GPT Group's $200m islands and lodges portfolio is likely to fetch only half its earlier book value, with one outback lodge in Queensland labelled 'unsalable' by analysts.

In the same week GPT appointed its new chief executive Michael Cameron and chairman Ken Moss, sources say the listed property trust is still struggling to offload its flashy island assets, which have been on the market since the middle of last year.

Since the middle of last year, the company has shaved $200 million off the value of its tourism portfolio, which also includes the Four Points Hotel in Sydney.

The Australian