K'gari-Fraser Island Tourism Businesses Sold to US-Owned Journey Beyond
K'gari-Fraser Island's tourism businesses are being sold to US-owned Journey Beyond in a $145.8 million deal. The traditional owners of the island have expressed hope for a collaborative relationship with the new owners.
K'gari-Fraser Island Tourism Businesses Sold to US-Owned Journey Beyond
The traditional owners of K'gari, formerly known as Fraser Island, have expressed hope for a collaborative relationship with the American company set to acquire the island's largest hotel and several other tourism operations.
Kingfisher Bay Resort, boasting 269 rooms, villas, and holiday houses, is among 15 tourism businesses being sold by Kelsian Group to Journey Beyond, a tourism company owned by private equity firm Crestview Partners based in the United States.
Sale Details and Approval
The sale, valued at $145.8 million, encompasses Kelsian's tourism portfolio, including K'gari Beach Resort and the K'gari Explorer tour operation. Additionally, Sydney Harbour's Captain Cook Cruises, along with Kelsian's ferry and coach services, are part of the deal.
The Australian Competition and Consumer Commission (ACCC) approved the sale, determining it was unlikely to affect competition in any market. Kelsian Group announced that the Foreign Investment Review Board had also approved the sale, with the company working towards transferring contracts and authorisations to Journey Beyond.
Traditional Owners' Perspective
The Butchulla people, K'gari's traditional owners, received native title rights over the island in 2014. Butchulla Native Title Aboriginal Corporation chair Shawn Wondunna-Foley stated that the group welcomes new owners or investors, provided they work constructively with traditional owners.