Hamilton Island, one of the Popular Tropical Holiday Destination on the World Heritage Reef, Reportedly Sold by US Investment Giant.
A major resort island located on the Great Barrier Reef has reportedly been sold to a US-based private equity firm in a deal reportedly valued at A$1.2 billion.
“We are honored to build on the vision and dedication that the Oatley family has built in the center of the World Heritage-listed Great Barrier Reef,” said a company executive.
Details of the Acquisition Agreement
Headquartered in New York, Blackstone – the owner of the casino-hotel chain Crown Resorts – confirmed it had signed an deal to purchase the island resort from the Oatley family owners, pending standard regulatory approvals.
The sellers released a statement saying they were pleased with the new owners of an island that holds a “special place in the affections of many Australians” and is referred to as “Australia’s Tropical Island”.
The Island's Size and Amenities
Positioned almost 900km north of Brisbane and about 500km south of Cairns, the island covers over 1,130 hectares spanning two separate islands.
Roughly 30% of the land is built upon, including a significant range of facilities:
- Five separate hotels
- More than 20 dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on adjacent Dent Island
- A marina and a functioning airport
Hamilton Island is noted as a significant employer in the Whitsunday region, supporting a large on-island community and staff, as well as a wide network of local partners, suppliers, and local businesses.
Historical Context at Ownership
The late billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for A$200 million in 2003 after spotting the island from the deck a yacht while sailing through the Whitsunday passage.
Hamilton's major development phase first began in the 1980s. In the decades before that, it was characterized by galvanised iron huts and modest accommodations that hosted domestic holidaymakers from inland areas and southern states.
The Buyer's Other Holdings and Regional Background
Blackstone has ownership of luxury hotels and resorts in several countries, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The Whitsunday region is the traditional lands and seas of the Ngaro people. The name comes from Captain James Cook, who navigated the HMS Endeavour through the archipelago on Sunday 3 June 1770, which was the Christian holiday of Whit Sunday.
