Hamilton Island, a Iconic Queensland Holiday Destination on the World Heritage Reef, Reportedly Set to be Sold by US Private Equity Firm.
A major resort island situated on the Great Barrier Reef has reportedly been sold to a US-based investment group in a deal 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 World Heritage-listed Great Barrier Reef,” said a company executive.
The Reported Sale
Headquartered in New York, Blackstone – which also owns the hospitality group Crown Resorts – announced it had signed an deal to purchase the island resort from the Oatley family owners, subject to customary regulatory approvals.
The family issued a comment noting they were pleased with the new owners 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 Size and Amenities
Located almost 900km north of Brisbane and about 500km south of Cairns, the island spans over 1,130 hectares spanning two separate islands.
Roughly 30% of the land is built upon, including a substantial range of amenities:
- Five separate hotels
- Over twenty dining and drinking venues
- 20 retail outlets
- An championship 18-hole golf course on neighboring Dent Island
- A boat marina and a functioning airport
The resort is noted as a significant employer in the Whitsunday region, supporting a sizable resident community and workforce, as well as a wide network of regional partners, suppliers, and area businesses.
Historical Context at Ownership
The late billionaire Robert Oatley, a renowned yachtsman and winemaker, first bought the resort for $200 million in the year 2003 after spying the island from the deck a yacht while sailing through the Whitsundays.
The island's development boom initially started in the 1980s. For decades prior that, it was characterized by simple iron huts and modest accommodations that hosted Australian vacationers from the outback and from the south.
The Buyer's Other Holdings and Local Heritage
Blackstone also owns luxury hotels and resorts in several nations, such as Japan, India, the Maldives, Sri Lanka, and the United States.
The area is the ancestral territory of the Ngaro Indigenous people. Its name comes from Captain James Cook, who navigated the HMS Endeavour through the island group on June 3, 1770, which was Whit Sunday.
