From what we've heard, there's no reason to panic...yet.

When the announcement of the sale of Mackinac Island's Grand Hotel was announced earlier this week, people had questions and rightfully so.

We don't have a ton of details yet, but here's what we know:

1. The company that bought it actually has a decent reputation

According to David Lorenz of Travel Michigan, the private equity firm that purchased the hotel has a history of showing respect for the places they've acquired. In short, the sale of the hotel doesn't necessarily mean that big changes are in store.

2. Selling the hotel was a difficult decision for the Musser family

The family has owned the hotel for three generations did not make this decision lightly; they entertained several offers before their final choice.

3. The Musser family will continue to be part of the management team

Island-watchers don't think a lot will change, at least in the next three years while the family continues to be involved with the transition.

4. However, as of August, the family was still claiming that the hotel wasn't for sale

Quotes from spokespeople for the island, as recently as last month, claimed that the family wasn't selling and would continue to operate it for "generations."

5. The company has already released a statement on the purchase

According to the KSL Capital Partners website, "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.”

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In short, it seems like there's no reason to panic about the future of the hotel. However, we'll chat about this more in a few years when we see what actually happens.