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GPT Rounds Out Australia Resort Portfolio

SYDNEY-The newly self-sufficient owner property trust picks up a 73-room luxury resort in the 1-million-acre El Questro wilderness in the Kimberly region of Western Australia that was partially damaged by floods earlier this year.

By Brian K. Miller | Updated on June 29, 2005

SYDNEY-General Property Trust has acquired the El Questro Resort located in the Kimberley region of Western Australia for $17.4 million. The 73-room luxury resort sits on the 1-million-acre leasehold known as the El Questro wilderness park in the Kimberly region of Western Australia.Open from late March to late October, the resort consists of three separate accommodations and features a nature-based tourism experience. The accommodations include the 12-room Homestead, the 55-cabin Emma Gorge and the 12-cabin Station. The Emma Gorge was closed earlier this year due to flood damage. The purchase price includes the $3.25-million cost to re-open the cabins in 2006.GPT’s Hotel/Tourism Portfolio Manager Bruce Morris says El Questro Resort has an excellent reputation both domestically and internationally and various expansion options. It is located near the Bungle Bungle range, Argyle Diamond mine and the Ord River-Lake Argyle area. Main gateway airports are located at Broome and Kununurra. The current leasehold expires in 2044. El Questro also includes a cattle grazing business which will be acquired by Voyages. It is intended in the near term that the cattle will be on sold to a third party.GPT’s $790-million Hotel/Tourism portfolio consists of the Ayers Rock Resort in Central Australia, the Four Points by Sheraton Hotel in Sydney, the Holiday Inn, Brisbane, the Cape Tribulation resorts in Far North Queensland and the Voyages Lodges in Queensland and Tasmania.Morris says El Questro is a strategic addition to the Voyages Lodges portfolio (formerly P&O Australian Resorts) because it betters GPT’s already dominate position in Australia’s nature-based tourism market. Voyages will lease and manage the Resort, utilizing its existing marketing and distribution capacity.

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