GPT Group has sold a number of hotel and tourism assets and its 80% interest in the Hamburg Trust business.

Sydney-based GPT has sold or agreed to sell Cradle Mountain Lodge, Silky Oaks Lodge, Dunk Island Resort, Bedarra Island Resort, Lizard Island Resort, Heron and Wilson island resorts, El Questro, Alice Springs Resort, Wrotham Park Lodge and its 46 per cent interest in Kings Canyon Resort to a range of buyers, with closure expected to occur within the next three months, the company said in a statement today.

Proceeds from the resort sales total $84.9m, or a 40% discount to their December 2008 book value, and will be used to cut GPT's debt and will result in a small reduction in pro forma balance-sheet gearing, GPT said.

The Australian