The Indigenous Land and Sea Corporation appears set to sell the Ayers Rock Resort to US-owned Journey Beyond - owned by New York-based giant private equity firm Crestview Partners – for approximately $300 million.
The ILSC purchased the property in October 2010, also for $300 million, from GPT, who had purchased it 27 years previously for $220 million.
Visitor numbers to the Resort took a significant hit during the height of the COVID-19 pandemic.
An ILSC spokesperson told National Indigenous Times the Corporation is progressing with exclusive discussions with Journey Beyond for the sale of Voyages Indigenous Tourism Australia Pty Ltd, operator of Ayers Rock Resort at Yulara in Central Australia and the Mossman Gorge Cultural Centre in Far North Queensland.
"Journey Beyond has grown to now be Australia's leading and largest experiential tourism group and we believe they are the ideal potential partner, that presents us with the best opportunity to deliver on our primary objective - to fulfil our statutory obligations of returning land to Aboriginal and Torres Strait Islander peoples, and in doing so, create benefit for Traditional Owners at both Yulara and Mossman Gorge Cultural Centre, as well as Indigenous people at a local, regional, and national level," they said.
"These discussions are ongoing and at this stage there is no final binding agreement.
"Given the confidential nature of these discussions, we will not be commenting further."
The ILSC is a corporate Commonwealth entity established under the federal Aboriginal and Torres Strait Islander Act 2005 (ATSI Act). It says its long-term vision for meeting its ATSI Act mandate is "for Aboriginal and Torres Strait Islander people to enjoy the rightful entitlements, opportunities and benefits that the return of country and its management brings". The ILSC's primary grant program – Our Country Our Future – provides assistance for acquiring and managing rights and interests in land, salt water and fresh water country in the pursuit of that vision.
The Corporation states that all of its activities are chosen for their contribution to one of four priority long-term outcomes, which involve Indigenous people growing the value and productivity of Country; owning and managing their Country sustainably, for future generations to enjoy; driving and influencing policy and opportunity for Country; and/or preserving and protecting culture through reconnection with Country.
The ILSC announced in August last year that it had formally launched a sale process for the operational assets of its subsidiary, Voyages Indigenous Tourism Australia Pty Ltd.
The Corporation said at the time that after completing a strategic review first announced in February 2024 that involved understanding potential market interest, and "ongoing rounds of engagement with community to identify their aspirations to deliver Indigenous benefit", the ILSC Board viewed a sale to be the best alternative for Voyages' operational assets.
