The owners of the iconic Grand Hotel on Michigan's Mackinac Island say they've reached a tentative deal to sell the hotel to a private equity firm.
The Musser family announced the deal with KSL Capital Partners Tuesday. They are expected to close within 30 days. Terms were not disclosed.
The 397-room hotel was built in 1887 on the island in the Straits of Mackinac that separates Michigan's Upper and Lower peninsulas. The Mussers have owned it since the 1930s.
Dan Musser III said in a release that the decision to transfer ownership was not taken lightly.
KSL principal Michael Mohapp said the firm "understands the importance of Grand Hotel to Mackinac Island, the state of Michigan and beyond, as well as its history, charm and traditions."