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I sought out the advice of a very experienced lodge owner before making my purchasing decision. This owner had owned an operated all manner of resorts over several decades. His advice to me was:
1) Drive to lodge on a lake with good fishing that is close to a small full service community so you can access personnel, and the materials and supplies you’ll need to operate and maintain your resort. Also allows you to extend your season by augmenting the local accommodation industry and renting cabins to contractors, etc. An issue he had with fly in resorts was when weather issues delayed flights and messed up bookings causing a lot of headaches. Plus very expensive to operate aircraft. Fly in lodges also don’t have as many repeat customers due to it being a much more expensive vacation than a drive to lodge.
2) Housekeeping is best and give the most flexibility for your guests. American plan is a huge headache in terms of finding staff and having a quality product that is not a source of complaints for your guests.
3) Buy a lodge that is already successful. it is cheaper to buy a good business than build a good business.
We run 18′ crest liner kodiak boats with 50 hp Yamahas and bow mounted trolling motors. They are very comfortable and sturdy and our guests love them.
I followed this advice and bought my place in March 2020, just before the world fell apart. However, we weathered the storm well by acting as a hotel and once the COVID restrictions were lifted, our many regulars quickly returned. I have not regrets at all, and love the love. Another few years and it will be time to move on to the next adventure.