The GPT Group has sold Voyages Ayers Rock Resort to the Indigenous Land Corporation for $300 million.
The sale of the resort, which features a range of accommodation and eateries at Uluru in central Australia, completed the GPT group's exit from the hotel and tourism sector, chief executive officer and managing director Michael Cameron said.
"Ayers Rock Resort is a unique and high-quality asset that continues to deliver solid returns but no longer fits with GPT's focus on Australian retail, office and industrial asset classes," he said in a statement released to the Australian stock exchange on Friday.
GPT will receive an $81 million payment on settlement of the transaction, expected in early 2011.
The Indigenous Land Council will pay GPT a further $81 million 12 months after settlement and make a third payment of $138 million five years after settlement, bringing the total cost to $300 million.