28 August 2008

Going, going ââ¬' Australia's resort icons on the block

SYDNEY - ââ¬' A portfolio of some of the worldââ¬â¢s leading resorts, including the Ayers Rock Resort near Uluru in Australiaââ¬â¢s Red Centre, and Queenslandââ¬â¢s award winning Lizard and Bedarra Islands, are to be offered for sale through Jones Lang LaSalle Hotels.

The GPT Group has retained Jones Lang La Salle to market the Voyages Hotels & Resorts portfolio in one line.

GPT said it would relinquish its tourism assets to concentrate on its core investment portfolio, funds management and development opportunities.

GPT own, and through its Voyages management platform, operate iconic resorts such as Ayers Rock Resort, Lizard Island, Bedarra Island, El Questro Homestead and Wilderness Park, Wrotham Park Lodge and many more.

ââ¬ÅâœWith unparalleled locations to Australiaââ¬â¢s natural icons such as Uluru and the Great Barrier Reef, many of the destinations on offer have significant barriers to entry for competition,ââ¬~ said David Gibson, CEO Asia Pacific, JLLH.

Whilst the portfolio may be acquired with vacant possession of management, the Voyages management platform offers a solid capability for ongoing management of the portfolio.

ââ¬ÅâœThe Voyages management platform has excellent expansion potential and is capable of being immediately scaled up to create a resort management company to provide third party management globally,ââ¬~ said Craig Collins, JLLH managing director.

He added, ââ¬ÅâœThe ability to acquire a fully developed management platform is an excellent opportunity for owner/operators or owners wishing to develop a management business.ââ¬Åâœ

Despite a recent negative press, the outlook for Australiaââ¬â¢s tourism market remains positive, said Gibson.

The Tourism Forecasting Council (TFC) expects that international visitors to Australia will increase at an average rate of 4.4% per annum between 2007 and 2017 to reach 8.7 million. This compares with growth of 2.7% between 1997 and 2007.

Jones Lang La Salle Hotels is also seeking expressions of interest for the sale of Australiaââ¬â¢s largest hotel by number of rooms, Sydneyââ¬â¢s Four Points by Sheraton Darling Harbour.

Collins said, ââ¬ÅâœWith the hotelââ¬â¢s strong trading performance expected to continue and the limited new supply outlook for Sydneyââ¬â¢s CBD, a very good level of interest has already been received.ââ¬~

The 630-room Four Points by Sheraton Darling Harbour is also owned by the GPT Group.

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