Kingfisher Bay taken off market
EIGHT months after a Fraser Island icon went on the market, the sale of the century is off.
The prevailing economic climate has forced the owners of Kingfisher Bay Resort to take the tourism hotspot off the market.
“The market wasn’t right for a sale, so the decision was made to take the resort off the market,” a Kingfisher spokesperson said yesterday.
“It’s business as usual.”
Plans to sell Kingfisher were unveiled in March after Cosmos Australia, a Japanese business partner in the resort’s ownership, decided to withdraw from its offshore interests to focus on domestic operations.
Managing director Gary Smith and finance director David Goodman of Kingfisher Bay Resort P/L decided then the time was right to sell.
Mr Smith indicated his intention to remain involved should the business, with annual revenue of $50 million, not sell.
He has been involved since day one in 1990 when the resort opened.
The assets included for sale included the 152-room Kingfisher Bay Eco-Resort. The resort, on the western side of the island, has four restaurants and bars, conference facilities and a shopping village.
Management rights to 100 self-contained villas and 200-bed wilderness lodge were also part of the package, as was the Eurong Beach Resort bought in 2002 as part of a Kingfisher extension.
Jones Lang LaSalle Hotels marketed the multi-award winning resort from March 11 but to no avail.
It’s believed there are no plans to put the multi-million dollar business back on the market in the immediate future.