed November 11, 2026, adds hotel and resort properties across Wisconsin, Iowa, and Illinois. Financial terms were not disclosed.
Who's involved? IDM, founded in 1999 by Craig "Nedd" Neddersen, manages boutique hotels, waterfront resorts, and destination accommodations. LHR operates and develops hotels and resorts across the Midwest.
Why now? The acquisition coincides with Neddersen's retirement after more than 25 years in hospitality. "It was important to find a partner who shares our commitment to hospitality and understands what makes each of these properties special," he said.
What's the endgame? LHR has been assembling a multi-state resort-management platform through both ownership and management contracts. In 2025 it bought Minnesota's Cragun's Resort; in 2026 it added management assignments including The Harbors, Appeldoorn's Sunset Bay Resort, and The Confluence Hotel, plus operating partnerships tied to purchases by Storie Co., GBX Group, and Landmarq Capital.
What changes? LHR says it will preserve the individual character and market positioning of IDM's properties. "These are properties with individual character, strong connections to their communities and tremendous potential for continued success," said Jamie Tatge, CEO of Leisure Hotels & Resorts.
The transaction was brokered by Frank Jermusek of SVN | North, who called it "a thoughtful succession opportunity" for Neddersen and "an established platform for expansion" for LHR.
The signal: The deal fits a broader pattern of consolidation in Midwest independent hospitality, where succession needs are nudging founder-led managers toward larger operating platforms. Its full significance, however, depends on how many properties and client relationships IDM contributes — details the companies have not disclosed.
Read more: wisbusiness.com
Image credit: Ken Lund
