For the past two years, property developer Matt Rogatz made a weekly five-hour round trip from his home in northern Chicago to Green Lake, Wisconsin — population 1,005.
Before that, the one thing he knew in regards to the small town was that his highschool buddy had family there, he said.
But after a 30-year profession in industrial real estate, completing greater than 400 transactions totaling greater than $750 million, Rogatz said he hit a wall, which prompted a midlife crisis.
“I used to be searching for my next industrial property and couldn’t find anything of value,” Rogatz told CNBC Travel. “My life was form of on autopilot. I wasn’t growing as a person. A number of people at that time might retire, but I’m not that form of guy.”
Shopping in Green Lake.
Source: Our Green Lake
Rogatz said there was “no way” he desired to get into the hospitality industry. He had no idea easy methods to run a hotel and had been postpone by horror stories about bad hotel guests, he said. Plus, he had heard the restaurant business was notorious for theft, he said.
But a web search in early 2021 completely modified his mind, he said.
A small-town hotel on the market
In the future while on his computer, Rogatz saw that a small hotel — the Green Lake Inn — was on the market. The 17-room property, set on 1.5 acres of land, is minutes from the small town’s “downtown” area, and most significantly, just across the corner from the 7.3-mile-long lake, which is alleged to be the deepest in Wisconsin.
The Green Lake Inn.
Source: Our Green Lake
Rogatz took the gamble, pondering that within the worst-case scenario, he could use the inn for personal getaways and invite clan on vacation. He spent the following few months refurbishing the inn — which he described as “well maintained, but very outdated.”
That worst-case scenario didn’t occur— actually, the alternative did, he said.
“The timing was right because it was after Covid, and folks began wanting to do things again,” Rogatz recalled. “I used to be like, ‘Wow, I’m on to something.’ I made some decent money that first 12 months.”
On a streak
His next purchase was The Manor, a grand waterside villa and guest house with its own boat dock, formerly generally known as The Angel Inn.
The Manor.
Source: Our Green Lake
The elderly couple that had run it as a bed and breakfast desired to retire to spend more time with their grandchildren. Rogatz gave the seven-bedroom, seven-bathroom property an entire face-lift, replacing its dark color scheme and Seventies carpets, linen and furniture with modern finishings and windows that maximized its lakeside views.
Rogatz’s entrepreneurial mind began whirring, and immediately he saw the potential in creating wedding packages incorporating each properties — the Green Lake Inn as a marriage venue, and The Manor for extra guest accommodations. He even purchased a minibus to shuttle guests between venues.
Élan Brio Spa.
Source: Our Green Lake
Then, like a Monopoly player on a winning streak, when the local spa, Élan Brio, hit the market, Rogatz scooped up that property too. It meant he could add hair and wonder treatments for weddings, which included dips within the spa’s saltwater pools.
Adding the Goose Blind bar and restaurant and partnering with local golf courses sealed the deal for vacation packages for fishermen and golfers in the realm.
Goose Blind restaurant and bar.
Source: Our Green Lake
“I’ve had groups of 24 guys stay at our hotel. We shuttle them to the golf course, then to the Goose Blind, and so they find it irresistible. Then we shuttle them back. They haven’t got to fret about drinking and driving. We put every part together for them in order that they just pay one fee,” Rogatz said.
The inn also has outlets where fisherman can charge their boats, he said. “And we’ve got boat parking, which lots of hotels haven’t got,” he added.
Two years — and five properties — later, Rogatz has a full-fledged tourism operation on his hands — Our Green Lake — which cost him nearly $4 million to purchase, and a number of other million more for refurbishments, he said.
A latest getaway
Attracting more tourists to Green Lake has turn out to be a private mission, said Rogatz — especially amongst those that often visit one other Wisconsin town called Lake Geneva, which he called the default getaway for Chicago residents.
An ice sailing race on Green Lake.
Source: Our Green Lake
“It’s crazy expensive, and it’s packed. It is not even fun, because there are such a lot of boats. But Green Lake is just that bit further away from Chicago, so it’s not likely on the radar for lots of Chicago people,” said Rogatz.
He plans to alter that by marketing to adventure sports groups in Chicago, and by constructing relationships in numerous cities to advertise Our Green Lake. The often quiet winter months — when average temperatures are below freezing — aren’t even a barrier, he said. Ever optimistic and opportunistic, Rogatz plans to entertain visitors with activities like ice sailing, ice fishing, curling and even dog sledding, he said.
Rogatz said his latest purchase — Green Lake’s three-story former jail — will provide indoor activities within the winter too, comparable to boutiques and a flea market, in addition to cooking and mixology classes.
He’s already turned the primary floor, which had a kitchen, right into a 40-seat breakfast venue called the Terrace Cafe. The second floor, where the jail cells was once, is proving a little bit trickier, he said.
The third floor is getting used for a monthly bingo night, which Rogatz has agreed will proceed if he can use it for other events the remaining of the time, comparable to laser tag and obstacle courses.
Green Lake’s “renaissance”
Quite than see Green Lake’s vacant properties as a red flag, Rogatz views them as a chance to create a “renaissance” for the town.
Green Lake is a small town in Wisconsin with a population of 1,005.
Source: Our Green Lake
He said he and other investors who bought local golf courses, cafes, hotels and bowling alleys have brought a latest energy to Green Lake. Rogatz said he now serves as an advisor on the Green Lake Economic Development Committee.
While some locals have expressed concerns about their hidden gem becoming as busy as Lake Geneva, the Green Lake Area Chamber of Commerce is glad for the town to be “placed on the map,” especially in the course of the winter, said Lisa Meier, the chamber’s executive director.
“Matt’s investments will help uplift our charming community to be recognized as a year-round destination,” said Meier.
For Rogatz, it’s turn out to be his personal mission to see Green Lake thrive.
“You come to Green Lake, and also you instantaneously take a breath,” he said. “You’re feeling good. You are relaxed. You’re feeling all of the stress of town leaving you.”