SEATTLE -- Alaska expedition operator Glacier Bay Cruiseline is under new ownership.

A group of investors, including Bob Brennan, former president of Sunmakers Travel Group, acquired the assets of Glacier Bay Cruiseline from Juneau-based Goldbelt Inc.

The acquisition includes three of the line's small ships, the 87-passenger Wilderness Discoverer, the 69-passenger Wilderness Adventurer and the 31-passenger Wilderness Explorer, each equipped with a fleet of sea kayaks. Brennan said he was negotiating to purchase a fourth Glacier Bay vessel, the Executive Explorer.

Terms of the deal were not disclosed, but Brennan said the investors paid less than Goldbelt's $11 million asking price.

Glacier Bay occupies a small niche in the Alaska cruise market and emphasizes adventure travel over mega-ship glitz -- its ships, for example, are nicknamed "SUVs," or sport utility vessels.

But a weak economy and world events made it "extremely difficult for Glacier Bay to sell all available space," Goldbelt president Gary Droubay said

in a company newsletter last spring, and the capital contributions Goldbelt made to the line had "resulted in a working-capital deficiency for Goldbelt and several of our other businesses."

To contact reporter Rebecca Tobin, send e-mail to [email protected].

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