The historic Grand Hotel on Mackinac Island has been sold. The hotel made the announcement Tuesday.
KSL Capital Partners, an investment firm based out of Denver, bought the property for an undisclosed sum. The sale comes after the hotel had been owned by the Musser family for nearly nine decades.
In a statement, the family said the timing was right to sell the 132 year-old building.
“It has truly been an honor and a privilege for my family to serve as steward of this incredible Michigan landmark for nearly nine decades," says hotel president Dan Musser III. "This is a role we have not taken lightly, nor was this decision to transfer ownership to KSL."
Meanwhile, Musser III will remain as chairman of the Grand Hotel.
According to the hotel’s website, more than 150,000 people stay at the hotel each year.
The sale is expected to close within 30 days.