Hamilton Island, one of the Iconic Queensland Getaway on the World Heritage Reef, Reportedly Sold by American Private Equity Firm.
A major resort island located within the Great Barrier Reef has reportedly been sold to a US-based investment group for a sum said to be worth A$1.2 billion.
“It is an honor to build on the vision and dedication that the family owners has built in the center of the iconic Great Barrier Reef,” stated a company executive.
The Reported Acquisition Agreement
The New York-headquartered, Blackstone – which also owns the hospitality group Crown Resorts – confirmed it had signed an agreement to acquire the Hamilton Island resort from the Oatley family owners, pending standard approvals from regulators.
The sellers issued a comment saying they welcomed the change in ownership of an island that holds a “special place in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.
Hamilton Island's Size and Amenities
Positioned roughly 900 kilometers north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares spanning two separate islands.
Approximately thirty percent of the area is built upon, including a significant range of amenities:
- Five hotels
- Over twenty dining and drinking venues
- Twenty shops and retail spaces
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a commercial airport
The resort is noted as a significant employer in the Whitsundays, sustaining a sizable resident community and staff, as well as a wide network of local partners, suppliers, and local businesses.
A Look Back at The Island's History
The deceased Robert Oatley, a well-known yachtsman and vintner, originally purchased the resort for A$200 million in 2003 after spying the island from the deck a yacht during a voyage through the Whitsunday passage.
The island's major development phase initially started in the 1980s. For decades prior that, it was home to simple iron huts and modest accommodations that hosted domestic holidaymakers from the outback and from the south.
Broader Portfolio and Local Heritage
Blackstone also owns luxury hotels and resorts in multiple countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro Indigenous people. Its name derives from Captain James Cook, who sailed the HMS Endeavour through the island group on June 3, 1770, which was the Christian holiday of Whit Sunday.
