The Musser family, the owners and operators of the iconic Grand Hotel on Mackinac Island since the Great  Depression, have announced the sale of the famed hotel. The majestic 397-room hotel has been bought by a Denver-based travel industry private equity firm.

The change of hands will now have The Grand Hotel branded under the Pivot Hotels & Resorts brand, which is a division of Atlanta-based Davidson Hotels & Resorts.

The popular summer spot known  for its beautiful 660-foot long porch, which happens to be the world's longest, has been owned by the Musser family since 1933. Dan Musser III, the third-generation owner and president,will remain chairman with the transaction expected to close within the next 30 days.

Musser commented in a statement, “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." KSL Capital Partners is a private equity firm that specializes in travel and leisure companies.