Looks like some changes are happening on Michigan's Mackinac Island. The famous Grand Hotel announced on Tuesday that the property has been sold.

It was released from the owners of the Grand Hotel yesterday that the property was sold. An international investment group, KSL Capital Partners, purchased the property to make it an affiliate of the investment firm. During the ownership transition, Dan Musser III will continue to be the chairman and the transaction is expected to close in the next 30 days.

In the release, KSL Capital Partners stated that they understand the importance and history of the Grand Hotel to the state of Michigan and plans to help keep the Grand Hotel as a driving force to draw visitors to Mackinac Island.

The Grand Hotel was built in 1887 by the Mackinac Island Hotel Company. This year, the hotel completed a four-year expansion bringing the total number of rooms to 397.

Source: MLive