Kingfisher Bay Resort Group on Fraser Island sold to SeaLink
SeaLink has acquired the iconic tourism attraction, Kingfisher Bay Resort Group on Fraser Island.
It signals the establishment of a new SeaLink business hub in Brisbane.
The acquisition by SeaLink Travel Group Limited of Kingfisher Bay Resort Group was for $43 million.
The Kingfisher Bay Resort Group calendar year 2017 EBITDA was $7.9 million, and EBIT of $5.8 million, respectively.
The stockmarket was advised today that Cosmos Australia Pty Ltd, an entity owned by publicly listed Cosmos Initia Co Ltd of Japan, was disposing of their interest in the businesses to focus on residential development and other investment opportunities in Australia.
Cosmos Australia, together with their partner since 1991 Tourism Leisure Corporation, jointly developed or acquired, and operated the resorts and businesses
The property is on the World Heritage-listed Fraser Island, 300 kilometres north of Brisbane in Queensland.
The acquisition includes the two island resorts Kingfisher Bay Resort and Eurong Beach Resort, as well as Fraser Explorer Tours and the Fraser Island Ferry business operating from Hervey Bay to the Western side of Fraser Island.
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 (plus working capital adjustments) includes land and buildings, plant and equipment, three vehicular ferries, a 30-vehicle touring coach fleet, all contracts, licences, intellectual property and goodwill.
The Queensland Government has welcomed the transaction and the establishment of SeaLink’s business hub in Brisbane.
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 Moreton Bay, and will add its new Brisbane office as a hub to complement its Adelaide headquarters.
Cosmos Australia Pty Limited (“Cosmos”), a controlled entity of Cosmos Initia Co Ltd of Japan, partnered with Tourism Leisure Corporation to develop the Kingfisher Bay Resort which opened in 1992 and expanded their operations on Fraser Island by acquiring Eurong Beach Resort, Fraser Explorer Tours and Fraser Island Barges in 2002.