Prime resorts up for sale
AAP reports that property trust GPT Group has put its landmark tourism and hotel portfolio, featuring some of Australia’s key resorts, up for sale.
The group, which has been under pressure to sell assets after revealing a shock 27 per cent earnings downgrade this month and a cut in distribution, expects the sale will realise more than $900 million.
Its portfolio of hotels and resorts includes major properties such as the Ayers Rock Resort near Uluru and the Voyages Lodges portfolio of eco resorts that includes Lizard and Heron islands in Queensland, Cradle Mountain Lodge in Tasmania and El Questro Resort in Western Australia.
Staff were told of the decision yesterday and the sale was expected to be announced today, The Australian Financial Review reports.
The tourism portfolio comprises about seven per cent of the group’s overall assets but the resorts have underperformed in recent years and GPT recently slashed its guidance on earnings from the tourism assets for 2008 to $42 million from $57 million.
A Report by The Mole from AAP
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