Musser family sold Mackinac Island's Grand Hotel to KSL Capital Partners
The famous hotel and summertime destination has been in Musser family hands since 1933
Dan Musser III to remain chairman for unspecified transition period
The Musser family has owned the Grand Hotel on Mackinac Island since 1933.
The Musser family, owners and operators of the iconic Grand Hotel on Mackinac Island since the Depression, have agreed to sell the famed 397-room hotel to a Denver-based travel industry private equity firm.
KSL Capital Partners LLC announced Tuesday that it has purchased the Grand Hotel for an undisclosed sum from the Musser family. The transaction is expected to close within the next 30 days.
Dan Musser III, the third-generation owner and president of the 132-year-old hotel, will remain chairman of the company. Musser's family has owned and operated the Grand Hotel since 1933.
Musser called KSL Capital Partners "a seasoned investor in travel and leisure businesses, with a depth of resources and capabilities to provide exceptional service."
KSL's holdings include the Margaritaville Hollywood Beach Resort in Hollywood, Fla., Monarch Beach Resort in Dana Point, Calif., and Hotel Viking in Newport, R.I.
The Grand Hotel will be branded under the Pivot Hotels & Resorts brand, a division of Atlanta-based Davidson Hotels & Resorts.
Read more: CrainsDetroit.com