Kingfisher Bay Resort sells for $43 million
SEALINK Travel Group has entered into a landmark agreement to acquire the assets and operations of Kingfisher Bay Resort Group centred on the World Heritage-listed Fraser Island.
The acquisition includes the two island resorts; Kingfisher Bay Resort and Eurong Beach Resort, Fraser Explorer Tours and the Fraser Island Ferry business operating from Hervey Bay to the Western side of Fraser Island.
SeaLink Managing Director Jeff Ellison said the company was delighted to take ownership of KBRG.
"Kingfisher Bay Resort Group is by far the major hospitality, touring and transport operation on Fraser Island, and we are delighted to be taking ownership of this leading tourism business to drive future protection, promotion and growth of the Island," Mr Ellison said.
Kingfisher Bay Resort Group accounts for 90 per cent of accommodation options and the majority of touring experiences on Fraser Island.
The purchase price of $43 million includes land and buildings, plant and equipment, three vehicular ferries, a 30-vehicle touring coach fleet, all contracts, licences, intellectual property and goodwill.
SeaLink Chair Mr Andrew McEvoy said the purchase would enhance the group's reputation as a "major provider of connections to iconic Australian destinations".
"We are excited about working with the fantastic management and operational team at Kingfisher Bay Resort Group to build on their strong and growing position in the Australian tourism market," he said.
As a further boost for Queensland tourism, following completion of the transaction, SeaLink will open a new business hub in Brisbane to manage and grow its successful Queensland operations, with the strong backing of the Queensland Government.
The Queensland Government has welcomed the transaction and the establishment of SeaLink's business hub in Brisbane.
Tourism Industry Development Minister Kate Jones said it was a vote of confidence in Queensland."
"The Palaszczuk Government has built up this industry to be a pillar of Queensland's economy," she said. "The fact that SeaLink is actively looking for opportunities to expand operations in our great state is a sign that we're well and truly heading in the right direction."
SeaLink already has significant operations in Queensland, servicing Magnetic Island and Palm Island from Townsville, the LNG Plants on Curtis Island from Gladstone, North Stradbroke Island and the islands of Morton Bay, and will add its new Brisbane office as a second hub to complement its Adelaide headquarters.
Kingfisher Bay Resort Group Managing Director Gary Smith said the acquisition was great for the future of the tourism industry.
This acquisition follows SeaLink's most recent acquisitions of Transit Systems ferry operations in Queensland and Captain Cook Cruises in Perth.