GPT Disposes More Resort Assets

The disposals follow that of Dunk Island and Bedarra Island resorts, which were reported as purchased by the Geneva-based McCall MacBain Foundation last month. Queensland investor Michael McFie purchased GPT’s Alice Springs Report, while Queensland’s Wrotham Park Lodge sold to Indigenous Business Australia.

The value of GPT tourist accommodation assets sold recently is $84.9 million, representing an approximate 40 per cent discount to the resort’s December 2008 book value. GPT also recently sold its 80 per cent interest in the Hamburg Trust business.

The AFR today published parts of a leaked email from Voyages (GPT’s hotel portfolio manager) saying Wrotham Park will shut at the end of this year’s season and at some future, will relocate to another destination within Australia.

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

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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