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CBRE Auctions
Capital Markets | Auction Services
AUCTION DATE :: OCTOBER 5
The Otsego Club & Resort
696 M-32 EAST | GAYLORD, MICHIGAN
OWNER DIRECTS SALE OF NON-CORE ASSETS
Two 18-hole golf courses,
including “The Tribute”
recognized as one of the top
10 courses in Michigan
Historic snow-skiing destination
that has hosted training for 14
Olympic snowboard teams
Full-service resort with lodging,
chalets and conference facilities
:: BROCHURE

THE OTSEGO CLUB & RESORT | GAYLORD, MICHIGAN
INVESTMENT SUMMARY
On October 5, 2011 CB Richard Ellis Auction Services
is pleased to present for auction the Otsego Club &
Resort. The Otsego Club is an upscale, yet comfortable
four-season resort that occupies approximately 669
acres, sprawled across a total of 1,100 acres in northern
Michigan’s beautiful Sturgeon River Valley. Alpine
skiers, Nordic skiers and snowboarders all happily
co-exist at Otsego, which has evolved from a private
ski resort into a year-round resort with the addition of
two championship golf courses, tennis, swimming and
fitness facilities. These recreational amenities, coupled
with a tasteful variety of overnight accommodations,
lodges and conference facilities make Otsego one of
northern Michigan’s most popular resorts.
Osprey Recreational Properties purchased Otsego in
2006 and began updating the entire property in 2007,
highlighted by the following improvements:
• Ski terrain was improved, snow-making capacity
substantially increased and new grooming
equipment added
• All rooms have been renovated (including new
bedding, electronics and fixtures)
• Golf course conditioning has been improved on
both golf courses
• A complete renovation of the eight-room Hilltop
Lodge was completed
This offering excludes all mineral rights, however
development opportunities are included. Otsego
County approvals allow for a PUD consisting of 1,100+
dwelling units. The City of Gaylord allows for a higher
density of up to 15 units per acre, which takes priority
over County approvals and maximizes development
potential creating an outstanding opportunity to build
vacation and permanent homes.
INVESTMENT HIGHLIGHTS
• Name Recognition – Otsego has a well-earned
reputation for quality and service, making it a
popular destination for Michigan residents and
visitors from other states.
• Four-Season Operation – With such a wide range
of lodging choices and recreational opportunities,
there is always a lot going on at Otsego, yearround.
• Significant Revenue – Otsego consistently generates
significant annual revenue, averaging more than
$4.6 million over the last four years.
• Capital Improvements – Since acquiring the
property in 2006, the ownership has invested
over $4 million in capital improvements and
infrastructure. Not content to rest on its laurels, they
continue to make substantial investments in every
facet of the property.
• Unique Golf Experience – Otsego’s 36 holes
include two scenic, yet distinct golf courses – one
friendly and one challenging - in Gaylord, a
popular Michigan golf destination, complemented
by a highly-rated golf academy.
Otsego Club & Resort has been deemed
“Michigan’s Best Golf Resort”
by the Detroit News.

Golf
Otsego Club & Resort offers two championship golf courses, The
Classic and The Tribute. Both golf courses are operated from
the pro shop, located in the Main Lodge. These two quality golf
courses at Otsego play a vital role in the Gaylord golf market,
marketed as “Gaylord Golf Mecca”. The Mecca consists of 20 golf
courses spread over a dozen facilities in the Garylord area widely
recognized as one of the country’s top golf destinations.
Skiing
Established in 1939 and formerly known as Hidden Valley, Otsego
Club & Resort is America’s oldest private ski club with its own
facility. Today there are 32 runs served by five chairlifts, plus five
miles of marked cross country and snowshoe trails, an Olympicsize
half-pipe and quality terrain park that was added in 2008.
The Club was host to 14 Olympic snowboarding teams for training
prior to the 2010 games.
Overnight Accommodations
Otsego offers a variety of accommodations with 110 guest rooms
and suites in five lodges, townhomes, cabins and chalets. Of the
total accommodations, 78 guest rooms are included with the resort;
the remaining 32 rooms are part of a condominium rental pool. All
buildings are constructed of wood and all rooms are non-smoking.
Room amenities include telephone (with voicemail service), free
high-speed Internet access, flat screen LCD televisions, coffee,
toiletries, hairdryers, irons and ironing boards.
Dining and Events
The property includes two full-service restaurants, the Pontresina
Steakhouse and the Duck Blind Bar & Grille, in addition
to three other bar venues for food & beverage service. A
400-seat conference center with 17,000 square feet of function
and meeting space, including the 5,250 square foot ballroom,
make Otsego an ideal location for corporate retreats, special
events and business meetings.

Capital Markets | Auction Services
SEE. BID.OWN.
THE OTSEGO CLUB & RESORT :: GAYLORD, MICHIGAN
AUCTION DAY
The property will be sold in a sealed bid auction event.
Bids will be due on or before October 5, 2011 at 4:00
pm EDT. Sealed Bid Deadline:
OCT
5
Wednesday, October 5th
at 4:00 pm EDT
Submit to: Otsego Auction Manager
311 S. Wacker Drive, Suite 400
Chicago, IL 60606
PROPERTY INSPECTION
The property will be available for inspection at
1:00 p.m. EDT, on the following dates:
September 8th, 14th & 21st
Please note: All property inspections require an
appointment and begin promptly. Please arrive at
the designated meeting place a few minutes early to
complete the required inspection registration forms. To
schedule an appointment for a property inspection or
for any questions please call CBRE Auction Services at
800-815-1038. CBRE Auction Services represents the
Seller in this transaction. Do not contact the Seller or
employees directly.
DOCUMENT CENTER
A Document Center has been made available for your convenience to review the available property specific detailed
information. All bidders are required to purchase access to the Document Center. The Document Center access fee is $50
and may be paid by (i) cash, check or credit card at all property inspections or (ii) completing and returning the Document
Center Order Form, available at all property inspections and the auctioneer’s website at www.cbremarketplace.com/
Otsego, to the Auction Manager by fax to (312) 297-7640 or by email to auction@cbre.com. Bidders may be asked to
execute a document indicating that among other things, they have purchased access to the Document Center and have
had the opportunity to review the items contained therein.
INITIAL EARNEST MONEY
All bidders must submit an initial earnest deposit in the amount of 5% of the total purchase price with their bid. Deposits
are payable by wire transfer or cashier’s or certified check made payable to “Chicago Title Company, as escrow agent.”
Additional earnest money may be required from the purchaser. Please review the Purchase and Sale Agreement, available
in the Document Center, for more details.
BUYER’S PREMIUM
A Buyer’s Premium in the amount of 5% of the Auction High Bid Amount will be added to the Auction High Bid Amount in
order to determine the Total Purchase Price. Please review the Terms and Conditions for more details.
AUCTION DISCLOSURE
The property is being offered on an “as-is, where-is” basis. Each bidder acknowledges that it is not relying upon any
representation, statement or other assertion by the Seller, CB Richard Ellis, Inc. or any of its agents, representatives or
employees of any of the foregoing, with respect to the condition of the property, square footage, acreage and financial
information, but instead, is relying upon the bidder’s own examination and investigation of the property. Please review
the Terms and Conditions for more details.
800.815.1038
For more information please visit our website at
www.cbre.com/auctionservices
© 2011 CB Richard Ellis, Inc. The information contained in this document has been obtained from sources believed reliable. While CB Richard Ellis, Inc.
does not doubt its accuracy, CB Richard Ellis, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to
independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent
the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your
tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction
the suitability of the property for your needs.