Hamilton Island, a Popular Tropical Getaway on the World Heritage Reef, Reportedly Sold by US Investment Giant.
A major resort island located within the World Heritage-listed Great Barrier Reef has reportedly been sold to a US-based private equity firm for a sum reportedly valued at 1.2 billion Australian dollars.
“We are honored to continue the legacy and commitment of the family owners has built in the heart of the iconic Great Barrier Reef,” stated a senior representative.
Details of the Sale
Headquartered in New York, Blackstone – which also owns the casino-hotel chain Crown Resorts – announced it had signed an agreement to acquire the Hamilton Island resort from the Oatley family, subject to standard approvals from regulators.
The sellers issued a comment saying they were pleased with the change in ownership of an island that holds a “unique position in the hearts of many Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Scale and Features
Located almost 900km north of Brisbane and approximately 500 kilometers south of Cairns, Hamilton spans over 1,130 hectares spanning two separate islands.
Roughly thirty percent of the area is built upon, including a significant range of facilities:
- Five hotels
- Over twenty restaurants and bars
- 20 retail outlets
- An championship 18-hole golf course on neighboring Dent Island
- A marina and a commercial airport
The resort is described as a major job provider in the Whitsunday region, sustaining a sizable resident community and staff, as well as a wide network of regional partners, suppliers, and area businesses.
A Look Back at Ownership
The deceased billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from aboard a yacht while sailing through the Whitsundays.
Hamilton's development boom initially started in the 1980s. In the decades before that, it was home to galvanised iron huts and more humble quarters that housed Australian vacationers from the outback and from the south.
Broader Portfolio and Regional Background
Blackstone also owns hotels and luxury resorts in multiple countries, including Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who sailed the HMS Endeavour through the island group on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
