The Oakwood Inn was originally part of an 80-acre homestead in rural Dickinson County, with West Lake Okoboji and East Lake Okoboji access just 1 mile away on each side. In 1999, the current building was built with a Victorian flair and was operated as The Wild Rose Inn. It was sold in 2014 and after some renovation, became known as The Hotel Okoboji, an extended stay property.
Bill and Bridget Johnson purchased the property in April, 2016 and changed the name to The Oakwood Inn after the grove of oak trees bordering the property to the south. They are operating The Oakwood Inn as a bed and breakfast inn.