DETROIT – The historic Grand Hotel on Mackinac Island has been sold to a private equity firm.

KSL Capital Partners, LLC (KSL) and the Musser family announced today that they have entered into a definitive agreement under which an affiliate of KSL will acquire the Grand Hotel from the Musser family, whose legacy with the hotel dates back over 85 years.

Dan Musser III will remain chairman. Terms of the transaction will not be disclosed. The transaction is expected to close within the next 30 days.

"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. This is a role we have not taken lightly, nor was this decision to transfer ownership to KSL," said Musser. "KSL is a seasoned investor in travel and leisure businesses, with a depth of resources and capabilities to provide exceptional service. KSL has owned and operated some of the most prestigious destinations in the world, and we are pleased that they will help preserve the history and heritage of Grand Hotel."

Located on Michigan's historic Mackinac Island, the 397-room hotel, with its famed 660-foot long porch—the world's longest porch—is a National Historic Landmark that overlooks the Straits of Mackinac and the Mackinac Bridge.

It has been one of America's premier summer vacation spots since it opened on July 10, 1887.

"KSL understands the importance of Grand Hotel to Mackinac Island, the State of Michigan and beyond, as well as its history, charm and traditions. It is both a privilege and a great responsibility to take over ownership," said Michael Mohapp, a Principal of KSL. "We are grateful for the trust that the Musser family has placed upon us, and for Dan's continued guidance that will help ensure that Grand Hotel remains a driving force in drawing visitors to Mackinac Island as it has for generations."