GPT sells more resorts

The GPT Group is continuing to offload major hospitality assets.

This week the institution confirmed US based Delaware North is picking up Great Barrier Reef resorts on Lizard Island, Heron Island and Wilson Island, as well as the Kings Canyon Resort in the Northern Territory and the El Questro Wilderness Park in Western Australia.

Melbourne-based businessman Paul Van Min has snapped up the Silky Oaks Lodge in Queensland’s Daintree Forest, the vendor added.

The disposals follow Geneva based McCall MacBan Foundation last month buying Dunk Island and Bedarra Island resorts.

Private investor Michael McFie acquired GPT’s Alice Springs Resort while Wrotham Park Lodge sold to Indigenous Business Australia.

The value of tourist accommodation assets sold recently – $84.9 million – is a c40 per cent discount to their December 2008 book values.

GPT also recently offloaded its 80pc interest in the Hamburg Trust business.

The AFR today published parts of a leaked email from Voyages (GPT’s hotel portfolio manager) claiming Wrotham Park will shut and at some stage relocate.

Still up for grabs in GPT’s portfolio is the Brampton Island Resort, Ayers Rock Resort and Sydney’s Four Points Sheraton.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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