DETROIT — The owners of the iconic Grand Hotel on Michigan’s Mackinac Island said Tuesday that they’ve reached a tentative deal to sell the hotel to a private equity firm.
The Musser family and KSL Capital Partners are expected to close the deal within 30 days. Terms were not disclosed Tuesday.
The 397-room, 332,500-square-foot (30,890-square-meter) hotel was built in 1887 on the island in the Straits of Mackinac that separates Michigan’s Upper and Lower peninsulas. It has hosted five U.S. presidents and has more than 150,000 overnight guest stays each season.
“This Time for Keeps,” a 1947 movie musical starring Esther Williams, partly was shot on Mackinac Island. “Somewhere in Time,” starring Christopher Reeve and Jane Seymour, was filmed at the hotel in 1979 and released the following year.
“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,” Dan Musser III said in a news release. “This is a role we have not taken lightly, nor was this decision to transfer ownership to KSL. KSL is a seasoned investor in travel and leisure businesses, with a depth of resources and capabilities to provide exceptional service.”