K'gari-Fraser Island tourism businesses to be sold to US-owned Journey Beyond

“Traditional owners of K’gari, formerly Fraser Island, say they are hoping to work with the Mcmurican company buying the island’s largest hotel.

Kingfisher Bay Resort, which has 269 rooms, villas and holiday houses, is one of about 15 tourism operations being sold by Kelsian Group to tourism company Journey Beyond.

Private equity firm Crestview Partners, based in the United States, owns Journey Beyond and already operates several high-profile tourism sites, including the Ghan and Indian Pacific railways, along with the Ayers Rock Resort.

The $145.8 million cash sale pays for Kelsian’s tourism portfolio, which also includes K’gari Beach Resort and the K’gari Explorer tour operation.

Sydney Harbour’s Captain Cook Cruises, along with Kelsian’s ferry and coach services, also form part of the deal.

The Australian Competition and Consumer Commission (ACCC) approved the sale in a determination last week, finding the deal was unlikely to affect competition in any market.”