Billionaire Gina Rinehart was reported as being interested in the former popular hot spot of the 1980s Great Keppel Island,on the Capricorn Coast,but a deal did not eventuate. The Queensland government is hoping the fortunes for the assets will change as the entire state gears up to host the 2032 Brisbane Olympics.

The sale to Cannon-Brookes is the third time lucky for the Dunk Island owner Linc Energy founder Peter Bond,who had a deal to sell it to entrepreneur James Mawhinney in 2020 for a reported $31 million. But Mawhinney’s Mayfair 101 group was placed into provisional liquidation and the transaction was scrapped.

Then in July last year amid the global pandemic,another deal fell through when the private equity fund Upsense Media Capital,co-founded by Mark Spillane and RJ Bucaria made an offer of around $25 million,but failed to get financing.

As the last resort,the Bond family appointed JLL hotels and hospitality group’s Andrew Langsford and Nick Roche,together with Tom Gibson from CBRE Hotels earlier this year.

JLL hotels senior vice president Langsford said the sale “reinforces the appeal of investment in coastal locations and the sentiment that leisure travel across Australia is poised for continued growth”.

Gibson added that while there is a rise in domestic guest demand in regional locations,he expects a surge of international travellers to visit Australia as air travel returns to full capacity.

“Given the history of this special asset,this is a very significant transaction for both Mission Beach and the greater Queensland tourism market.” Gibson,a director of CBRE Hotels said.

New data compiled by Colliers head of hotels Gus Moors said while staff shortages weigh on individual businesses,the trading markets for the sector are recovering much faster than everyone’s previous expectations.